Energy Transition Index 2023: WEF

• 04 Jul 2023

Why in News?

Recently, the World Economic Forum (WEF) has ranked India at the 67^th place globally on its Energy Transition Index (ETI).

• The Index highlights India as the sole major economy with energy transition momentum accelerating across all dimensions and Singapore is the only other major economy showing "true momentum by advancing sustainability, energy security and equity in a balanced way.

Note: The ETI benchmarks 120 economies on the current performance of their energy systems across economic development and growth, environmental sustainability and energy security and access indicators and their readiness for transition to secure, sustainable, affordable and inclusive energy systems.

What are the Key Highlights of the Energy Transition Index?

• Rankings:
  • Sweden topped the list and was followed by Denmark, Norway, Finland and Switzerland in the top five on the list of 120 countries.
  • France (7) was the only G20 Country in the top 10, followed closely by Germany (11), the U.S. (12), and the U.K. (13).
• Global Outlook:
  • Global average ETI scores increased by 10% since 2014 but showed only marginal growth in the past three years.
  • Only 41 countries have made steady progress in the past decade.

What are the Contributors to India’s Energy Transition Progress and Concerns?

• Contributors: Universal electricity access, clean cooking options, and renewable energy deployment have improved India's performance.
  • Low reliance on natural gas and effective utilization of existing capacities helped India withstand the recent energy crisis.
• Concerns: Rising import dependence amid global energy market volatilities, predominantly carbon-intensive energy mix. Challenges include balancing economic growth and creating quality jobs for the growing working-age population.
• Recommendations: Sustained momentum, effective policy management, and partnerships are crucial for achieving long-term energy transition goals. This entails promoting clean energy investments, innovation, and energy efficiency while ensuring inclusivity.
  • Building a skilled workforce, fostering public-private collaboration, and investing in low-carbon technology research and development are essential for India's successful energy transition.

What is World Economic Forum?

• About:
  • WEF is a Swiss nonprofit foundation established in 1971, based in Geneva, Switzerland.
  • Recognized by the Swiss authorities as the international institution for public-private cooperation.
• Mission:
  • Committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas.
• Founder and Executive Chairman: Klaus Schwab.
• Major Reports published by WEF are:
  • Global Competitiveness Report.
  • Global IT Report
    • WEF along with INSEAD, and Cornell University publishes this report.
  • Global Gender Gap Report.
  • Global Risk Report.
  • Global Travel and Tourism Report.

UPSC Civil Services Examination, Previous Year Questions (PYQs)

Q1. Which of the following gives ‘Global Gender Gap Index’ ranking to the countries of the world? (2017)

(a) World Economic Forum
(b) UN Human Rights Council
(c) UN Women
(d) World Health Organization

Ans: (a)

Q2. Who among the following is the founder of World Economic Forum? (2009)

(a) Klaus Schwab
(b) John Kenneth Galbraith
(c) Hobert Zoellick
(d) Paul Krugman

Ans (a)

Q3. The Global Competitiveness Report is published by the (2019)

(a) International Monetary Fund
(b) United Nations Conference on Trade and Development
(c) World Economic Forum
(d) World Bank

Ans: (c)

Source: TH