India ranks 76th on 2019 Global Energy Transition IndexDate: 25 March 2019 Tags: Reports & Indices
India was ranked 76th out of 115 economies on 2019 Global Energy Transition Index (GETI) compiled by Geneva-based World Economic Forum (WEF). Overall, India has moved up two places from 78th last year GETI. India is only amongst the five economies to improve its rank since last year.
Global energy transition index
It ranks 115 economies on how well they are able to balance energy security and access with environmental sustainability and affordability. It considers both current state of countries’ energy system and their structural readiness to adapt to future energy needs. The ‘transition readiness’ component of this index takes into account six individual indicators: capital and investment, institutions and governance, regulation and political commitment, institutions and innovative business environment, human capital and consumer participation, and energy system structure
2019 Global Energy Transition Index
- Top three Countries: Sweden (1), Switzerland (2nd) and Norway (3rd).
- Among major economies, United Kingdom (UK) was ranked 7th, Singapore-13th, Germany-17th, Japan-18th, US-27th.
- Within Asia, Malaysia is ranked highest at 31st followed by Sri Lanka-60th, Bangladesh-90th and Nepal-93rd. China was ranked at 82nd position.
- Global Scenario: Energy systems globally have become less affordable and less environmentally sustainable than they were five years ago.
- Though access to energy has improved with less than 1 billion now living without access to electricity.
- Small economies have achieved higher scores on readiness, with UK being the only G7 economy in the top 10.
- Biggest challenge facing attempts to future proof global energy is lack of readiness among the world’s largest emitters.
- The 10 countries that score highest in terms of readiness account for a mere 2.6% of global annual emissions.
- The world’s transition to secure, affordable and sustainable energy has stagnated, with little or no progress achieved in the past five years.
- Across 115 economies, more people than ever before now have access to energy. However, this is offset by reduced affordability and almost no progress in making energy systems environmentally sustainable.
- Fossil fuels: Its share of total primary energy supply was at 81% and has been constant over the past three decades. Consumption of coal increased in 2018, after declining for three consecutive years.
- Continued use of coal for power generation in Asia mainly due to increasing commodity prices and slower-than-needed improvements in energy intensity have contributed to this year’s stagnation in performance.
- Global CO2 emissions: They are expected to have increased by more than 2% in 2018, the highest since 2014.
- India related Facts: India is the second best in this block of emerging economies, with Brazil being the best at 46th place globally.
- It is amongst countries with high pollution levels and has relatively high CO2 intensity in its energy system.
- Despite this, India has made significant strides to improve energy access in recent years, and currently scores well in area of regulation and political commitment towards energy transition.
- India has scored low in terms of system performance, but ranks considerably higher when it comes to readiness.