Sweden tops, India at 63rd rank on Global Energy Transition Index: WEF

According to the Global Energy Transition Index released by the World Economic Forum(WEF) on 19 June 2024, India has been ranked 63rd out of 120 countries surveyed in the index. Last year, India was ranked 67th, an improvement of three ranks.

Sweden has again topped the Index, just like last year.

According to the WEF, India has shown considerable improvement across energy equity, security, and sustainability.

Who prepares the Global Energy Transition Index?

The Global Energy Transition Index is published by the WEF in its annual report ‘Fostering Effective Energy Transition’. The annual report is published by the WEF in association with Accenture. 

What is the Global Energy Transition Index?

The WEF Energy Transition Index tracks the progress and preparedness of selected nations across the world to build an equitable, secure and sustainable energy future.

In simple words, it tracks government policies and their effectiveness in encouraging the reduction in the production of carbon dioxide gasses due to energy production, encouragement of non-fossil-based power (like solar, wind, small hydel plants, etc.) plants and reduction in overall energy intensity.

Energy intensity refers to the amount of energy required to produce a given output or activity. Reduced energy intensity means that less energy is required to produce a given output or activity. An increase in reduced energy intensity means that the country is using its power more efficiently, which will, in turn, have a positive impact on the environment. 

2024 Global Energy Transition Index 

The European nations dominate the 2024 Global Energy Transition Index's top ranks. Sweden has topped the Index, followed by Denmark, Finland, Switzerland, and France. 

India has been ranked 63rd, while China has been ranked at 20th place.

According to the WEF, out of 120 countries 107 countries have demonstrated progress on their energy transition journeys in the past decade. However, the pace of energy transition has slowed down due to economic volatility, heightened geopolitical tensions and technological shifts. 

The WEF report says that India and China, which have roughly one-third of the global population, will play a critical role in the global energy transition.

The  World Economic Forum (WEF) appreciated the initiatives taken by the government of India in encouraging non-fossil-based energy sources like solar energy. The WEF feels that India’s success can be replicated in other parts of the world.

World Economic Forum 

German economist  Klaus Schwab founded the  World Economic Forum in 1971 as a non-profit international organisation to provide a platform to promote collaboration between all stakeholders of global society to find common solutions to global issues. 

Headquarters of WEF: Cologny, Switzerland

Report Released by WEF

As a research organisation, it releases a number of reports. 

• Global Gender Gap Report,
• Global Competitiveness Report,
• Energy Transition Index,
• Global Travel and Tourism Report,
• Global IT Report in collaboration with INSEAD and Cornell University.