WEF’s Energy Transition Index 2024: India Ranked 63rd; Sweden Tops the List

On June 19, 2024, the World Economic Forum (WEF), in partnership with Accenture, released its annual report titled “Fostering Effective Energy Transition 2024”. According to the report, India has been ranked 63rd on the global Energy Transition Index (ETI) 2024. This marks an improvement of three places from the previous year’s ranking.

Key Highlights:

India’s Performance:

• Rank: 63rd in ETI 2024, up from 67th in 2023.
• Improvements: India showed significant progress in the domains of energy equity, security, and sustainability.

Top Performers:

1. Sweden – ETI Score: 78.4
2. Denmark – ETI Score: 75.2
3. Finland – ETI Score: 74.5
4. Switzerland – ETI Score: 73.4
5. France – ETI Score: 71.1

Fastest Improvements:

• Countries with Rapid Progress: Estonia, Ethiopia, and Lebanon have shown the fastest improvements in the last five years.

About Global ETI 2024:

1. Framework:
   1. Assessment: The ETI 2024 framework offers a comprehensive assessment of 120 countries’ energy systems, comparing and tracking their progress and preparedness for an equitable, secure, and sustainable energy future.
   1. Progress: Out of 120 countries, 107 have demonstrated progress in their energy transition journeys over the past decade, with 30 countries seeing an increase of more than 10% in their ETI scores.
2. Challenges:
   1. Global Issues: The global landscape continues to face challenges such as economic volatility, escalated geopolitical tensions, and technological shifts, which have hindered progress.
   1. Modest Improvements: Despite these challenges, the global average ETI scores have seen modest improvements. System performance improved by about 0.2%, and transition readiness grew by 2%.
3. Growth Rate:
   1. CAGR: The ETI scores showed a three-year Compound Annual Growth Rate (CAGR) of 0.22% in 2024, compared to 0.83% in 2021.

Top 5 Countries on ETI 2024:

Conclusion:

India’s climb to the 63rd position in the Energy Transition Index 2024 reflects its ongoing efforts to enhance energy equity, security, and sustainability. While Sweden continues to lead the rankings, the global landscape reveals both progress and persistent challenges. The report underscores the importance of sustained efforts and international cooperation to achieve a secure and sustainable energy future. The progress of countries like Estonia, Ethiopia, and Lebanon highlights the potential for significant improvements through targeted policies and initiatives.