Energy Transition Index (ETI) and India's rank

Economy and Finance

Energy Transition Index (ETI) and India's rank

03 Jul 2023 Zinkpot 163

The Energy Transition Index (ETI) of World Economic Forum (WEF) benchmarks 120 economies on the current performance of their energy systems across economic development and growth, environmental sustainability and energy security.
It ranks countries on how well they are able to balance energy security in coordination with achieving environmental sustainability and affordability.
It is basically a score of how well a country is doing in their energy transition i.e. going from fossil based system of energy production to renewable energy sources. It uses current conditions to analyse how conducive the country is for future adoption of renewables.
This index compares country and regions, highlighting where the progress is going smooth and where the progress is slow. Consequently, this tool can be used to identify areas that need funding, support or incentives to speed up change.
It evaluates the country’s energy systems performance based on three dimensions: environmental sustainability, economic development growth and energy security access indicators.
In the recent report released by WEF, the ETI was based on an updated framework reflecting emerging shifts in the global energy landscape to benchmark 120 countries in two areas: the performance of their energy systems in the dimensions of equity, energy security and environmental sustainability and readiness of the enabling environment for energy transition. The ‘transition movement’ was evaluated for the first time.
According to this report, India was placed at the 67th position among 120 countries in the Energy Transition Index.
India and Singapore are the only major economies showing transition momentum by advancing sustainability, energy security and equity in a balanced way, according to the report.
Sweden once again topped the ETI, followed by Denmark and Norway. These countries have been in the top three for the past decade. On the other hand, the countries with the lowest rank in ETI Index are Yemen and Congo, respectively.