India has been ranked at 78th, lower than its emerging market peers like Brazil and China, among 114 countries on the World Economic Forum’s Energy Transition Index that was topped by Sweden.
The report titled “Fostering Effective Energy Transition”, ranks countries on how well they are able to balance energy security and access with environmental sustainability and affordability.
According to the report India has taken “bold measures” to improve energy access, energy efficiency, and to improve the deployment of renewable sources of energy.
However, energy transition in the country will require “large investments, and an enabling environment and robust regulatory frameworks to support the transition”.
“India is at the crossroads in its energy transition journey. Ranking 78th on the Energy Transition Index,” the report said.
Among its emerging market peers Brazil stood at the 38th place, Russia at 70th and China at 76th place.
The overall list was topped by Sweden, followed by Norway at the 2nd position and Switzerland at the 3rd rank.
Other countries on the top 10 include Finland (4th), Denmark (5th), the Netherlands (6th), the UK (7th), Austria (8th), France (9th) and Iceland (10th).
On India, the report said, energy needs in the country are primarily met by fossil fuels with implications for environmental sustainability and increasing energy import costs.
Furthermore, a considerable share of India’s population still lacks access to electricity and clean cooking fuel, it noted. Read More