India has moved up two places to rank 76th on a global Energy Transition Index, which has ranked 115 economies on how well they are able to balance energy security and access with environmental sustainability and affordability. Sweden remains on the top on this annual list compiled by Geneva-based World Economic Forum (WEF) and is followed by Switzerland and Norway in the top three.
The WEF said India is amongst the countries with high pollution levels and has a relatively high CO2 intensity in its energy system. While India has scored low in terms of system performance (ranking 97 and 86, respectively), it ranks considerably higher when it comes to readiness (45 and 61, respectively). Overall, India has moved up two places from 78th last year.
China is ranked even lower than India at 82nd position, though it ranks very high at seventh place in the world for regulation and political commitment. Despite its low ranking, India is the second best in the BRICS block of emerging economies, with Brazil being the best at 46th place globally. However, India is the only amongst the five economies to improve its rank since last year.
The WEF said its index considers both the current state of the countries’ energy system and their structural readiness to adapt to future energy needs. Small economies have achieved higher scores on readiness, with the UK being the only G7 economy in the top 10.
The ‘transition readiness’ component of the index has taken into account six individual indicators: capital and investment, regulation and political commitment, institutions and governance, institutions and innovative business environment, human capital and consumer participation, and energy system structure.
The WEF said fossil fuels’ share of total primary energy supply at 81 per cent has been constant over the past three decades. Also, the global CO2 emissions are expected to have increased by more than 2 per cent in 2018, the highest since 2014.