India has been ranked 63rd on the global Energy Transition Index released on Wednesday by the World Economic Forum (WEF).
The report highlights India's notable strides in energy equity, security, and sustainability, marking a significant improvement in its energy transition journey.
European nations continue to lead the index, with Sweden securing the top spot, followed by Denmark, Finland, Switzerland, and France completing the top five. China, another key player in the global energy landscape, was ranked 20th.
The WEF report emphasized the progress made by India and other developing countries like China and Brazil, especially notable as 83 percent of countries have regressed in at least one dimension of energy system performance security, equity, and sustainability over the past year.
The report commended India for pioneering initiatives that could serve as models for other nations. It suggested that governments should foster awareness and implement policy measures, such as energy-efficient infrastructure guidelines and retrofitting incentives, to accelerate energy transition adoption.
"The developing world has an opportunity to rewrite the rules and show the way to successfully transform energy demand," the WEF stated, highlighting the concept of "reverse innovation" where scalable, cost-effective solutions from developing countries could be adopted globally.
China and India, housing roughly one-third of the global population, are crucial to the energy transition. Both nations have advanced in renewable energy deployment, improved energy access, and enhanced energy security. However, the report noted that their reliance on coal remains a significant driver of emissions, despite their strong potential in green technology manufacturing.
Globally, the energy transition towards a more equitable, secure, and sustainable system is ongoing but has slowed amid increasing global uncertainties.
While 107 of the 120 countries benchmarked have shown progress over the past decade, the overall pace has decelerated, and balancing the different facets of the transition remains a key challenge.
Despite the slowdown in innovation growth, countries like China and India are at the forefront of developing new energy solutions and technologies. The WEF praised India's advancements in clean energy infrastructure, with renewable energy and biomass accounting for 42 percent of its power generation capacity, making it the fourth-largest renewables market globally.
India's push towards electric vehicles (EVs) and green hydrogen production is bolstered by annual investments nearing USD 10 billion. However, the country's significant dependence on coal continues to contribute to its emission intensity.
"India has been taking multiple initiatives to enhance energy efficiency and sustainability," the WEF concluded, noting the country's proactive stance in promoting clean energy and reducing its carbon footprint.
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