India has been ranked at the 78th position in the World Economic Forum’s (WEF) report on Energy Transition Index (ETI).
The report, titled ‘Fostering Effective Energy Transition’, benchmarks historic and current performance of energy systems of 126 countries on 18 indicators, covering the three core dimensions of energy- access and security, sustainability and contribution to economic growth, and development.
Sweden topped the list, followed by Norway at the second position, and Switzerland finishing in third.
The report has mentioned India as one of the largest consumers of energy (36,000 PJ), and that its demand is projected to grow.
“India’s energy needs are primarily met by fossil fuels (74 percent of TPES),104 with implications for environmental sustainability (score: 40 percent ) and increasing energy import costs,” the report stated, adding that a considerable share of India’s population still lacked access to electricity and clean cooking fuel.
“In the ETI, India ranks in the third performance quartile and third readiness quartile, making it an emerging country that is approaching the leapfrog category,” the report further remarked.
According to the organisation, India improved its performance score by 5.6 percentage points between 2013 and 2018, mainly with improved energy access, reduced subsidies and reduced import costs.
India’s economic development and growth score ranks 15 percentage points below average, its environmental sustainability score ranks nine percentage points and its security and access score ranks within the average.
Further, the country’s aim of secure, sustainable, affordable and reliable energy is challenged by the technical and commercial losses that still persist
“The Indian renewable energy landscape shows promise, with subsequent renewable energy auctions clearing at prices lower than those in long-term thermal power purchase contracts. However, this has also cast uncertainty on the economic viability of thermal power plants, which account for 58 percent of India’s primary energy supply.106 Significant investment in evacuation infrastructure and strong regulatory frameworks are needed for better grid stability and improved performance,” concluded the report.