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India’s energy transition efforts can be replicated by others: the WEF

New Delhi, June 20: The World Economic Forum has praised India’s progress in the global energy transition, noting that the country is “leading the way in creating results that can be replicated elsewhere”. “While innovation growth has slowed, countries such as China and India are leading the development of new energy solutions and technologies,” it added.

India ranks 63rd on the WEF’s global Energy Transition Index, released on Wednesday. Sweden tops the index, followed by Denmark, Finland, Switzerland and France in the top five. China ranked 20th.

Emerging and developing Asia, including populous countries such as India and China, showed an 8 percent improvement in their Energy Transition Index (ETI) scores over the past decade. The improvement shown by India and some other developing countries such as China and Brazil takes on significance as 83 percent of countries have deteriorated from last year in at least one of the three energy system performance dimensions: security, equity and sustainability, it said. WEF. report.

The WEF also highlighted the progress India has made in its clean energy infrastructure, with renewable energy and biomass accounting for 42 percent of its power generation capacity, making the country the fourth largest renewable energy market in the world. With annual investments of nearly $10 billion, India is driving the adoption of electric vehicles (EVs) and green hydrogen production.

“However, the significant dependence on coal in both China and India remains a major factor in their emissions intensity,” the report said. The WEF also highlighted India’s focus on harnessing energy for revenue generation and supporting micro-enterprises through the productive use of renewable energy sources.

“There is also a strong emphasis on ensuring the affordability and economic viability of these solutions, underscoring India’s commitment to promoting sustainable energy practices that benefit local communities and drive economic growth,” it added. It said the governments may also consider creating awareness and policy interventions, such as guidelines for energy-efficient built infrastructure and incentives for renovation, to create an enabling environment for accelerated adoption.

“Developing countries have the opportunity to rewrite the rules and show the way to successfully transform energy demand. An example of reverse innovation is frugal, scalable innovation that originates in developed countries and then scales up around the world,” the report said. While 107 of the 120 countries benchmarked in the report have made progress on their energy transition journey over the past decade, the overall pace of transition has slowed and balancing the different facets remains a key challenge.

On the role of China and India, the WEF said these two countries, with about a third of the world’s population, will play a crucial role. At 1.7 tonnes of CO2, India’s per capita emissions are already 60 percent lower than the global average of 4.4 tonnes of CO2 per capita. Globally, the report states that the energy transition to a fairer, safer and more sustainable energy system continues to make progress, but has lost momentum in the face of increasing uncertainty worldwide.

“However, there is still a need to decouple growth from energy demand. This requires significant investments in energy efficiency, especially during the development of new infrastructure and production capacity,” the report said. At the same time, she points out that India has taken several initiatives in this regard.

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