Clean Energy Transition

1. World Economic Forum released “Fostering Effective Energy Transition 2024” report.
2. Report is based on the Energy Transition Index (ETI) that evaluates 120 countries on their energy system performance and readiness for secure, sustainable, and inclusive energy systems.
3. ETI 2024 framework offers a comprehensive assessment of countries’ energy systems with a consistent methodology, allowing decisionmakers to compare and track progress.

Key Findings

1. India’s rank: 63rd (up from 67 in 2023)

2. Clean energy infrastructure investments: Reached $1.8 trillion in 2023, with nearly 90% of the growth since 2021 occurring in advanced economies and China.

3. Top 5 performers: Sweden, Denmark, Finland, Switzerland and France.

4. Six G20 countries are among the top 20 performers: France, Germany, Brazil, China, the UK, and the USA.

5. Net-zero Achievers: 8 countries (Bhutan, Comoros, Gabon, Guyana, Madagascar, Niue, Panama, and Suriname)

Energy Transition

1. Definition: Shifting energy production from high-emission sources like fossil fuels to low/no-emission sources.

2. Significance for India: Energy security; Job Creation; Achieve climate target like to reach net zero emissions by 2070; etc. India’s Status of Clean Energy Transition

India's Clean Energy Status:

1. Global Rank: India stands 4th globally in Renewable Energy Installed Capacity, 4th in Wind Power capacity and 5th in Solar Power capacity

2. Installed RE Capacity: Increased from 76.37 GW in 2014 to 193.58 GW (including hydro) in May 2024.

3. RE targets in India

   1. India aims reaching a non-fossil fuel energy capacity of 500 GW by 2030 and
   2. Fulfilling at least half of its energy requirements via RE by 2030.

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