…As India Inches To 87 Position
YEMISI IZUORA in this report looks at global efforts in energy transition and Africa’s poor performance as well as Nigeria’s neck deep in exposing her economy to fast exiting hydrocarbon in the new world order.
A new report released Wednesday by the World Economic Forum, WEF, shocked most analysts and policy makers in Nigeria, that among nations of the world tracked in the report, Nigeria the largest economy in Africa with potentials to breakeven in renewable energy space was not even mentioned.
In the widely circulated report, India a country considered as emerging market like Nigeria ranked the 87th position among 115 countries in the Energy Transition Index (ETI) that tracks nations on the current performance of their energy systems across various aspects, according to a report.
The report from the WEF, released on Wednesday and prepared in collaboration with Accenture also draws on insights from ETI.
The top 10 countries in the index are Western and Northern European countries, and Sweden is in the first position followed by Norway (2nd) and Denmark (3rd).
“China (68) and India (87), which collectively account for a third of global energy demand, have both made strong improvements over the past decade, despite coal continuing to play a significant role in their energy mix,” the report said.
As per the report, India has targeted improvements through subsidy reforms and rapidly scaling energy access, with a strong political commitment and regulatory environment for the energy transition.
“China’s improvements primarily result from reducing the energy intensity of the economy, gains in decarbonising the energy mix through the expansion of renewables and strengthening the enabling environment through investments and infrastructure,” it added.
The index benchmarks 115 countries on the current performance of their energy systems across three dimensions — economic development and growth, environmental sustainability, and energy security and access indicators — and their readiness to transition to secure, sustainable, affordable, and inclusive energy systems.
The latest report is based on a revised ETI methodology that takes into account recent changes in the global energy landscape and the increasing urgency of climate change action.
“As we enter into the decade of action and delivery on climate change, the focus must also encompass speed and resilience of the transition. With the energy transition moving beyond the low hanging fruit, sustained incremental progress will be more challenging due to the evolving landscape of risks to the energy transition,” Roberto Bocca, Head of Energy and Materials at WEF, said.
Other countries in the top 10 are Switzerland (4), Austria (5), Finland (6), the United Kingdom (7), New Zealand (8), France (9) and Iceland (10).