In contrast to many other nations, India is moving more quickly towards cleaner fuels. The World Economic Forum (WEF) in Geneva published its Energy Transition Index (ETI) on June 28. India was ranked 67th out of 120 nations. In 2014, it was ranked 94. The index gauges how well-off certain countries are at making the switch to sustainable energy. India’s score, like much of the rest of the world, has started to rise once more after plateauing during the Covid-19 pandemic.
In the previous ten years, India’s GDP expanded at a rate of around 6%. Less than 3% growth has been seen in energy use. This has resulted in an increase in energy intensity, or the amount of energy needed to produce one unit of gross domestic product (GDP), of -2.4% over the same time period.
But compared to many of its competitors, India continues to rely more on dirty energy sources. Only China and Japan among the major economies have a higher carbon intensity. International energy price fluctuations can also have an impact on companies that use a lot of energy. Firms are looking to shift operations to markets with cheaper and more reliable energy, raising concerns over employment in local communities.
portion of the gap can be filled with renewable energy. According to reports, the government is encouraging the construction of electrical grid batteries in India, which might make the provision of renewable energy a more reliable source of power.