Renewables

Global energy transition slows down amid economic, political volatility – report

global energy transition slows down amid economic political volatility wef

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Published

June 20, 2024

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Published:

June 20, 2024

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Тhe overall pace of the global energy transition has slowed down in the past year due to economic volatility, geopolitical tensions, and technological shifts, even though most countries have made progress over the past decade, according to a new report by the World Economic Forum (WEF). European countries lead the WEF Energy Transition Index 2024 rankings, with Sweden at the top, followed by Denmark, Finland, Switzerland, and France.

Of the 120 countries tracked by the Energy Transition Index (ETI), 83% have moved backwards from last year in at least one of the three energy system performance dimensions – security, equity and sustainability, according to the 14th annual edition of the WEF’s report, called Fostering Effective Energy Transition 2024.

Global average ETI scores have reached a record high, but the slowdown in the pace of the global energy transition, first spotted in 2022, has intensified in the past year, the WEF warned. ETI covers 120 countries in terms of their current energy system performance and transition readiness.

WEF: Slowdown has intensified in the past year despite record ETI scores

European countries continue to lead the ETI rankings, taking the top 10 spots on the list for 2024. Sweden and Denmark have ranked among the top three each year for the past decade. This year, they are followed by Finland, Switzerland, and France, which is a new entrant among the top five.

These countries, according to the WEF, benefit from high political commitment to the energy transition, strong investments in research and development, expanded clean energy adoption – boosted by the regional geopolitical situation, energy-efficiency policies, and carbon pricing, according to the statement.

Germany took the 11th spot, followed by Brazil (12), the United Kingdom (13), China (17), and the United States (19), while Latvia (15) and Chile (20) are new entrants among the top 20, thanks to increases in renewable energy capacity.

Slovenia is the highest ranked country in the region, finishing among the top 30

In the region tracked by Balkan Green Energy News, the best-ranked country is Slovenia, in 29th place, followed by Bulgaria (36), Greece (37), Croatia (39), Albania (43), and Romania (48).

Cyprus, which came in 55th, Turkey, 59th, and Montenegro, 76th, are in the middle of the list, while Serbia (78), North Macedonia (81), and Bosnia and Herzegovina (88) are closer to the bottom.

global energy transition slows down amid economic political volatility wef

Advanced economies and China still dominate clean energy investment

The gap in energy transition performance between advanced and developing economies continues to narrow, but that clean energy investment continues to be concentrated in advanced economies and China, according to the report.

“We must ensure that the energy transition is equitable, in and across emerging and developed economies,” said Roberto Bocca, Head of the Centre for Energy and Materials at the World Economic Forum.

WEF calls for ensuring an equitable energy transition

China and Brazil have progressed significantly in recent years, mainly due to long-term efforts to increase the share of clean energy and enhance grid reliability. Brazil has managed to attract investments thanks to its commitment to hydropower and biofuels, strides in solar energy, and initiatives tailored to create new opportunities.

China, for its part, significantly scaled up its renewable energy capacity in 2023 and continued to invest in the manufacturing of clean technologies such as batteries for electric vehicles, solar panels, and wind turbines, the report finds.

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