A recent World Economic Forum (WEF) report has found that despite the progress numerous countries have made in the energy transition race over the last decade, several factors have slowed down the world’s transition to renewables over the past 12 months. The report noted that geopolitical tensions, technological shifts and economic volatility have had a negative impact on the global-energy transition and hindered its progress in the past year.
An estimated 83% of the 120 countries followed by the Energy Transition Index (ETI) lost ground in at least one dimension of energy-system performance (equity, security and sustainability) compared to 2023. The Fostering Effective Energy Transition 2024 report found that while the global-energy-transition slowdown became apparent in 2022, it accelerated last year despite global average-energy-transition index scores hitting unseen highs.
As expected, European nations led the World Economic Forum’s Energy Transition Index 2024 with Sweden at the helm and Denmark, Finland, Switzerland and France following closely behind. This was France’s first time reaching the top 10 in global ETI rankings. The rest of the top 10 was also filled out by European countries, a testament to the region’s achievements in the nascent green-energy space.
According to the World Economic Forum, major political commitment to the green-energy transition coupled with robust research-and-development investments helped these European nations expand their renewable energy adoption capacity. The report noted that Europe’s transition to clean energy was supported by the region’s energy-efficiency policies, carbon pricing and geopolitical situation.
Germany failed to reach the top 10 and ranked 11th in terms of green-energy adoption while the United Kingdom (13), Brazil (12), China (17), the United States (19), Chile (20) and Latvia (15) made their debuts into the top 29 due to their expanded green-energy capacities. Although China didn’t crack the top 5, the country has made significant investments in green energy and has installed an unprecedented amount of new solar panels in recent years.
Other advanced economies have also made substantial clean-energy investments, the report noted, and most of the world’s green-energy investments have largely been concentrated in these economies , the report says. Even so, the energy-transition performance gap between developing and advanced economies continues to narrow, the report notes. World Economic Forum Head of the Center for Energy and Materials Roberto Bocca emphasized the need for equitable energy transition in both emerging and developed economies.
Despite the ongoing economic challenges, many enterprises, such as First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF), are doing their best to facilitate the energy transition so that countries can meet their green-energy goals.
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