The world faces growing uncertainties in its transition to cleaner, more sustainable energy systems. The World Economic Forum’s “Fostering Effective Energy Transition 2024” report highlights this challenge. Progress has been made in recent years, but the pace must accelerate. This acceleration is crucial to meet climate goals and ensure an equitable, secure and sustainable energy future.
Energy Transition Index Shows Modest Gains
The report’s Energy Transition Index (ETI) assesses energy system performance and readiness across 120 countries. While global average scores reached record highs in 2024, momentum has slowed compared to previous years.
Some key findings:
- 107 out of 120 countries made progress over the past decade. 30 countries improved ETI scores by over 10%.
- China and Brazil entered the top 20 performers. This is thanks to ramp-ups in renewable energy capacity.
- Sustainability saw the most advancement. Energy efficiency gains and increased renewable energy share drove this.
- Equity showed a slight decline. This is due to affordability challenges and reliance on fossil fuel subsidies.
Tailored Transition Pathways Needed
The report emphasizes that a one-size-fits-all approach will not work. Countries need tailored energy transition strategies based on their unique circumstances. Important factors to consider include:
- Region: Geographic location, shared energy resources, and opportunities for regional collaboration are key considerations.
- Income level: Financial capability to invest in new clean energy technologies and infrastructure varies widely.
- Local energy resources: Availability of domestic fossil fuel reserves vs renewable energy potential shapes strategies.
Analyzing ETI data through these lenses can help identify critical priorities for different country groups.
Calls to Action
To regain momentum, the report outlines 10 key actions for decision-makers:
- Implement decarbonization regulations to drive the shift to cleaner energy sources.
- Deliver energy equity for vulnerable groups to ensure a fair transition.
- Increase clean energy infrastructure investments to enable renewable energy growth.
- Invest in energy efficiency solutions to reduce overall energy demand.
- Upgrade power grids for renewable integration and improved reliability.
- Enhance global and sectoral collaboration to accelerate progress and share best practices.
- Lower emissions of remaining fossil fuel use during the transition.
- Drive clean technology R&D and adoption to bring new solutions to market.
- Accelerate decarbonization of hard-to-abate sectors like industry and heavy transport.
- Prioritize workforce development for clean energy jobs to support the transition.
“The message from this year’s ETI is clear,” the authors state. “There is no time to waste.” Decisive, collaborative action by decision-makers worldwide is needed now. The goal is an equitable, secure and sustainable energy future.
Read More: TotalEnergies to Decarbonize with 500,000 TPA Green Hydrogen
