The global energy transition has crossed many milestones over the past decade, surpassing most expectations. Thanks to technological innovation, entrepreneurship and risk-taking by policymakers and businesses, the installed capacity grew sevenfold for solar PV, and threefold for onshore wind since 2010.
Once considered a pipe dream, the share of renewable energy in the electricity mix is higher than fossil fuels in some countries. But, there is still a long way to go. Analysis from a decade of benchmarking data from the World Economic Forum’s Energy Transition Index 2021 indicates that only 10 per cent of the 115 countries analysed maintained a steady upward trajectory toward energy transition. India ranks 87th on the index.
The last decade has also seen the number of people without access to modern forms of energy significantly decline. As of 2019, 81 per cent of the world’s primary energy supply was still based on fossil fuels. And while the share of coal in the electricity mix has been steadily declining, the volume of electricity produced from coal has increased in absolute terms – primarily in regions with rising energy demand.
The Energy Transition Index 2021 shows that while most countries progressed in some way, consistent progress was a challenge.