World Economic Forum: Slow progress in the global energy transition

Walk us through the latest findings of this report, which shows countries are showing progress, but the overall pace of the energy transition has slowed. Why? Thank you for the invitation. So indeed, our our report and index is the 14th edition. It benchmarks countries on 46 indicators covering both sustainability, equity and security. And there are several reasons why we see progress, but a slowing progress. One is, is really the the challenge of balancing not only sustainability, but also the equity and security dimension in what is really a volatile geopolitical and economic environment. So the context in which energy transition happens is, is challenging. We've also seen rising costs with with inflation's that, that we have seen as well around the the world. This has made energy more expensive for for some consumers and businesses. And they've also been rising cost of capital, which is a critical component for investments, the much needed investments in the energy system, especially in emerging and developing economies. So Esper, who is leading progress on the global energy transition and who's lagging behind. So we, we see Sweden as the global top performer, followed by by Denmark, Finland, Switzerland and and France in the top 20. We also find big emerging economies like Brazil and China and both of those have shown very strong progress in the in recent years. You also have other big G20 economies like the USUK, Germany in in the in the top 20 but also big economies like India, not in the top 20 but shown strong progress in recent years due to good policies and and strong investments. Then at more at the bottom of the of the table we find the blend of of countries. Some of them are in in sub-Saharan Africa. The positive news on sub-Saharan Africa is there's a catching up. This is the fastest improving region, but still a big gap to to fill there, notably on the access to electricity, access to clean cooking, but also an access to, to investments in in energy. And of course, we've spoken about the barriers here to achieving progress on the energy transition. But what's the WEFT message to policymakers and what can global governments do to accelerate progress here and hit go on the reforms needed to advance the overall progress on energy transition efforts? So policies is a critical component of this. Without good policies, it will be difficult to, to invest for, for, for, for business. There is not one-size-fits-all in terms of, of policies. And it's energy policies, it's climate policies. It can be tax policies, different types of, of policies that will provide the blend of environment for energy transition and and investments. Technology is critically important that it needs to hit all corners of the energy system and the world. And we see some barriers to technology adoption. There's a green premium for, for some of the some of the important technologies, meaning they're more expensive than than the traditional alternatives. And also the cost of capital can be, can be quite high. But things like carbon pricing, phasing out fossil fuel subsidies and really stimulating the next wave of of innovation, be it through through different feed in tariffs or other ways of stimulating that can really help on the policy side. And I would say also following through on the COP 28 commitments.

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