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Fostering Effective Energy Transition 2022:

GS Paper 3:

Topics Covered: Infrastructure- energy.

 

It is an annual country benchmarking report by the World Economic Forum (WEF).

 

Key findings:

  • The report found that energy transition is not matching with the growing urgency for change.
  • Energy affordability, energy security, and sustainability are becoming more important than ever.
  • Energy unaffordability is threatening the goal of fair and just transition.
  • There is a lack of energy diversity.

 

Key recommendations:

  1. The report called for urgent action by both public and private sectors to ensure resilient energy transition.
  2. A comprehensive approach with a proper timeline is critical to achieving long-term climate goals.
  3.  The governments should prioritize access to affordable energy for all. Energy equity can be ensured with the help of direct benefits transfer (DBT) and other support measures.
  4. To diversify, import-dependent countries must try to import energy from many countries and not overly depend on a few countries.
  5. Domestic energy can be diversified with low-carbon alternatives which make countries self-reliant and ensure energy security.
  6. Regulatory frameworks need to be made robust to attract investments in clean energy and to ensure that commitments turn into legally binding frameworks.
  7. Decarbonizing industries are critical to the energy transition.

 

Insta Curious:

Have you heard about the great reset? Reference: read this.

 

InstaLinks:

Prelims Link:

  1. WEF- structure, objectives and reports.
  2. ETI- top performers and worst performers.
  3. India’s per capita energy consumption.
  4. Energy production in India- sources.
  5. Renewable vs nor renewable energy sources in India.

Mains Link:

Examine the constraints for India in its transition towards a clean energy system. Also, suggest measures to overcome them.

 

[Q.5) Fostering Effective Energy Transition 2022 report was released recently by:

      1. World Economic Forum.
      2. UNCCD.
      3. FAO.
      4. None of the above. ]

 

Sources: Business Standard.