Sweden, Denmark, Finland and Switzerland are leading the way in the energy transition, the World Economic Forum’s Fostering Effective Energy Transition report for 2024 says.
The annual report produced by the Forum, in collaboration with Accenture, says 107 of the 120 countries surveyed have demonstrated progress on their energy transition journeys in the past decade.
The top 10 countries collectively only represent 2 per cent of the global population and contribute just 1 per cent of energy-related CO2 emissions, but major emerging economies like China and Brazil have also made significant progress, according to the report. It highlights that China commissioned as much solar photovoltaic (PV) capacity in 2023 as the entire world did in 2022. Meanwhile, Brazil’s long-term plan for hydropower and biofuels has been key in attracting investment.
Common characteristics of the top performers include: enhanced energy security through a diverse mix of sources, improved energy intensity, an increasing share of clean energy, a carbon pricing mechanism and a supportive regulatory environment.
Estonia, Ethiopia and Lebanon have seen the fastest improvements in the past five years, the report says. This is thanks to their prioritizing of off-grid renewable energy to enhance access and sustainability.
The developing countries leading the way for momentum in their energy transition are Lebanon, Ethiopia, Tanzania, Zimbabwe, and South Africa. The report spotlights these countries and in particular their commitment to reducing fossil fuel subsidies, decentralizing renewable energy and boosting the number of clean energy jobs.