News: World Economic Forum releases “Fostering Effective Energy Transition 2024” Report
Key Findings:
- Clean energy infrastructure investments reached $1.8 trillion in 2023, with nearly 90% of the growth since 2021 occurring in advanced economies and China.
- Top Performers – Sweden and Denmark
- India is ranked 63rd on the ETI.
- 8 countries (Bhutan, Comoros, Gabon, Guyana, Madagascar, Niue, Panama, and Suriname) reached net-zero emissions in 2022.
- Generative AI can enable energy companies to save over $500 billion annually.
Other Major Initiatives in Energy Transition:
- Global Renewables and Energy Efficiency Pledge– Signed by 133 countries CoP 28 of UNFCCC, calls for tripling the rate of renewables capacity by 2030.
- Addressing Technology Gaps for Energy Transitions – By G20.
- Just Energy Transition Partnerships – Launched by the International Energy Agency & WEF
- Carbon Border Adjustment Mechanism (CBAM)– Launched by the EU in 2023.
SOME BASICS YOU SHOULD KNOW
