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Report on promoting effective transformation of energy system in 2021 From World Economic Forum

The following is the Report on promoting effective transformation of energy system in 2021 From World Economic Forum recommended by recordtrend.com. And this article belongs to the classification: new energy, research report.

According to the report “promoting the effective transformation of energy system in 2021” released by the world economic forum today, as countries continue to make progress in the transformation to clean energy, we must deeply integrate energy transformation into the process of social and economic development and political construction, so as to ensure that the transformation process will not retrogress.

The tenth issue of “promoting effective transformation of energy system” report was jointly released by the world economic forum and Accenture. The content of the report is mainly based on the latest insights of the 2021 “energy transformation index”. The index is based on the current performance of 115 countries’ energy systems in three dimensions of the energy triangle: economic development and growth, environmental sustainability, energy security and access, and reviews their readiness to move towards safe, sustainable, affordable and inclusive energy systems. This year’s report adopts the adjusted “energy transition index” research method, taking into account the latest changes in the global energy pattern and the urgency of climate action.

The results of the 2021 study show that 92 of the 115 countries participating in the index assessment have increased their total scores in the past 10 years, indicating that the global energy transformation is moving in a positive direction.

Remarkable progress has been made in the two indicators of “environmental sustainability” and “energy access and security”. Eight of the top ten economies are committed to zero net emissions by the middle of this century. In 2020, despite the impact of covid-19, the world’s investment in energy transformation will exceed $500 billion for the first time. In 2010, the number of people without access to electricity was 1.2 billion, but by 2020, it has dropped to below 800 million. Especially with the increasing installed capacity of renewable energy, energy importing countries have made progress in environmental sustainability and energy security.

However, the report also shows that in the past decade, only 10% of countries have steadily increased the total score of “energy transformation index”, which shows that energy transformation is facing deep-rooted complex challenges. For example, the indicators of economic development and growth have not made substantial progress, which are mainly affected by the impact of fiscal policy, the dislocation of labor market, the affordability challenge brought by energy transformation and other factors. Moreover, in many emerging economies in Asia and sub Saharan Africa, the carbon intensity of the energy mix continues to rise.

Muqsit Ashraf, senior executive director of Accenture energy business, pointed out: “in order to achieve a resilient and equitable energy transformation and achieve timely and sustainable results, it is necessary to carry out a system wide transformation, including adjusting our way of life and work, changing the mode of power supply for economic development, and innovating the mode of material production and consumption. To do this, policymakers, business leaders, energy consumers and innovators must work together. Realizing the balanced transformation of the energy system is a slow and arduous process, but it is accelerating at present, which will provide many opportunities for many countries and enterprises to achieve long-term growth and prosperity. “

In the process of energy transformation, the interrelated social, economic and geopolitical factors also highlight the vulnerability under the influence of systematic risks and subversive factors, which will endanger the process of energy transformation. In view of this, this report puts forward three suggestions to enhance the flexibility of the energy transformation process

1) Priority should be given to taking relevant measures to support economic development, employment and social progress, so as to realize the equitable transformation of the energy system;

2)   While exploring other industrial decarbonization schemes, increase the development of electrification;

3) Attracting diversified and resilient enterprises from the public and private sectors, corporate capital supports investment for many years or even decades.

“Resilience is a very important concept in the development of clean energy,” said Stephanie Jamison, senior executive director of Accenture’s utility business “By 2050, the role of electricity in the energy system will be greatly enhanced, which will be a huge transformation,” she said. We are glad to see that covid-19 has promoted the strong development of renewable energy, but there is still a lot of work to be done to further promote the transformation of zero carbon energy and ensure the support of the majority of stakeholders. “

Performance of countries in the energy transition index in 2021

This year’s report assesses the progress of countries over the past decade. During this period, the top countries in the index were basically stable. Their common characteristics are low fossil fuel subsidies, improved energy security and ideal regulatory environment for promoting energy transformation. The top 10 countries are from western and Northern Europe, with Sweden (number one) at the top for the fourth consecutive year, Norway (number two) and Denmark (number three). The top ten economies have made great progress in environmental sustainability, especially in energy transformation, which has received strong political support and investment, effectively reducing the carbon density of energy structure.

In the G20, only Britain (7th), France (9th) and Germany (18th) are in the top 20. These countries have performed strongly in environmental sustainability indicators, but their scores in economic growth and development have declined over the past decade due to affordability challenges.

The United States (24th) and Italy (27th) have made progress in the three dimensions of energy triangle while improving the policy support environment. Japan (37th) has made great progress in the total score of the index, which is mainly due to the improvement of energy efficiency, greatly reducing the per capita energy consumption. However, due to the increasing energy imports, Japan continues to face the challenge of energy security.

China (68th) and India (87th) account for a third of the world’s total energy demand. In the past decade, China has made great progress in energy transformation index, but coal still accounts for a large proportion in the energy structure of the two countries. China’s progress is mainly due to the reduction of energy intensity of economic development, promoting decarbonization of energy structure through the development of renewable energy, and continuously improving the policy environment through increasing investment and infrastructure construction. On the other hand, India has made a firm political commitment, created a good regulatory environment, and made progress in energy transformation through subsidy reform and rapid expansion of energy access.

Among the commodity exporting countries, Canada (22nd), Australia (35th), Russia (73rd) and Saudi Arabia (81st) are among the world’s leading countries in terms of energy access and energy security, with abundant domestic resources. However, in the past decade, the performance of these countries has also been quite different. Australia has been increasing investment, increasing the installed capacity of renewable energy, and phasing out the use of coal. In order to promote energy transformation, Russia has built a more perfect policy environment, and its score is also increasing. However, the proportion of renewable energy is still very low, and the proportion of fossil fuel exports is still very high. Canada and Saudi Arabia scored slightly lower.

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