The pace of global energy transformation slows down in 2024

Global energy transformation

The World Economic Forum (WEF) released a statement titled "Promoting Effective Energy Transformation in 2024", which showed that although most countries have made progress in the past decade, the overall pace of global energy transformation has slowed down in the past year due to economic fluctuations, geopolitical tensions, and technological changes. Among the 120 countries tracked by the Energy Transition Index (ETI), 83% of countries have regressed in at least one of the three energy system performance dimensions of security, equity, and sustainability compared to last year.

Germany ranks 11th, followed by Brazil (12th), the United Kingdom (13th), China (17th), and the United States (19th), while Latvia (15th) and Chile (20th) are new members in the top 20, thanks to their increase in renewable energy.

The report states that the gap in energy transition performance between developed and developing economies continues to narrow, but clean energy investment continues to be concentrated between developed economies and China.

In recent years, China and Brazil have made significant progress, mainly due to long-term efforts to increase the share of clean energy and improve the reliability of power grids. China has significantly expanded its renewable energy production capacity in 2023 and continues to invest in the manufacturing of clean technologies such as electric vehicle batteries, solar panels, and wind turbines.