What is The Energy Transition Index?
The Energy Transition Index (ETI) is a fact-based ranking system for businesses and policy-makers to determine which countries are on route towards a successful energy transition.
This is an annual report that highlights key findings in 2020, part of the World Economic Forum Fostering Effective Energy Transition initiative. The ETI not only benchmarks countries on their current energy system performance, but also measures how ready they are for the future of renewable energy.
Unprecedented Circumstances of COVID-19
The beginning of the new decade couldn’t have started worse with the ongoing COVID-19 pandemic disrupting all sectors of life – including energy. The global economy has been challenged like never before, further rectifying how important it is for resilience, in economic, financial and infrastructure terms, is a crucial pre-requisite for an effective energy transition.
Who managed to Improve?
115 Countries were monitored in the Energy Transition Index, with 94 of them improving their ETI score over the last six years. These nations represent more than 70% of the global population and 70% of global CO2 emissions from fuel combustion.
The Winner for the Energy Transition Index 2020 is?
This year’s ETI index was a photo finish. The winning country with the highest ETI index and is on route to become fully transitioned in the energy space is Sweden with a ranking of 74.2%. Closely following was Switzerland with 73.4%, Finland with 72.4%, and Denmark and Norway tied at 72.2%. Is it a coincidence that 4 of the 5 countries are all neighbors in northern Europe?
Where is Canada?
Of the 115 participating countries, Canada received 28th place with a ranking of 61.7%. Canada, alongside Brazil, Iran and the United States, are some of the world’s largest energy consumers with results that have been stagnant or declining the last six years.
These results show how far Canada and the global economy have come, but there is so much yet to improve. Energy security implications from extreme weather & lack of reliability in remote communities are a few of the major issues in Canada that renewable energy will provide.
Where Do We Go from Here?
The answer to improving the Energy Transition Index of not only Canada but the global economy is through pairing battery energy storage systems with renewable technologies for businesses and communities in different applications that help the transition to renewable energy. To learn more about battery energy storage, search through our catalog of case studies or contact TROES Corp.