124 nations need new energy systems for sustainable growth: WEF
As many as 124 countries including India need new energy systems to harness growth potential of their economies in a sustainable manner, the World Economic Forum said Monday.
New Delhi: As many as 124 countries including India need new energy systems to harness growth potential of their economies in a sustainable manner, the World Economic Forum said Monday.
It noted that the existing energy architecture is inadequate for balancing economic, environmental and energy security needs.
The energy systems of 124 countries are currently not ready for a transition to a sustainable and secure energy architecture required to harness economic growth, it said in a report.
Titled 'New Energy Architecture: Enabling an Effective Transition', the report pointed out that nations which are managing the transition to a new energy architecture would have to deal with trade-offs and difficult choices.
"... USD 38 trillion of global investment in energy supply infrastructure is required by 2035 to keep up with an added 40 percent rising energy consumption in the same time span," said the report, prepared in collaboration with global management consultancy and technology services provider Accenture.
Estimates suggest that a staggering 1.3 billion people worldwide still do not have access to electricity.
"Now more than ever, decision-makers must understand the core objectives of energy architecture - generating economic growth and development in an environmentally sustainable way while providing energy access and security for all," it said.
Meanwhile, a depth study on India has suggested creation of a unified energy regulator to support the expansion of renewables sector and rationalise energy prices through the gradual phase-out of subsidies, among others.