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Momentum of UK’s energy transition is slipping

The momentum of the UK’s energy transition has slowed, according to a new World Economic Forum (WEF) index.

The UK has a score of 65.6 on the WEF’s Energy Transition Index (ETI), in the global body’s ‘Fostering Effective Energy Transition 2024’ report.

This compares to 66.6 on last year’s ETI, which is based on a mix of measures of energy system performance and readiness for the energy transition.

The UK remains in 13th place in the table of 120 countries but has been leapfrogged by Brazil, rising from 14th to 12th on the back of the emerging economy’s long-term commitment to hydropower and biofuels, combined with recent strides in solar energy.

The UK has though overtaken the United States which has slipped from 12th to 19th place, after the cancellation of several offshore wind projects resulted in a temporary slowdown in the industry.

The report highlights the UK among several countries, which have experienced reversed energy transition momentum over the past three years. In 2021, the UK was rated seventh in the ETI with a score of 72.

The report by the WEF, which organises the annual Davos summit of top global business and political leaders, says the UK was an “early leader” in the energy transition and continues to be a ‘”top performer”.

However, it says, the energy crisis hit UK households “particularly hard as the country is heavily reliant on natural gas”, contributing 39% of its energy mix.

A consequent decline in energy affordability contributed to a slackening in energy transition momentum.

The UK increased its imports of liquefied natural gas from the US following Russia’s invasion of Ukraine but a lack of energy import diversity has had an impact on the country’s security of supply, according to the report.

Italy, which slipped three places in the ETI this year to 41st, is similarly heavily reliant on gas, notes the report.

Across the board, the report says countries’ rate of improvement in ETI scores has slowed down over the last three years. This means that while progress continues on the energy transition, momentum has slowed against a backdrop of global uncertainty.

The past year has also seen the current UK Conservative Government, which is battling to remain in power at July 4th’s election, row back on a number of net zero transition policies, such as abandoning as ban on diesel and petrol cars and vans from 2030.