The coronavirus pandemic offers an opportunity to consider unorthodox intervention in the energy markets and global collaboration to support a recovery.
The UAE has made significant improvements on both the current performance of its energy system, as well as the readiness for energy transition, according to World Economic Forum.
"Progress on economic growth and energy security components remains strong in the UAE. The country leads on the stability of institutions and regulatory framework - which remain critical enablers of energy transition," said WEF's "Fostering Effective Energy Transition 2020" report published on Wednesday.
According to the report, further improvements can be unlocked through investment in future ready energy infrastructure- such as negative emission technologies, green hydrogen, and smart grids.
Morocco ranked first among the Arab countries, followed by Qatar, the UAE, and Oman.
In the Energy Transition Index 2020, the UAE's performance saw an overall increase of four placements to rank at 63 globally and in transition readiness at 45, according to the report.
The UAE has made numerous improvements in the reports' indicators landing itself a spot among the top ten in several of them.
Sweden (1) leads the ETI for the third consecutive year, followed by Switzerland (2) and Finland (3). France (8) and UK (7) are the only G20 countries in the top 10.
The results for 2020 show that 75 per cent of countries have improved their environmental sustainability, said Roberto Bocca, head of Energy and Materials, World Economic Forum.
"The coronavirus pandemic offers an opportunity to consider unorthodox intervention in the energy markets and global collaboration to support a recovery that accelerates the energy transition once the acute crisis subsides," said Bocca.
The UAE witnessed an increase of seven-points in the Economic Growth & Development index, and an eight-point increase in the progress in the Capital & Investment index. Additionally, the Infrastructure & Innovative Business Environment index saw an increase of seven points, allowing the UAE to secure itself a place for among the top 5 globally (landing at 4th place), while the Human Capital & Consumer Participation, saw an increase of a whole 13 points, the Energy Access & Security progressed at a rate of 24 points, bringing the UAE to seventh worldwide.
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