India Advances as 5th Largest Energy Economy; Secures 3rd Rank in Renewable Energy Investments

India ranks at the fifth position among the countries of the world when it comes to the size of its energy economy, measured by the combined revenue of energy companies. The country also ranks 3rd on renewable energy investment and future plans, according to a new study by British Business Energy.

The London-based firm analysed 29 countries to find out which countries are leading the way for the energy industry. The countries were ranked by their revenue from energy companies, and in comparison to their GDP, the number of employees in the energy sector and a renewable energy score.

Among all the energy companies combined, the USA takes the lead as the world’s top energy earner. Home to notable names such as Exxon Mobil, Chevron and Phillips 66 - the USA makes over $1 trillion through energy companies. China takes second place, earning just under $837 million and Russia in third with a much lower figure of $464 million.

“As a global population we are becoming more environmentally conscious, but with the demand for energy increasing it’s important to highlight the economies which are leading the way for revenue but also employment and renewable energy production,” Ian Wright, Managing Director, British Business Energy said.

Among the top countries who are investing in, partially using or have plans to use renewable energy in the near future, the USA is ranked 1 with a score of 7, followed by Brazil at 6.5 and India with a score of 6.3.

Netherlands comes first when the companies are ranked based on the share of the energy industry to their GDP. The Netherlands actually sees just under half of its nominal GDP attributable to energy companies at 46.76 per cent, closely followed by Russia at 29.41 per cent.

Hong Kong is the world leader when it comes to energy employment - with every 18th person out of 1,000 being employed in the energy sector. While for Russia’s working population, every 17th person out 1,000 is in an energy related job, the country also features in the top five countries for revenue and contributions to GDP.

Business | News published on 07/05/2020 by Moulin

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