The Philippines has fallen in the 2024 global ranking that assesses how economies balance energy security and access with environmental sustainability and affordability.

In this year's Energy Transition Index (ETI) by the World Economic Forum (WEF), the Philippines dropped to 105th out of 120 countries from its previous position of 94th in 2023.

Compared to its regional peers in the 2024 report, the Philippines was also found to be lagging behind.

Among Southeast Asian nations, Vietnam led the pack at 32, with Malaysia following closely at 40, Indonesia at 54, Thailand at 60, and Singapore at 64.

Despite the lower ranking, the Philippines' overall ETI score improved slightly to 50.2 percent on a 0-100 percent scale, from 48.4 percent last year.

However, the country still fell short of the global average score of 56.5 percent and Emerging and Developing Asia's average score of 53.9 percent.

The WEF report comes days after the Department of Energy (DOE) released the updated regulations aimed at streamlining the procedures for renewable energy (RE) projects in order to accelerate the shift towards clean energy.

With the revised guidelines in place, developers of RE projects can now initiate permit applications, surveys, and feasibility studies prior to the commencement of the official 25-year contract period.

According to the WEF, the ongoing global energy transition towards a fairer, more secure, and sustainable energy system continues to advance.

However, WEF noted that the momentum has waned due to growing uncertainty on a global scale.

“While 107 of the 120 countries benchmarked in the report demonstrated progress on their energy transition journeys in the past decade, the overall pace of the transition has slowed and balancing its different facets remains a key challenge,” WEF said.

WEF noted that economic volatility, heightened geopolitical tensions and technological shifts have all had an impact, complicating its speed and trajectory.

“There is, however, some reason for optimism, with increasing global investments in renewables and significant growth in energy transition performance in sub-Saharan Africa over the past decade,” it said.

Europe continues to lead the ETI rankings, with the top 10 list for 2024 fully composed of countries from that region.

“This year’s Energy Transition Index delivers a clear message: urgent action is needed. Global decision-makers must make bold moves to regain momentum in the transition towards an equitable, secure and sustainable energy future. This is critical for people, entire economies and the fight against climate change,” Espen Mehlum, WEF Energy Transition Intelligence and Regional Acceleration head, said.