- Euromonitor used six indicators to measure each country’s level of energy vulnerability.
- Belarus, Lebanon, Singapore and Hong Kong ranked least in the index.
Euromonitor International, a market research company, has ranked Norway, Canada, Australia and the United States as top performers in its Maiden Global Energy Vulnerability Index 2023 based on their robust energy self-sufficiency, ample energy resources, diverse energy mix and high economic resilience.
The firm used six indicators: energy self-sufficiency (30% of total score (TS)), alternatives to fossils (35% TS), energy reserves potential (10% TS), energy accessibility (5% TS), energy efficiency (10% TS) and economic resilience (10% TS) to measure each country’s level of energy vulnerability.
In the report, Belarus and Lebanon ranked least on the index because of a lack of energy resources, struggle with poor energy efficiency and economic uncertainty. Despite their high energy efficiency and economic stability score, Singapore and Hong Kong were among the least ten performers due to heavy reliance on energy imports. The smaller size of Singapore and Hong Kong also limits renewables capacity, adding to the city-states’ weaknesses.
Euromonitor’s Global Energy Vulnerability Index further shows that African, Asian and European countries are most susceptible to energy market risks due to poor energy resources, high imports reliance, and struggles to attract financing. While low self-sufficiency raises the exposure of European and many Asian economies, sub-Saharan Africa struggles with a wide gap in energy access and underinvestment. According to Euromonitor, assessing market vulnerability is critical to identifying potential growth, adaptation and innovation areas.