STATE OWNED ENTERPRISES LEADING THE ENERGY TRANSITION IN THE GLOBAL SOUTH: CHAMPIONS OF GLOBAL ENERGY TRANSITION

Abstract

State-Owned Enterprises (SoEs) are emerging as central pillars in advancing the clean energy transition across the Global South. This study investigates the multifaceted role of SoEs in delivering on the three interlinked dimensions of the World Economic Forum's Energy Transition Framework-energy security, energy equity, and environmental sustainability. Far from being passive executors of national mandates, these enterprises are becoming dynamic actors, innovating at the frontlines of policy, technology, and investment. Through a comparative analysis of 11 leading SoEs-including India's NTPC, Vietnam's EVN, South Africa's Eskom, Kenya's KenGen, and Morocco's ONEE-the study evaluates their energy transition performance using a structured framework through a qualitative lens, classifying energy transition performance as high, medium, or low across each pillar. The results affirm that while capabilities vary, most SoEs demonstrate at least medium performance across all dimensions, with several-like NTPC, SEC-scoring highly across two or more. The implications are profound: in countries with constrained private investment, SoEs often remain the only viable instruments for advancing national energy and climate goals. Their scale, public mandate, and operational reach allow them to balance affordability with ambition, equity with efficiency. Strengthening their strategic autonomy, financial tools, and international partnerships will be essential to accelerating a just and inclusive global energy transition. This study makes a compelling case for policymakers to reframe SoEs not as legacy utilities, but as "champions of transition" uniquely positioned to lead the energy revolution in the Global South.

Keywords: Clean Energy transition, Energy transition performance, Global South, State-Owned Enterprises