República Oriental del Uruguay

Institutional Investor Presentation

June 2020
 Timeline of key recent political and economic developments

• March 1st, 2020: the new President Lacalle Pou takes office for a 5-year term,
leading a five-party political coalition with majority in Congress.

• March 11th, 2020: Presidential decree introduces fiscal austerity measures,

including expenditure cuts across Ministries.

• March 13th, 2020: first cases of COVID-19 reported in Uruguay; the Government
declares sanitary emergency and launches swift policy response.

• April 16th, 2020: first Monetary Policy Committee of the new Central Bank
Board, announcing enhancements to the monetary policy framework and
communication strategy.

• April 23rd, 2020: Government submits to Congress a bill that includes key
structural reforms, including a new fiscal rule, changes to the governance of
state-owned enterprises and a roadmap for pension reform.

• May 15th, 2020: Finnish company UPM and the Government signed an MoU
confirming commitment to ongoing construction of the pulp mill.
2
 Government’s strategy for virus containment after
Covid-19 onset in Uruguay

• To slow the spread of the virus, the Government did not enforce a
countrywide lockdown or mandatory house confinement; rather, it trusted
citizens to adhere to voluntary social distancing and follow hygiene
protocols, by appealing to “individual freedom with social responsibility”.

• In parallel, the Government took early and decisive action and sealed off
land borders, closed air traffic except to chartered repatriation flights,
suspended all public events and school classes, limited visits to nursing
homes and encouraged citizens to stay home and telework.

• Effective coordinated response between public and private sector and

scientific community:
o strengthening the health care system and facilities, and medical equipment
o extensive randomized testing and community tracing in outbreak areas
(border with Brazil, nursing homes) and in reopening sectors (e.g.
construction, shopping centers).
o developing a roadmap for re-opening the economy in consultation with
scientific experts and private sector representatives.

3
 So far, Uruguay is holding up well in the face of adversity:
contagion curves are flattening and death toll remains subdued…

Spread of infection Covid 19-related deaths per million

(As of June 16th, 2020) (As of June 16th, 2020)
6 240
Brazil Ecuador
Peru Peru
Chile Brazil
Mexico
5 200
Colombia
Ecuador
Argentina Chile
Panama
4 Bolivia 160
Nº of infected Log scale (base 10)

Mexico

3 120
Panama

Uruguay
2 80

Bolivia

1 40 Colombia

Argentina

0 0
0 10 20 30 40 50 60 70 80 90 100 10-Mar 5-Apr 1-May 27-May 16-Jun
Days since first confirmed case
Uruguay
As of June 19th, 2020, the number of active cases in Uruguay
had dropped to 15 patients.
Source: Johns Hopkins University; Our World in Data 4
 …while ensuring an elevated number of daily tests and contact
tracing protocols, enabling the country to react to potentially new
bouts in the near future
Share of daily Covid-19 tests that are positive
(Rolling 7-day average, as of June 15th, 2020)

Uruguay

Source: Our World in Data 5

 Government and the Central Bank implemented policy
measures to mitigate the economic and social fallout
Fiscal policy measures
Protect household income and human capital through
direct income transfers, expanded unemployment and
health insurance, tax relief and deferral of mortgage
obligations.
• Income transfers to vulnerable households to cover
food expenses and basic needs.
• Targeted temporary deferrals in payroll, VAT and other
income taxes, and partial reduction of mortgage
obligations in state-owned mortgage bank.
• Expanded social safety net for unemployment and
health insurance:
o more flexible terms for unemployment claims,
allowing firms to place employees in part-time
schedules.
o provision of unemployment benefit to self-
employed workers.
o Extensions of sick leave benefits for all workers
65+ years old, in both the public and private sector.
Credit and liquidity support
Preserve the financial health and credit quality of micro,
small and medium-sized enterprises (SMEs) to ensure
functioning payment systems and supply chains between
producers, suppliers, intermediaries and creditors.
• State-owned development bank (BROU) introduced
more flexible loan repayment and financing terms.
• Capitalization of the National Guarantee System
(SIGa) to leverage banking system loans to SMEs,
reducing the commission charged by the guarantee
system.
• The National Development Agency launched direct
credit program for micro-entrepreneurs at subsidized
rates.
• The Central Bank deployed countercyclical monetary
policy tools:
o reduced commercial banks´ local currency
reserve requirements to inject additional liquidity
into the financial system.
o eased bank regulations, authorizing financial
institutions to defer companies´ loan payments
coming due for up to 180 days.
6
 Banks’ strong capitalization and liquidity position supports credit
measures of the Central Bank; no spillovers to
financial system from Argentina
Solvency and liquidity of the banking system Banking system´s balance sheet exposure to Argentina
(To the non-financial sector, % of total)1/

Nº of times
the minimum Liquid assets Deposits
regulatory capital in % of total*
50
2,0 40 41,5
40
30
1,9
20
35 10,7
10
1,8
0
2001 2020*

1,7 30
Loans

20 18,1
1,6
15
25
10
1,5
5
1,4
0
1,4 20
2001 2020*
Mar-18 Sep-18 Mar-19 Sep-19
1/ End-period; data for deposits includes only private non-financial sector
(*) Liquid assets are those avaiilable within 30 days (*) As of April

Source: Central Bank of Uruguay 7

 Uruguay’s robust ESG features has underpinned steadfast
response to the pandemic, yet there is no room for complacency

ESG-adjusted EMBI benchmark

(Country weights for 73 countries, in %; as of April 30th, 2020)
• Trustworthiness of institutions: Very high
public compliance with voluntary quarantine and
Uruguay adherence to social distancing measures. Strong
5 democratic tradition meant citizens trusted public
officials´ guidance and health recommendations.

4 • Socially stable country with relatively low

inequality, low informality and a broad social
insurance net: Efficient work of automatic
stabilizers provide income and healthcare
3 support, allowing Uruguayans to act on their
commitment to voluntary distancing with no civil
unrest─ aided by the country´s low urban
population density.
2

• Fiscal transparency and accountability and

mature political system: Congress created by
1 Law the “COVID-19 Solidarity Fund” (voted
unanimously by all parties), to be managed by the
Executive branch. The Fund clearly earmarks the
resources and budgetary expenditures to address
0 the emergency, keeping tabs of the Covid-related
Saudi Arabia

Ghana

Gabon

Cameroon
Georgia
Panama
Qatar

Peru

Sri Lanka

El Salvador

Armenia
Costa Rica

Senegal

India
Bahrain

Malaysia

Paraguay
Kenya
Kuwait

Cote D'Ivoire

Zambia
Egypt
Brazil

Belarus
Lithuania

Bolivia
Kazakhstan
Dom. Republic

Angola
Ethiopia
Oman

Suriname
South Africa

Morocco

Belize
Vietnam
Uruguay

expenditures and where and how the money is

spent.

Source: J.P. Morgan Chase & Co. Disclaimer: “Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with
permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2020, J.P. Morgan Chase & Co. All rights reserved.” 8
Uruguay remains a bastion of institutional, political and social
stability in Latin America

Strongest political stability and full democracy 1/ 2/ Highest adherence to the rule of law 3/

100
“Full Democracies” 0,8
80
0,6
60

0,4
40

20 0,2

0 0
URU CHL PAN ARG ECU PRY BOL PER BRA MEX COL URY CHL ARG PAN BRA COL PER ECU MEX BOL

Lowest civil unrest 4/ Lowest corruption perception 5/

10 80

8
60

6
40
4
20
2

0 0
CHL MEX COL PRY ECU PER BRA ARG PAN URY PAR MEX BOL BRA PAN PER COL ECU ARG CHL URY

Sources: 1/ Worldwide Governance Indicators, World Bank (2019); 2/ The Economist Intelligence Unit (2020); 3/ World Justice Project (2020); 4/ Verisk Maplecroft (first quarter of 2020);
Transparency International (2020) 9
 Low informality and broad social safety net ensures efficient
work of automatic stabilizers

Labour market formality compared to Latam Unemployment and sickness insurance

(Contributors to social security system as % of workforce) (In thousands)

80
120 Jobless claims per month 60

70
100
Number of health insurance beneficiaries
60 as of each month (left axis) 50
80
50

40 60 40

30
40

20 30
20
10

0 0 20
URY CHL BRA ARG PAN ECU COL MEX PER PRY BOL Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jun-20*

1/ Latest data available through April 2020. (*) As of June 14th

• Given the COVID-19 containment measures, both sickness and unemployment insurance became a crucial policy instrument to
broadly and orderly cope with the health emergency and its fallout. Developed welfare system for working-age people in Uruguay
consists of near-universal access to healthcare, unemployment insurance, sickness insurance, and child and familiy benefits.

• The sharp increase in health insurance beneficiaries in March was mainly driven by the government's proactive policy of providing wage
compensation through sick leave to all elderly workers (over 65 years old) in the public and private sector, so that could stay at home.

Source: International Labour Organization – Regional Office for Latin America and Caribean (2015); Social Security Bank, Ministry of Economy and Finance 10
 Low and declining virus incidence has allowed for faster
renormalization of business and social activities

Leading indicators suggest that economic downdraft may have bottomed-out, and a gradual
recovery is underway:
Electricity demand per day Fuel demand per day
(YoY change, in %) (Rolling 7-day, YoY change, in %)

First Covid-19 cases

30 40
confirmed on March 13
First Covid-19 cases
confirmed on March 13
20 20

10 0

0 -20

-10 -40

-20 -60

-30 -80
1-Mar 19-Mar 6-Apr 24-Apr 12-May 30-May 16-Jun 1-Mar 19-Mar 6-Apr 24-Apr 12-May 30-May 16-Jun

Source: Ministry of Economy and Finance 11

Challenges before Covid-19 outbreak: decelerating economy,
persistent fiscal deterioration and increasing debt burden
Real GDP Real gross fixed capital investment
(Annual change, in %) (Annual change, in %)
8
30

6
20

4
10

2 0,2
0
0
-10
-2 -1,4
-20
2005 2008 2011 2014 2017 2020Q1* 2005 2008 2011 2014 2017 2020Q1*
(*) YoY (*) YoY

Central Government fiscal balance 1/ Central Government debt

(In % of GDP) (In % of GDP, end of period)

Primary Balance Interests Overall Balance 80

1 Gross Debt
Net Debt
60 54,4
-1 -1,7

49,6
40
-3 -2,7

20
-5 -4,4
2015 2016 2017 2018 2019 Apr-20*
0
1/ Does not Include inflows of funds to the Social Security Trust, of 1.2% of GDP
2005 2007 2009 2011 2013 2015 2017 2018 2019 2020Q1
(*) Last 12 months

Sources: Central Bank of Uruguay; Ministry of Economy and Finance of Uruguay 12

 The new government moved promptly on its pledge to
tackle the fiscal deficit through expenditure cuts

Fiscal austerity measures introduced through a Presidential decree

on March 11th, that have remained in place despite Covid-19:

• Reduction of discretionary spending and more efficient budget

execution: ministries must save 15% on operating, investment
and administrative expenses.

• Restrictions on public sector hiring: only one third of personnel

vacancies in the central government can be filled during the
year, except for teachers, health and security personnel.

• Reduction in tax expenditures: reduced VAT exemptions on

credit and debit cards purchases.

13
 The government is forging ahead with an ambitious reform
agenda backed by political majority in Congress

Despite the Covid-19 outbreak, the Government moved forward and

submitted to Parliament an omnibus bill (“Urgent Consideration Law”),
including a spate of structural and fiscal reforms:

• new fiscal framework to ensure sustainable finances over the medium

term: fiscal rule to account for business cycle (structural balance) and
government spending capped by potential GDP growth.

• new governance policies for public enterprises;

• establishment of a commission of experts to make proposals for a

comprehensive pension reform;

• microeconomic reforms to boost potential GDP and improve business

climate and competitiveness (changes in the regulatory framework for
energy markets and promotion of competition in non-tradable sectors).

14
Milestones and timing of political & budget process

Urgent Accountability Law: 2020-2025 Budget

Consideration Law Fiscal Performance Law
Report for 2019

• Submitted to Congress on • Must be submitted to Congress • Must be submitted to

April 23rd by June 30th Congress by August
31st
• Draft bill containing the fiscal
• 90-day discussion performance report for year
(approx). • 120-day discussion
2019
(approx.)
• 90-day discussion (approx.)
• Senate approved it on
June 5th (of the 501 articles
proposed, 476 were
enacted). The Chamber of
Representatives will have
30 days to discuss it.

15
 Inflation above target: shock to beef prices and FX depreciation
pass-through partially offset by falling non-tradable inflation

Headline Inflation Tradable and non-tradable inflation components1/

(Annual, in %) (Annual, in %)

12
16 Tradables
11,1 15,5
Tradables without Beef
First Covid-19
cases confirmed 14 Non-Tradables
10 9,9
on March 13
Inflation
expectation1/
12
11,2
8
10

6 8
7,3

Inflation Target Band 6

2 2
May-15 May-16 May-17 May-18 May-19 May-20 Dic-20 May-15 May-16 May-17 May-18 May-19 May-20

1/ Median expectation in Central Bank´s market survey as of May 2020 1/ Excluding fruits and vegetables, and administred prices

Source: National Institute of Statistics (INE); Central Bank of Uruguay 16

 Enhancements to monetary policy framework
under the inflation targeting regime

• Once the epidemic recedes, the Central Bank will focus on

disinflation strategy as its overriding objective, planning to:
o tighten monetary policy to anchor inflation expectations within
inflation target.
o re-assess the policy instrument with the possibility to revert to the
short term reference rate to improve signals to economic agents.

• Monetary authority`s commitment to break inflation expectations

inertia and new wage-setting guidelines for the private sector
that prioritize employment creation, should reinforce disinflation
pressures as softer economic activity cools down price
increases.

17
 New communication strategy and developing the FX
derivative markets

• In the Monetary Policy Committee in April, 2020, the Central

Bank introduced innovations to its communication and
transparency strategy:
o Doubled the frequency of its Monetary Policy Committee
(MPC) meetings to better react to rapidly evolving conditions.
o Started publishing minutes of the MPC to provide more clarity.
o Relaunch of the economic expectations survey, significantly
increasing the number of respondents.

• Further actions to develop the FX derivative market: create

repository of OTC transactions to provide more transparency,
availability and efficient price discovery on FX hedging markets.

18
Floating exchange as a shock absorber; Central Bank intervenes
on both sides of the market to smooth out undue volatility

Currency performance vs USD since Covid-19 world outbreak Exchange rate and Central Bank FX intervention
(Percent change since February 19th, as of June 16th, 2020)
Year-end market
Spot market interventions (in expectation 1/

Mexican Peso USD millions)

150 46
Brazilian Real Nominal exchange rate
(pesos per dollar, right axis) 44.9
Uruguayan Peso 13,1
44
Turkish Lira
100
Argentine Peso
42
Colombian Peso Dollar Purchases
Russian Ruble
50 40
Indian Rupee
Indonesian Rupiah
38
Peruvian Sol
0
Malaysian Ringgit
36
Chinese Renminbi
Singapore Dollar -50 34
New Zealand Dollar
Chilean Peso 32
Australian Dollar -100
Japanese Yen Dollar Sales 30
Euro

-10 -5 0 5 10 15 20 25 -150 28
Jan-18 Aug-18 Mar-19 Oct-19 May-20 Dic-20
Apreciation Depreciation
1/ Median expectation in Central Bank´s market survey as of May 2020

Source: Bloomberg; Central Bank of Uruguay 19

 Sizable international reserves are an important backstop for
external stability and key policy anchor
International reserves
(End-of-period)

Current account balance compared with Latam In USD billion in % of GDP (right axis)
(In % of GDP, 2019) 20 35

15,9
30
1 0,7 15
29,2
25
10
0 20

5
15
-1
0 10
2010 2012 2014 2016 2018 Apr-20
-2
International reserves compared to LatAm
(In % of GDP, 2019)
-3
30

-4 25

20

-5 15

10

-6 5
URY MEX ECU ARG PRY PER BRA BOL CHL COL PAN
0
PER URY PAR BRA COL BOL MEX CHL ARG PAN ECU

Source: Central Bank of Uruguay; International Monetary Fund

20
 Largest-ever private investment in the country proceeding as
scheduled: Uruguay poised to receive large FDI inflows

Construction of new pulp mill

• Finnish company UPM will build a second cellulose plant

in the country
• Overall investment: approx. USD 3 billion (5% of GDP)
• Will have a material positive impact on GDP growth,
employment and Balance of Payments
• World-class design with proven high environmental
performance
• UPM and the new Government of Uruguay have signed a
MoU on pending items related to UPM’s growth project in
Uruguay that will further strengthen the implementation
of UPM's growth project and existing operations in the
country as well as the local economy.

Railway infrastructure project

• Central Railway will run from city of Paso de los Toros to

the port of Montevideo (273 km long)
UPM II
• Public-Private-Partnership (PPP) modality UPM I

• USD 1,000 million investment

Source: https://www.upm.uy/crecimiento/; Ministry of Economy and Finance 21

 Central Government’s funding needs and
financing strategies

Flow of funds for 2020 1/

(In USD million)

FINANCING NEEDS 4,649

Amortization of Bonds and Loans 1,618

Interest Payments 1,529

Estimated overall deficit of 6,7% of GDP, given a projected
Primary Deficit (a) 1,501 real GDP contraction of 3% in 2020.

FUNDING SOURCES 4,649

Multilateral Loans 1,520

Year-to-date: 43% (USD 1612 million) of total estimated
Domestic and External Bond Issuance 3,750 bond issuance for 2020 has been completed (through
domestic auctions in local currency Treasury Notes).
Net Others 128

Use of Assets (b) -750

Memo Item: Net Bond Issuance 2,132 • For the rest of 2020, the Government will strive to
rebalance currency mix in international debt market
1/ Projections.
(a) Excludes extraordinary transfers to the public Social Security Trust Fund. issuances: will aim to develop the global local currency
(b) Negative figure indicates an accumulation of Central Government liquid assets. curve (in CPI-linked and/or nominal fixed-rate), to the
extent that borrowing costs in local currency remain
consistent with sustainable debt dynamics and fiscal
restraint. Otherwise, does not rule out re-tapping
international debt market in dollars.

Source: Debt Management Unit, Ministry of Economy and Finance 22

Government’s sizable international reserves and liquidity buffers mitigate
risks to external debt sustainability; dollar credit spreads remain subdued
and clustered among higher-rated Latam peers
Liquidity buffers and short term debt service obligations Change in sovereign risk premium since COVID-19 outbreak
(In USD million, as of end-May 2020) (EMBI spread, in bps)

4.000

Foreign Currency
500 MEX
Local Currency

3.000
Available
redit Lines 400
from
Multilaterals
BRA

June 16, 2020

2.000 PRY
300
COL

Liquid
URY
1.000 Assets 200 CHL PAN
PER

100
0
Debt service 100 200 300 400 500
Columna1
Liquidity buffer Columna2
over next 12 months February 19, 2020
1/ Debt service includes amortization plus interest payments (pre-Covid 19)

Source: Debt Management Unit, Ministry of Economy and Finance; Bloomberg 23

 Disclaimer

THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES IN ANY JURISDICTION OR
AN INDUCEMENT TO ENTER INTO INVESTMENT ACTIVITY. THIS PRESENTATION HAS BEEN PREPARED BY THE REPUBLIC OF
URUGUAY (“URUGUAY”) SOLELY FOR INFORMATION PURPOSES. THIS PRESENTATION DOES NOT CONTAIN ALL THE
INFORMATION THAT IS MATERIAL TO AN INVESTOR. NO PART OF THIS PRESENTATION, NOR THE FACT OF ITS DISTRIBUTION,
SHOULD FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT OR COMMITMENT OR INVESTMENT
DECISION WHATSOEVER. THIS PRESENTATION IS NOT FINANCIAL, LEGAL, TAX OR OTHER PRODUCT ADVICE.

NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, IS MADE AS TO, AND NO RELIANCE SHOULD BE PLACED ON, THE
FAIRNESS, ACCURACY, COMPLETENESS OR CORRECTNESS OF THE INFORMATION OR ANY OPINION CONTAINED HEREIN. THE
INFORMATION CONTAINED IN THIS PRESENTATION SHOULD BE CONSIDERED IN THE CONTEXT OF THE CIRCUMSTANCES
PREVAILING AT THE TIME AND WILL NOT BE UPDATED TO REFLECT MATERIAL DEVELOPMENTS THAT MAY OCCUR AFTER THE
DATE OF THE PRESENTATION. NEITHER URUGUAY NOR ANY OF ITS AFFILIATES, AGENTS, DIRECTORS, EMPLOYEES, OFFICIALS
OR ADVISORS SHALL HAVE ANY LIABILITY WHATSOEVER (IN NEGLIGENCE OR OTHERWISE) FOR ANY LOSS ARISING FROM
ANY USE OF THIS PRESENTATION OR ITS CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THIS PRESENTATION.

The presentation may contain statements that reflect Uruguay’s beliefs and expectations about the future. These forward-looking statements are based
on a number of assumptions about the future, some of which are beyond Uruguay’s control. Such forward-looking statements are subject to certain risks
and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. Uruguay does
not undertake any obligation to update any forward-looking statements to reflect events that occur or circumstances that arise after the date of this
presentation.

24
ANNEX

25
 Economic pressures in Argentina have spilled through
inbound tourism, yet exports of other services picked up some of
the slack

Real effective exchange rate vis-à-vis other countries and regions Exports of services
(In USD million)
(Index base 100 = January 2017)

6.000 /1
Tourism Other
130
Real
Depreciation
120
Rest of the World

110 4.000

Overall
100

90
Brazil 2.000
Real
Appreciation
80

Argentina
70

0
2012 2014 2016 2018 2019
60
Jan-17 Sep-17 May-18 Jan-19 Sep-19 Apr-20 1/ Software, transport, logistics, maintenance, financial, personal and professional and
consultancy services

Source: Central Bank of Uruguay 26

Government`s proactive debt management strategy: reduce roll-
over risk and FX exposure in short term debt

Currency and maturity structure of Government debt Government debt maturing in next 12 months
(End-period) (in % of total of total debt outstanding, as of end of each period)

(in % of GDP)
Debt in Foreign Currency (% of total)
Average Time to Maturity (in years, RHS)
100 15
14,4
15.5
Foreign Currency

Local Currency
75

12
57,6

50

9
4.5
25

0 6
2005 2008 2011 2014 2017 2020Q1 2005 2020Q1

Source: Debt Management Unit, Ministry of Economy and Finance

27
 Uruguay’s credit rating performance

Evolution of Uruguay’s sovereign credit ratings Latest credit rating actions

Moody's S&P Fitch

April 2020. Affirmed Uruguay's rating at
Baa1/BBB+/BBB+
BBB, outlook remained stable.

Baa2/BBB/BBB
February 2020. Confirmed Uruguay´s rating
Investment Grade at BBB- with Negative outlook.
Baa3/BBB-/BBB-

Ba1/BB+/BB+ February 2020. Affirmed Uruguay’s rating at

BBB, and changed outlook to Positive from
Stable.
Ba2/BB/BB

January 2020. Confirmed Uruguay’s rating

Ba3/BB−/BB−
at BBB (low) with Stable trend.

B1/B+/B+

August 2019. Uruguay´s rating affirmed at

B2/B/B Baa2 with Stable outlook.
2006 2008 2010 2012 2014 2016 2018 2020

Sources: Moody’s, S&P,R&I, DBRS and Fitch 28

 Uruguay has been widely recognized for the transformation of its
energy matrix over the past decade away from fossil fuels, and is
often referred to as a global “Green Energy Leader”

Electricity generation by wind energy Electricity generation by source

(In % of total) (In % of total, year 2019)

35

Fossil Fuel
30 2%
Biomass
15%
Solar
25 3%

20 Wind Hidroelectric
30% 50%

15

10

• Uruguay is 4th in the world in wind and solar

0 generation, and 1st in Latin America
2007 2009 2011 2013 2015 2017 2019

Source: National Energetic Preliminary Balance 2019, Ministry of Industry, Energy and Mining; The International Energy Agency 29
 10
20
30
40
50
60
70
80

0
Sweden
Switzerland
Finland
Denmark
Norway
Austria
U. Kingdom
France
Netherlands
Iceland
Uruguay
Ireland
Singapore
Luxembourg
Lithuania
Latvia
New Zealand

Source: World Economic Forum

Belgium
Portugal
Germany
Estonia
Japan
Slovenia
Uruguay

Spain
Colombia
Italy
Costa Rica
Canada
Chile
Israel
Hungary
United States
Slovak Rep.
Malta
Romania
Australia
Croatia
Malaysia
Peru
Panama
Georgia
Czech Rep.
Paraguay
Azerbaijan
Ecuador
Cyprus
Brazil
Korea, Rep.
Brunei Dar.
Mexico
Morocco
Albania
Thailand
Qatar
Sri Lanka
Argentina
Philippines
El Salvador
Greece
Armenia
Bulgaria
Montenegro
(Ranking position)

UAE
Namibia
Viet Nam
Ghana
Turkey
Bolivia
Poland
Indonesia
Dominican Rep.
Moldova
Oman
India
Energy Transition Index (ETI) in 2020

Jamaica
Guatemala
Trinidad and Tob.
China
Kenya
Russia
Tajikistan
Jordan
Algeria
Egypt
Honduras
Saudi Arabia
Bangladesh
Kazakhstan
Tunisia
Bahrain
Cambodia
Tanzania
Kuwait
Pakistan
Nepal
Transition Index: low air pollution and carbon footprint

Nicaragua
Ethiopia
Zambia
Botswana
Serbia
Iran
Ukraine
Top performer amongst developing economies in Energy

Bosnia and Herz.

Senegal
Kyrgyz Rep.
South Africa
Zimbabwe
Advanced economies

Mongolia
Developing economies

Mozambique
Benin
Venezuela
Cameroon
Nigeria
Lebanon
Haiti
30