International Energy Agency

International Energy Agency

News: International Energy Agency (IEA) has invited India, the world’s third-largest energy consumer, to become its full-time member.

International Energy Agency (IEA)
• The IEA is an autonomous intergovernmental organization established in the framework of the Organisation for Economic Co-operation and Development (OECD) in 1974 in the wake of the 1973 oil crisis.
• Based in Paris, IEA was initially dedicated to responding to physical disruptions in the supply of oil, as well as serving as an information source on statistics about the international oil market.
• In the decades since, its role has expanded to cover the entire global energy system, encompassing traditional energy sources such as oil, gas, and coal as well as cleaner and faster growing ones such as solar PV, wind power and biofuels.It is best known for the publication of its annual World Energy Outlook.
• The Agency’s mandate has broadened to focus on providing analysis, data, policy recommendations and solutions to help countries ensure secure, affordable and sustainable energy for all.
• In particular, it has focused on supporting global efforts to accelerate the clean energy transition and mitigate climate change.The IEA has a broad role in promoting rational energy policies and multinational energy technology co-operation with a view to reaching net zero emissions.

India and IEA
• India, in March 2017, became an associate member of the Paris-based body which advises industrialised nations on energy policies.
• Today the IEA acts as a policy adviser to its member states, as well as major emerging economies such as Brazil, China, India, Indonesia and South Africa to support energy security and advance the clean energy transition worldwide.
• This proposal if accepted will require New Delhi to raise strategic oil reserves to 90 days requirement.India is becoming increasingly influential in global energy trends.