INTERNATIONAL ENERGY AGENCY

INTERNATIONAL ENERGY AGENCY

 

CONTEXT

  • India has inked a Strategic Partnership Agreement with the International Energy Agency (IEA) to strengthen cooperation in global energy security, stability and sustainability.

BENEFITS OF AGREEMENT

  • It will lead to a wider exchange of knowledge and will be a step towards making India a full member of the IEA.
  • It will help in strengthen mutual trust and cooperation & enhance global energy security, stability and sustainability.
  • A phased increase in benefits and responsibilities for India as an IEA strategic partner.
  • Building on existing areas of work and the Clean Energy Transitions Programme (CETP), such as energy security, clean and sustainable energy, energy efficiency, enhancing petroleum storage capacity, expansion of gas-based economy in India etc.

INTERNATIONAL ENERGY AGENCY

  • Established: In 1974 as per framework of the Organization for Economic Co-operation and Development (OECD). IEA is an autonomous intergovernmental organisation.
  • Need: Established in the wake of the oil crisis of 1973-1974, to help its members respond to major disruptions in oil supply.
  • Mandate: Over time, the mandate of the IEA has expanded to include tracking and analyzing key global energy trends, promoting sound energy policy and encouraging multinational energy technology cooperation.
  • Areas of Focus: Its mission is guided by four main areas (4E’s):
  • Energy Security,
  • Economic Development,
  • Environmental Awareness and
  • Engagement Worldwide.
  • Headquarter (Secretariat): Paris (France).
  • The Governing Board is the main decision-making body of the IEA.
  • A candidate country must be a member country of the OECD. But all OECD members are not IEA members.

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