
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.