From UPSC perspective, the following things are important:
Prelims level: International Energy Forum
Mains level: Various summits hosted by India and their importance
- India hosted the 16th International Energy Forum Ministerial (IEF16).
- The Prime Minister Shri Narendra Modi inaugurated the event.
- IEF16 is the largest gathering of Energy Ministers from across the globe, industry leaders and heads of key international organizations who will debate the future of global energy.
- The International Energy Forum (IEF) aims to foster greater mutual understanding and awareness of common energy interests among its members.
- It has 72 member countries signatories to the IEF Charter, which outlines the framework of the global energy dialogue through this inter-governmental arrangement. Apart from them, 20 countries are also participating in this meeting as special invitees.
- Covering all six continents and accounting for around 90% of global supply and demand for oil and gas, the IEF is unique in that it comprises not only consuming and producing countries of the IEA and OPEC, but also the Transit States and major players outside of their memberships, including Argentina, China, India, Mexico, Russia and South Africa.
- Hosted by India and co-hosted by China and Korea, IEF16 aims to focus on how global shifts, transition policies and new technologies influence market stability and future investment in the energy sector.
- IEF16 delegates are invited to consider how global market shifts and energy transition will shape the future of energy security.