From UPSC perspective, the following things are important :
Prelims level : International Energy Agency
Mains level : Not Much
The Framework for Strategic Partnership between the International Energy Agency (IEA) members and India was signed yesterday to strengthen mutual trust and cooperation & enhance global energy security, stability and sustainability.
Try this MCQ:
Q.The Global Energy Transition Index recently seen in news is released by:
a) International Energy Agency (IEA)
b) World Economic Forum (WEF)
c) International Renewable Energy Agency (IRENA)
d) International Solar Alliance
International Energy Agency
- The IEA is a Paris-based 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.
- It 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 and other energy sectors.
- At the end of July 2009, IEA member countries held a combined stockpile of almost 4.3 billion barrels of oil.
- They are required to maintain total oil stock levels equivalent to at least 90 days of the previous year’s net imports.
- The IEA acts as a policy adviser to its member states but also works with non-member countries, especially China, India, and Russia.
- The Agency’s mandate has broadened to focus on the “3Es” of effectual energy policy: energy security, economic development, and environmental protection.
Greater role play
- The latter has focused on mitigating climate change.
- The IEA has a broad role in promoting alternate energy sources (including renewable energy), rational energy policies, and multinational energy technology co-operation.
Why need a partnership with IEA?
- This partnership will lead to an extensive exchange of knowledge and would be a stepping stone towards India becoming a full member of the IEA.
- India and the IEA members will work as Energy Security, Clean & Sustainable Energy, Energy Efficiency, Enhancing petroleum storage capacity in India, Expansion of gas-based economy in India, etc.