INTERNATIONAL ENERGY AGENCY

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

Important points:

India became an Associate member of IEA in March 2017 but it was in engagement with IEA long before its association with the organization.
Earlier in 2021, India also inked a Strategic Partnership Agreement with the IEA to strengthen cooperation in global energy security, stability and sustainability.
As a natural corollary to the India IEA strategic partnership, IEA invited India to deepen its cooperation with IEA by becoming a full Member.

Reason:

India is becoming increasingly influential in global energy trends. Its in-depth report on India’s energy policies, which was released in January 2020, states that the country’s demand for energy is set to grow rapidly in the coming decades, with electricity use set to increase particularly fast.
The country’s reliance on fuel imports makes further improving energy security a key priority for the Indian economy.

Membership:

The IEA is made up of 30 member countries.
It also includes eight association countries. Four countries are seeking accession to full membership, Chile, Colombia, Israel and Lithuania.
A candidate country to the IEA must be a member country of the Organisation for Economic Co-operation and Development (OECD).

International Energy Agency

It is an autonomous Intergovernmental Organisation established in 1974 in Paris, France.
It mainly focuses on its energy policies which include economic development, energy security and environmental protection. These policies are also known as the 3 E’s of IEA.
IEA Clean Coal Centre is dedicated to providing independent information and analysis on how coal can become a cleaner source of energy, compatible with the UN Sustainable Development Goals.
Established in the wake of the oil crisis of 1973-1974, to help its members respond to major disruptions in oil supply.
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
Ensure reliable, affordable and clean energy for its member countries and beyond.
Energy Security- Promoting diversity, efficiency and flexibility within all energy sectors.
Economic Development- Ensuring the stable supply of energy to IEA member countries and promoting free markets to foster economic growth and eliminate energy poverty.
Environmental Awareness Enhancing international knowledge of options for tackling climate change
Engagement Worldwide- Working closely with non-member countries, especially major producers and consumers, to find solutions to shared energy and environmental concerns.

SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT

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