Recently India and International Energy Agency (IEA) has jointly signed a Framework for strategic partnership agreement.
Points To Note
- The MoU seeks to strengthen the cooperation in global energy security, stability and sustainability.
- The agreement will also help in extensive exchange of knowledge between the two.
- It is also a stepping stone towards India’s full membership to IEA.
- The agreement will also strengthen the mutual trust & cooperation and enhance the global energy security, stability and sustainability.
- The MoU was signed between Power Secretary Sanjiv Nandan Sahai and IEA Executive Director Fatih Birol.
- The IEA Secretariat will implement the cooperative activities in India.
- International Energy Agency will also facilitate the discussion between the IEA members and India in order to develop the strategic partnership.
International Energy Agency
It is a Paris-based autonomous intergovernmental organisation and it was established in 1974 in the aftermath of 1973 oil crisis. It was established in the framework of the Organisation for Economic Co-operation and Development (OECD).
Functions of the IEA
- The International Energy Agency was established with the objective of responding to physical disruptions in the supply of oil apart from serving as information source on statistics of the international oil market.
- IEA now also acts as a policy adviser to its member states.
- It also works with non-member states like Russia, China and India.
- The agency focusses on the “3Es” of effectual energy policy namely the energy security, economic development, and environmental protection.
- International Energy Agency also promotes alternate energy sources such as in renewable energy, multinational energy technology co-operation and rational energy policies.
Why IEA is criticized?
The International Energy Agency is criticized for providing a highly inaccurate forecasts of both fossil fuel and renewable energy. It is also criticized for failing to comply and create the 1.5° C scenario. All the members of IEA have signed the 2015 Paris Agreement that seeks to limit warming to 1.5° C but, IEA’s Sustainable Development Scenario projects for net-zero emissions in the year 2070 two decades later the 2050 target set by the 2015 Paris Agreement.
India & IEA MoU for Global Energy Security India & IEA MoU for Global Energy Security