India becomes Associate Member of International Energy Agency
- India has become part of IEA Association.
The International Energy Agency (IEA):
- It 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.
- The IEA 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.
- 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.
- 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.
- IEA member countries are required to maintain total oil stock levels equivalent to at least 90 days of the previous year’s net imports.
- It will allow the country play a more “visible and influential” role in the global energy landscape.
- The “Activation of Association” is expected to serve as a bridge and platform for wider-ranging and deeper co-operation and collaboration between IEA member and Association countries in the future.
- India’s engagement with the International Energy Agency (IEA) has enhanced over the last two decades and the “Association” status would facilitate it to participate in meetings of the standing groups, committees and working groups that constitute the IEA governance structure.
- India also envisages a greater partnership with IEA in taking forward the International Solar Alliance framework to other countries in the world.
- This membership does not cast any additional obligation on India, however, gives an opportunity for the country to become the voice of the developing countries.
- Today, IEA is an important part of global dialogue on energy, providing research, data/statistics, analysis and recommendations on the global energy sector
- India can also richly gain from IEA’s data gathering processes, survey methodologies and range of energy data, which could enable India in the near future to set up its own robust integrated database agency.
- India’s participation will enrich the energy efficiency and renewable sectors of IEA member and other countries.
- Important for prelims.
- See b2b for IEA. Also note the significance for mains.