International Energy Agency (IEA)
Why in news:
- Executive director of the International Energy Agency said that it would review all its membership conditions for India’s inclusion in the world’s premier energy monitoring organization.
About International Energy Agency (IEA):
- The International Energy Agency(IEA) is a Paris-based autonomous intergovernmental organisation, established in 1974, that provides policy recommendations, analysis and data on the entire global energy sector.
- The 31 member countries and 11 association countries of the IEA represent 75% of global energy demand.
- The IEA was set up under the framework of the Organisation for Economic Co-operation and Development (OECD) in the aftermath of the 1973 oil crisis.
- It was set up to respond the physical disruptions in global oil supplies, provide data and statistics about the global oil market and energy sector, promote energy savings and conservation, and establish international technical collaboration on innovation and research.
- The core activity of the IEA is providing policy advice to its 31 member states, as well as to its 11 Associated countries, which include Argentina, Brazil, China, India, Indonesia, South Africa, Ukraine, singapore, Thailand, Egypt and Morocco to support their energy security and advance their transition to clean energy.
- The Agency publishes policy recommendations and solutions to help all countries ensure secure, affordable and sustainable energy, as well as analysis, roadmaps, policy reviews, detailed data on more than 150 countries.
- The IEA has been criticised for historically undervaluing the role of renewable energy sources such as photovoltaics in future energy systems as well as under-estimating their declining cost.
- Environmental groups, investors and companies have been urging the IEA to do more to support the implementation of the Paris Agreement.
- Recently, it has focused in particular on supporting global efforts to accelerate clean energy transition, mitigate climate change, and reach net zero.
- In March 2022, the IEA’s Ministerial Meeting gave the agency a broader mandate to focus on the clean energy transition.
Syllabus: Prelims
