THE INTERNATIONAL ENERGY AGENCY (IEA)

NEWS: India’s bid for full membership has entered its final stages–>was signalled as such at the International Energy Agency (IEA) ministerial meeting in Paris

ABOUT

• Established Inà 1974 in the wake of the 1973 oil crisis
• An intergovernmental organisation that works to ensure global energy security, reliable energy data, and sustainable energy policies.
• Acts as a major global platform for energy analysis, policy guidance, and emergency energy cooperation.
• Headquarters: Paris, France
• To help industrialized nations coordinate a collective response to major oil supply disruptions and ensure energy security.
• India became an Associate Member in 2017 and signed a Strategic Partnership in 2021
• Full Members: Currently 33 countries
• Association Countries: 13 countries, including Indiaà participate in discussions but lack decision-making rights.

Key Functions:

• Maintains a Strategic Petroleum Reserve mechanismàmembers must hold oil stocks equivalent to at least 90 days of net imports.
• Publishes the World Energy Outlook and the Monthly Oil Market Report
• Leads global efforts on àclimate change, renewables, and decarbonization through the Net Zero by 2050 roadmap.
• Secure supply chains for minerals (lithium, cobalt) essential for clean energy.