India Signs Strategic Partnership Agreement with IEA

India Signs Strategic Partnership Agreement with IEA

The Government of India and the International Energy Agency (IEA) members was signed the Framework for Strategic Partnership on 27th January, 2021 to strengthen mutual trust and cooperation & enhance global energy security, stability and sustainability.

What is the Objective of the Strategic Partnership?

The Partnership between the Government of India and the International Energy Agency (IEA) members aims to strengthen cooperation with India in global energy security, stability, and sustainability. Both IEA members and India will jointly decide the terms of the partnership. It will include a phased increase in benefits and responsibilities for India as an IEA strategic partner.

What is the Significance of the Strategic Partnership?

This strategic partnership signed between the Government of India and the International Energy Agency (IEA) members will lead to an extensive exchange of knowledge. It would also be a stepping stone towards India’s full membership of IEA.

What is International Energy Agency?

The International Energy Agency is a Paris-based autonomous intergovernmental organisation established in the framework of the Organisation for Economic Co-operation and Development (OECD) in 1974 in the wake of the 1973 oil crisis.

What is the Objective of International Energy Agency?

The Objective of International Energy Agency is to ensure reliable, affordable, and clean energy for its member countries and beyond.

Significance of the International Energy Agency

• 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.
• It has four main areas of focus: a) Energy security b) Economic development c) Environmental awareness and d) Engagement worldwide.
• It has 30 member countries and eight association countries. Indiabecame an associate member in 2017.
• IEA member countries need to maintain total oil stock levels equivalent to at least 90 days of the previous year’s net imports.

What is CETP?

The Clean Energy Transitions Programme (CETP) of IEA is an effort to accelerate global clean energy transitions. The programme provides independent, cutting-edge support to governments in order to catalyze the global transition towards more sustainable energy production and use.

What is the Objective of the CETP?

The CETP aims to more fully leverage the IEA’s all-of-technologies expertise built up over more than 40 years – to help reduce global greenhouse gas (GHG) emissions, achieve universal access to electricity and substantially reduce air pollution.

What are the Priority Countries of the CETP?

Priority Countries of the CETP include Brazil, China, India, Indonesia, Mexico and South Africa, as well as other IEA Association countries and key regions such as Southeast Asia, Latin America and Africa.