Syllabus section: international relations
Why in news?
India inked a strategic partnership agreement with the International Energy Agency (IEA) to strengthen cooperation in global energy security, stability, and sustainability.
• This partnership will lead to an extensive exchange of knowledge and would be a stepping stone towards India becoming a full member of IEA.
• Through this agreement, the Indian government endeavors to take the necessary steps to encourage and promote strategic and technical cooperation in the energy sector in the identified areas.
• The IEA Secretariat will implement the cooperative activities in India.
• IEA will also facilitate the discussion between the IEA members and India in order to develop the strategic partnership.
International Energy Agency (IEA)
IEA is a Paris-based autonomous intergovernmental organization that was established in the year 1974 in the aftermath of the 1973 oil crisis. It was established in the framework of the Organisation for Economic Co-operation and Development (OECD).
Functions of IEA
• The IEA was established with the objective of responding to physical disruptions in the supply of oil apart from serving as an information source on statistics of the international oil market.
• It now also acts as a policy adviser to its member states.
• IEA also works with non-member states like China, India, and Russia.
• The agency focuses on the “3Es” of effectual energy policy namely energy security, economic development, and environmental protection.
• It also promotes alternate energy sources such as in renewable energy, multinational energy technology co-operation, and rational energy policies
Source: Buisness standard