India- IEA MoU for Global Energy Security

India has signed a Framework for strategic partnership agreement with the International Energy Agency (IEA), recently.

Highlights

• The Memorandum of Understanding (MoU) seeks to strengthen the cooperation in global energy security, stability and sustainability.
• It will also help in extensive exchange of knowledge between the two.
• The MoU is also a stepping stone towards India’s full membership to IEA.
• The MoU will also strengthen the mutual trust & cooperation and enhance the global energy security, stability and sustainability.
• The agreement was signed between Power Secretary Sanjiv Nandan Sahai and IEA Executive Director Fatih Birol.
• 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 organisation that was established in the year 1974 in the aftermath of 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 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 focusses on the “3Es” of effectual energy policy namely the 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.

Why IEA is criticized?

IEA is criticized for providing a highly inaccurate forecasts of both fossil fuel and renewable energy. It is also criticized for failing to comply and create the 1.5°C scenario. All the members of IEA have signed the Paris Agreement that seeks to limit warming to 1.5°C but, IEA’s Sustainable Development Scenario projects for net-zero emissions in 2070 two decades later the 2050 target set by the Paris Agreement.

Month: Current Affairs - January, 2021