International Energy Agency (IEA) invites India to become full-time member
Recently India has been invited to become a full-time member of International Energy Agency (IEA).
- This invitation is a natural outcome of the India-IEA Strategic Partnership. The partnership was signed in January 2021 to strengthen mutual cooperation in global energy security, stability and sustainability.
- To become a member of the IEA, a country must be a member of the Organization for Economic Co-operation and Development (OECD). Along with this, he has to fulfill 5 other criteria as well.
- The Paris-based IEA was established as a response to the 1973–74 oil crisis.
- The entity is the focus of the global dialogue on debt. It provides various analysis and recommendation to help countries provide safe and sustainable energy for all.
- It publishes World Energy Outlook, Oil Market Report etc. In the year 2017, India joined it as an associate member.
Benefits of Full Membership of the IEA
- This will help India in maximizing the strategic depth of its crude oil reserves. In addition, it will provide technical assistance especially in the clean energy sector, provide a geopolitical platform to take a leading role on climate and energy related issues, etc.
- India’s entry into this organization will give a boost to the global energy security system. At the same time, it will also strengthen India’s transaction capacity with the Organization of the Petroleum Exporting Countries (OPEC)-Plus.
- Availability of crude oil and/or product reserves equivalent to 90 days of the previous year’s net imports to which the Government has immediate access (even if not directly owned by it). Also, it can be used to deal with disruptions in global oil supply.
- There should be a demand control program to reduce national oil consumption by 10%.
- There should be legislation and organization to take coordinated emergency response measures (CERMs) on a national basis.
- It is required to enforce laws and measures to ensure that all oil companies under its jurisdiction provide information upon request.
- Taking measures to ensure our ability to contribute to IEA collective action.
Source – The Hindu