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Indian Government has signed a strategic partnership agreement with the International Energy Agency(IEA).
About the Strategic Partnership agreement
- The agreement 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.
- Implementation: The IEA Secretariat will be responsible for
- The implementation of the agreed activities in India.
- Facilitating discussion between the IEA members and India, to further develop the strategic partnership.
- Significance: This strategic partnership will lead to an extensive exchange of knowledge. It would also be a stepping stone towards India’s full membership of IEA.
International Energy Agency(IEA):
- It was established in 1974 as an autonomous intergovernmental organization under the OECD framework.
- Objective: To ensure reliable, affordable, and clean energy for its member countries and beyond.
- Focus areas: It has four main areas of focus: a) Energy security b) Economic development c) Environmental awareness and d) Engagement worldwide.
- Members: It has 30 member countries and eight association countries. India became an associate member in 2017.
- Oil Stock: IEA member countries need to maintain total oil stock levels equivalent to at least 90 days of the previous year’s net imports.
- Secretariat: Paris, France.
- Reports: It releases the World Energy Outlook report annually.
Clean Energy Transitions Programme (CETP)
- It was launched at the IEA Ministerial Meeting in 2017. It will provide technical support to governments, whose energy policies can facilitate the global transition towards a sustainable energy future.
- Priority Countries: The CETP’s priority countries are Brazil, China, India, Indonesia, Mexico, and South Africa. These countries collectively accounted for 41% of CO2 emissions from fuel combustion in 2018 and two-thirds of emissions from developing economies.