The strategic partnership between India and the International Energy Agency (IEA) emerges as an influential alliance to enhance global energy security, stability, and sustainability. This collaboration aims to encourage strategic and technical cooperation in the energy sector.
Objectives of the Strategic Partnership
This agreement seeks to promote a broader exchange of knowledge, fostering mutual trust and cooperation. It forms a stepping stone towards making India a full member of the IEA. The alliance also intends to provide a phased increase in benefits and responsibilities for India as an IEA strategic partner.
The collaboration is aimed at expanding work on existing areas such as energy security, clean and sustainable energy, energy efficiency, enhancing petroleum storage capacity, and expansion of the gas-based economy in India. These initiatives are part of the Clean Energy Transitions Programme (CETP).
About the International Energy Agency
Established in 1974 under the framework of the Organization for Economic Co-operation and Development (OECD), the IEA operates as an autonomous intergovernmental organization. Formed during the oil crisis of 1973-1974, the organization aids its members to address major disruptions in oil supply.
Over time, the IEA’s mandate has broadened to track and analyse global energy trends, promote sound energy policy, and encourage multinational energy technology cooperation. Its mission is to ensure reliable, affordable and clean energy for its member countries and beyond.
The IEA maintains four main areas of focus, commonly referred to as the 4E’s: Energy Security, Economic Development, Environmental Awareness and Engagement Worldwide. The agency is headquartered in Paris, France, and currently has 30 members.
Eligibility for IEA Membership
For a country to be considered a candidate for IEA membership, it should have crude oil or product reserves equivalent to 90 days of the previous year’s net imports. However, India falls short of this requirement. The country currently stores 10 days of the nation’s crude oil necessities. Additionally, domestic refiners maintain a 65-day crude storage. Recognizing this, the Indian government is in the process of building strategic crude oil reserves to support an additional 12 days of crude oil needs.
Other eligibility criteria include measures to reduce national oil consumption by up to 10%, legislation and organization to operate the Coordinated Emergency Response Measures (CERM) nationally, and demonstrate capabilities to contribute to an IEA collective action.
Reports and Programmes
The IEA releases several key energy-focused reports such as the Global Energy & CO2 Status Report, World Energy Outlook, World Energy Statistics, World Energy Balances, Energy Technology Perspectives, and the Clean Energy Transitions Programme (CETP).
Launched in November 2017, the CETP seeks to expedite global clean energy transitions. This programme provides cutting-edge support to governments to catalyze the transition towards more sustainable energy production and use. It prioritizes countries including Brazil, China, India, Indonesia, Mexico, and South Africa, along with other IEA Association nations. CETP activities comprise collaborative analytical work, technical cooperation, training, capacity building, and strategic dialogues.
