Recently, the executive director of the International Energy Agency (IEA), said it would review all its membership conditions for India’s inclusion in the world’s premier energy monitoring organization.
About International Energy Agency:
- It is an autonomous inter-governmental organisation within the OECD framework.
- It works with governments and industry to shape a secure and sustainable energy future for all.
- It was founded in 1974 to ensure the security of oil supplies.
- It was created in response to the 1973-1974 oil crisis when an oil embargo by major producers pushed prices to historic levels and exposed the vulnerability of industrialised countries to dependency on oil imports.
- It consists of 31 member countries and eleven association countries.
- A candidate country to the IEA must be a member country of the Organisation for Economic Co-operation and Development (OECD).
- Criteria for membership
- Crude oil and/or product reserves are equivalent to 90 days of the previous year’s net imports, to which the government has immediate access (even if it does not own them directly) and could be used to address disruptions to global oil supply.
- A demand restraint programme to reduce national oil consumption by up to 10%.
- Legislation and organisation to operate the Co-ordinated Emergency Response Measures (CERM) on a national basis.
- Legislation and measures to ensure that all oil companies under its jurisdiction report information upon request.
- Measures are in place to ensure the capability of contributing its share of an IEA collective action.
- India joined this organization in 2017 as an Associate member.
- Reports published by IEA: World Energy Outlook, World Energy Balances, Energy Technology Perspectives, World Energy Statistics and Net Zero by 2050.
Q1) What is the Organisation for Economic Co-operation and Development?
It is an international organisation of 38 countries committed to democracy and the market economy. OECD members are typically democratic countries that support free-market economies.