What is the International Energy Agency (IEA)?

About International Energy Agency (IEA):

• It is an autonomous intergovernmental organisation within the Organisation for Economic Co-operation and Development (OECD) framework.
• Mission: It works with governments and industry to shape a secure and sustainable energy future for all.
• Background:
• 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 was founded in 1974 to ensure the security of oil supplies.
• IEA’s mandate has expanded over time to include tracking and analyzing global key energy trends, promoting sound energy policy, and fostering multinational energy technology cooperation.
• It is the global energy authority, providing data, analysis, and solutions on all fuels and all technologies. 
• In recent years, the IEA has also focused on renewable energy and initiatives focused on environmental protection and stopping climate change.
• Membership: It is made up of 31 member countries, 13 association countries, and 5 accession countries.
• Criteria for membership: A candidate country to the IEA must be a member country of the OECD. In addition, it must demonstrate several requirements.
  • 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 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.