Context:
International Energy Agency (IEA) has called the policy makers to create a vision for meeting the fast-growing demand for electricity from data centres.
International Energy Agency (IEA):
- Founded in – 1974, in response to the 1973 oil crisis.
- Headquarters – Paris, France.
- Mission – Collaborates with governments and industry to shape a secure and sustainable energy future for all.
- Functions and Focus –
- Ensures the security of oil supplies.
- Guides countries in building net-zero emission energy systems to comply with internationally agreed climate goals by emphasising on renewable energy.
- Operates within the broader framework of the Organization for Economic Co-Operation and Development (OECD).
- Membership – Only OECD member countries can join as IEA members.
- Current Members – 31 member countries, 13 association countries, and 4 countries seeking membership (Chile, Colombia, Israel, and Costa Rica).
- India’s Status – Joined the IEA family as an Association country in 2017.
- Key Programs and Agreements –
- International Energy Program – Members agree to withhold large stocks of oil to respond to unforeseen disruptions in oil supply.
- IEA member nations must store at least 90 days’ worth of oil, based on the previous year’s net oil imports.
- In case of a supply disruption, the IEA coordinates among member nations to release oil reserves and increase supply.
- Funding – Funded by member countries, and voluntarily by non-member countries, energy companies, and private donations.
- Important Reports –
- World Energy Outlook
- Energy Technology Perspectives (ETP)
- Gas Market Report
- Global Electric Vehicles (EV) Outlook
Source: Hindu Businessline
Previous Year Question
Which of the following organizations brings out the publication known as ‘World Economic Outlook’?
[UPSC Civil Service Exam – 2014 Prelims]
(a) The International Monetary Fund
(b) The United Nations Development Programme
(c) The World Economic Forum
(d) The World Bank
Answer: (a)