International Energy Agency (IEA)

The International Energy Agency (Headquartered in Paris) is an autonomous intergovernmental organization established in the framework of the Organisation for Economic Co-operation and Development (OECD) in 1974 in response to the 1973-1974 Middle East War crises. At present the membership of the group counts as 30 member states.

• The main policy decisions and the agency framework were stipulated in the IEA Agreement within the International Energy Programme treaty.
• The IEA has a broad role in promoting alternate energy sources (including renewable energy), rational energy policies, and multinational energy technology co-operation. The Agency’s mandate has broadened to focus on the “3Es” of effectual energy policy: Energy security, Economic development, and Environmental protection.
• All IEA member countries have signed the Paris Agreement which strives to limit warming to 1.5°C and two thirds of IEA member governments have made commitments to emission neutrality in 2050. The IEA’s Sustainable Development Scenario projects net-zero emissions in 2070, two decades later.

Conclusion

With the dream of being self-sustainable in oil and gas sector, government has put lots of effort in oil and refineries and gas production. The Government of India is planning to set up around 5,000 compressed bio gas (CBG) plants by 2023 and also to invest Rs 70,000 crore (US$ 9.97 billion) to expand the gas pipeline network across the country. Energy demand of India is anticipated to grow faster than energy demand of all major economies, on the back of continuous robust economic growth. Consequently, India’s energy demand as a percentage of global energy demand is expected to rise to 11 per cent in 2040 from about 6 per cent in 2018-19. Many efforts in new renewable energy resources are better step for accommodating the increasing demand of energy like Hydrocarbon Vision 2030 for North-East India, electric motor vehicle increase etc.