India Signs Strategic Partnership Agreement with IEA

India Signs Strategic Partnership Agreement with IEA

India has signed a strategic partnership agreement with the International Energy Agency (IEA) aimed at providing technical support to the Government in its quest to double the share of renewable energy in its mix by 2022.

About the Strategic Partnership agreement

The agreement aims to strengthen cooperation with India in global energy security, stability, and sustainability. Both IEA members and India will jointly decide the terms of the partnership.

The goal of this agreement is to further strengthen cooperation with India in global energy security, stability, and sustainability. The parties will jointly decide the terms of the partnership. It will include a phased increase in benefits and responsibilities for India as an IEA strategic partner.

The IEA Secretariat will be responsible for the implementation of the agreed activities in India. Facilitating discussion between the IEA members and India, to further develop the strategic partnership.

This strategic partnership will lead to an extensive exchange of knowledge. It would also be a stepping stone towards India’s full membership of IEA.

About the International Energy Agency (IEA):

The International Energy Agency (IEA) is an autonomous intergovernmental organization in the field of energy within the Organization for Economic Cooperation and Development (OECD).

The main objective of the IEA is to ensure reliable, affordable, and clean energy for its member countries and beyond.

It has four main areas of focus: a) Energy security b) Economic development c) Environmental awareness and d) Engagement worldwide.

It has 30 member countries and eight association countries. India became an associate member in 2017. IEA member countries need to maintain total oil stock levels equivalent to at least 90 days of the previous year’s net imports.

About the Clean Energy Transitions Programme (CETP)

The Clean Energy Transitions Programme (CETP) was launched at the IEA Ministerial meeting in 2017 and provides technical support to governments whose energy policies can facilitate the global transition towards a sustainable energy future.

Its work focuses on four main areas: (i) supporting countries in their preparation for 5-year National Energy and Climate Plans; (ii) providing assistance on design and implementation of policies that promote clean technologies, energy efficiency and further decarbonizing the power sector; (iii) helping countries make effective use of financial instruments for sustainable energy investments; and (iv) improving how technology assessments are done in IEA projects

The CETP’s priority countries are Brazil, China, India, Indonesia, Mexico, and South Africa. These countries collectively accounted for 41% of CO2 emissions from fuel combustion in 2018 and two-thirds of emissions from developing economies.