Context: International Energy Agency’s executive director, stated that the organization would evaluate membership requirements for India’s entry, considering additional efforts or flexibility needed, during discussions with the Indian government.
Criteria for Membership to IEA:
- A candidate country to the IEA must be a member country of the OECD.
- 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%.
Special case of India:
- India is presently the third largest consumer of oil in the world.
- IEA believes that India can become a ‘superpower’ in green hydrogen production and should capitalize on the opportunity as the world makes a transition to clean fuels.
About International Energy Agency (IEA):
- Established in 1974, the International Energy Agency (IEA) is an autonomous intergovernmental organization headquartered in Paris.
- The IEA family is made up of 31 member countries, 11 association countries, and 4 accession countries and it represents a significant portion of global energy demand, accounting for 75%.
- The organization was created within the framework of the Organisation for Economic Co-operation and Development (OECD) as a response to the 1973 oil crisis, aiming to address disruptions in global oil supplies.
- It offer insights and statistics regarding the worldwide oil market and energy industry, promote energy conservation and efficiency, and foster international collaboration on innovative research and development.
- Mission: The IEA works with governments and industry to shape a secure and sustainable energy future for all.
