India and the International Energy Agency- IEA on January 27, 2021, signed a framework for a strategic partnership in order to strengthen cooperation and mutual trust and for enhancing global energy stability, security, and sustainability.
The Memorandum of Understanding was signed by Dr. Fatih Birol, Executive Director of International Energy Agency, and Sanjiv Nandan Sahai, Secretary (Power). Birol from IEA termed the signing of the agreement a historic and huge step forward for global energy governance.
The International Energy Agency Secretariat will be responsible for the implementation of the cooperative activities in India under the framework.The Secretariat will also facilitate the discussion between India and IEA members for further developing the strategic partnership in the energy sector.
As per the official statement by the Ministry of Power, the partnership between India and IEA will lead to an extensive exchange of knowledge in the energy sector. It will also be a stepping stone for India towards becoming a full member of the Paris-based IEA.
Through the framework agreement, the Indian government plans on taking essential steps to promote and encourage strategic and technical cooperation in the different areas of the energy sector.
Contents of the Strategic Partnership:
The contents will be jointly decided by the members of IEA and India. It will include:
• A phased increase in the responsibilities and benefits for India as a strategic partner of IEA.
• Building on the existing areas of work within Association and CETP- Clean Energy Transitions Programme, such as clean and sustainable energy, energy security, enhancing petroleum storage capacity in India, energy efficiency, expansion of the gas-based economy in India, etc.
About International Energy Sector:
The International Energy Sector was created in 1974 in order to help coordinate a collective response to the major disruptions in the oil supply. The agency is made up of 30 member countries all over the world and also includes 8 association countries.