India formalizes strategic partnership agreement with IEA

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India and the International Energy Agency (IEA) formalized an agreement on Wednesday for the strategic partnership to further enhance the mutual trust and cooperation and to improve the global energy security, stability and sustainability. This partnership will proceed towards an extensive exchange of knowledge and will help India to inch closer towards becoming a complete member of the Paris-based IEA, according to the statement by the Ministry of Power.

The IEA was formulated in 1974 for assisting co-ordinate a collective response to major disruptions regarding the supply of oil. It comprises of 30 member countries and is also inclusive of eight association countries.

The Memorandum of Understanding was formalized by Sanjiv Nandan Sahai, Secretary (Power) along with Dr. Fatih Birol, IEA Executive Director.

Dr Birol described the moment as a historic one and a huge step forward intending global energy governance. He tweeted, “A historic moment in India-IEA relations – and a huge step forward for global energy governance! Very proud & honoured to sign the -@IEA. Strategic Partnership Framework today with Secretary @Sanjiv_Sahai & assembled dignitaries. Looking forward to deepening our collaboration.”

The Power Ministry statement further revealed, “The contents of the Strategic partnership will be jointly decided by the IEA Members and India, including a phased increase in benefits and responsibilities for India as an IEA Strategic partner, and building on existing areas of work within Association and the Clean Energy Transitions Programme (CETP), such as Energy Security, Clean & Sustainable Energy, Energy Efficiency, Enhancing petroleum storage capacity in India, Expansion of gas-based economy in India etc.”

The IEA Secretariat will be held in-charge of enforcing the cooperative activities in India and for developing the discussion amid India and the IEA members to further build the Strategic Partnership.

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