Ministers from the International Energy Agency’s member countries have begun talks with India on its application to become a full member of the Paris-based agency of 31 nations, IEA said on February 14.
In a statement issued after IEA’s 2024 ministerial meeting in Paris, the agency said the talks with India are in recognition of the country’s “strategic importance” in tackling global energy and climate challenges.
“The Ministerial gave the IEA a strong mandate to deepen cooperation with major emerging economies. This includes starting discussions with India on its request for full IEA membership,” it added.
India, which joined the IEA as an associate member in 2017, sent a formal request for full membership in October 2023.
“Ministers recognised the ‘strategic importance’ of India in tackling global energy and climate challenges,” IEA said.
In 2021, India also inked a strategic partnership agreement with the IEA to strengthen cooperation in global energy security, stability and sustainability.
The IEA is made up of 31 member countries. It also includes eight associate countries. Four countries are seeking accession to full membership, Chile, Colombia, Israel and Lithuania.
For a country to become a full member of the IEA, it must be a member country of the Organisation for Economic Co-operation and Development (OECD). IEA also mandates its member nations to hold crude oil and/or product reserves (strategic oil 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.
India’s current strategic oil reserves equal 9.5 days of its requirement, and together with storage at refineries and depots, it maintains a stockpile equivalent of 66 days requirement.
IEA members coordinate emergency response measures to a significant global oil supply disruption.
India to play a bigger role
Prime Minister Narendra Modi, on February 14, said India brings talent and innovation to the table and the International Energy Agency (IEA) will benefit if the world's fastest growing major economy plays a bigger role in the Paris-based organisation.
In a recorded message for the ministerial meeting of the IEA, he said India has surpassed its Paris climate targets ahead of schedule and remains firmly committed to addressing the global issue. He said India's carbon emissions account for only 4% of the global total despite it being home to 17% of the global population and undertaking some of the world's largest energy access initiatives.
Committed to combating climate change: Modi
Congratulating the IEA on its 50th anniversary, Mr. Modi said, "I am sure that the IEA will benefit when India plays a bigger role in it." "Inclusivity boosts the credibility and capability of any institution," he said, and added that "1.4 billion Indians bring talent, technology and innovation to the table". "We bring scale and speed, quantity and quality to every mission," Mr. Modi said.
Noting that India is the world's fastest growing major economy, he said sustained growth needs energy security and sustainability. "In one decade, we went from the 11th largest economy to the fifth largest. In the same period, our solar energy capacity grew twenty six fold. Our renewable energy capacity also doubled. We exceeded our Paris commitments in this regard, ahead of timelines," Mr. Modi said. "However, we are firmly committed to combating climate change," he added.
India achieved its emissions intensity-related targets 11 years ahead of the committed time-frame and non-fossil fuel targets nine years ahead of schedule. The country now aims to reduce emissions intensity of gross domestic product by 45% by 2030 from 2005 levels and achieve 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030. It has also committed to become a net-zero economy by 2070.
Mr. Modi also highlighted India's proactive approach in leading initiatives like the International Solar Alliance and the Mission LiFE, which focuses on pro-planet lifestyle choices. He thanked the IEA for supporting initiatives such as the Global Biofuels Alliance launched during India's G20 Presidency.
