International Energy Agency
The International Energy Agency (IEA) is a Paris-based autonomous intergovernmental organization established in the framework of the Organisation for...
The International Energy Agency (IEA) is a Paris-based autonomous intergovernmental organization established in the framework of the Organisation for Economic Co-operation and Development (OECD) in 1974 in the wake of the 1973 oil crisis.
The IEA was initially dedicated to responding to physical disruptions in the supply of oil, as well as serving as an information source on statistics about the international oil market and other energy sectors.
The IEA acts as a policy adviser to its member states, but also works with non-member countries, especially China, India, and Russia. The Agency's mandate has broadened to focus on the "3Es" of effectual energy policy: energy security, economic development, and environmental protection. The latter has focused on mitigating climate change.
The IEA has a broad role in promoting alternate energy sources (including renewable energy), rational energy policies, and multinational energy technology co-operation.
IEA member countries are required to maintain total oil stock levels equivalent to at least 90 days of the previous year's net imports. At the end of July 2009, IEA member countries held a combined stockpile of almost 4.3 billion barrels (680,000,000 m3) of oil.
On 1 September 2015, Fatih Birol took office as the new Executive Director, succeeding in this position former Dutch Minister of Economic Affairs, Maria van der Hoeven.
In June 2014 in its World Energy Outlook report, the IAE warned US$48 trillion in investment and credible long term policy planning would be required between 2014 and 2035 to secure sufficient energy supplies for that period.
"The reliability and sustainability of our future energy system depends on investment. But this won't materialize unless there are credible policy frameworks in place as well as stable access to long-term sources of finance.
Neither of these conditions should be taken for granted," van der Hoeven said in a statement accompanying the report. International Energy Agency (IEA) Ministerial meeting was held in Paris, France on November 7 and 8.