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India, IEA sign pact for energy cooperation

India, IEA sign pact for energy cooperation

India and Paris-based International Energy Agency (IEA) today signed an agreement to enhance cooperation in fields of energy forecasting and data.

The Statement of Intent to step up engagement in policy and technology research as well as enhance cooperation in numerous fields including forecasting and data, was signed by NITI Aayog vice chairman Arvind Panagariya and IEA Executive Director Fatih Birol. The pact, signed during Panagariya’s visit to IEA headquarters, “provides an umbrella accord for the many IEA research and policy initiatives that apply to broader energy issues,” said IEA, which coordinates energy policies of industrialised countries.

“As India moves to the centre of the global energy stage, it is vital that the IEA and our members step up our level of engagement,” said Birol. “This agreement will allow us to do that by improving mutual understanding of the functioning of energy markets in the world.” IEA already shares with India best energy practices it has gleaned from its own analysis as well as the experiences of its member countries. “The Statement of Intent will push forward ongoing IEA-India work in a number of cross-cutting issues that apply to the country’s energy system.

These issues include work for the Agency’s flagship publication, World Energy Outlook (WEO), as well as modelling, forecasting and identification of data needs,” an IEA press statement said. The agreement also expands on ongoing joint research on relevant technologies and analysis of global trends in pricing and supply of energy supplies, plus development of human resources development strategies for the energy sector. The two agreed to look into regular exchange of statistics and other energy sector information as well as increased seminars, training, and visits involving researchers and other experts.