India is in discussions with the IEA for complete membership

India in Talks with IEA for Full Membership

Ministers from the International Energy Agency’s member countries have started discussions with India regarding its application for full membership to the Paris-based agency of 31 nations, IEA announced on Wednesday. In a statement issued after IEA’s 2024 ministerial meeting in Paris, the agency stated that the talks with India are in recognition of the country’s “strategic importance” in addressing global energy and climate challenges.

India, which joined the IEA as an associate member in 2017, formally requested full membership in October 2023. The agency noted that India’s strategic importance in tackling global energy and climate challenges was recognized by ministers during the meeting.

During the meeting, Prime Minister Narendra Modi addressed the attendees via video conferencing, emphasizing India’s status as the world’s fastest-growing major economy and the necessity of ensuring energy security and sustainability for sustained growth. He expressed confidence that the IEA would benefit from India’s increased involvement.

In 2021, India entered into a strategic partnership agreement with the IEA to enhance cooperation in global energy security, stability, and sustainability. The IEA, comprised of 31 member nations and eight associate countries, currently has four countries seeking full membership: Chile, Colombia, Israel, and Lithuania.

For a country to achieve full membership in the IEA, it must already be a member country of the Organisation for Economic Co-operation and Development (OECD). Additionally, the IEA requires its member nations to hold strategic oil reserves equivalent to 90 days of the previous year’s net imports. India’s current strategic oil reserves equate to 9.5 days of its requirement, with additional storage at refineries and depots bringing the total stockpile to 66 days’ worth.

Members of the IEA collaborate on emergency response measures in the event of a significant global oil supply disruption. The talks between India and the IEA represent a significant step towards greater cooperation in addressing the world’s energy and climate challenges.