Why in the News?

Recently, the International Energy Agency (IEA) released the World Energy Outlook (WEO) Report 2023.

About World Energy Outlook 2023:

• This flagship publication of the International Energy Agency (IEA) has appeared every year since 1998.
• It provides in-depth analysis and strategic insights into every aspect of the global energy system.
• This year, the report delves into how changes in economies and energy usage are meeting the increasing demand for energy amid geopolitical tensions and fragile energy markets.
• It evaluates the evolution of energy security fifty years after the establishment of the IEA and looks at what's necessary at the COP28 climate conference in Dubai to support the 1.5 °C goal.
• The publication analyzes today's energy trends, covering areas like investment, trade flows, electrification, and energy access.

About the International Energy Agency (IEA):

• The International Energy Agency (IEA) is an independent inter-governmental organization operating within the framework of the Organisation for Economic Co-operation and Development (OECD).
• Its mission involves collaborating with governments and industry to create a secure and sustainable energy future.
• Established in 1974 to safeguard oil supplies, it was a response to the 1973-1974 oil crisis, which exposed the vulnerability of industrialized nations to oil import dependencies due to an oil embargo.
• Comprising 31 member countries and eleven association countries, IEA candidates must be OECD members.
• India joined as an Associate member in 2017.
• The IEA publishes reports such as the World Energy Outlook, World Energy Balances, Energy Technology Perspectives, World Energy Statistics, and Net Zero by 2050.