International Energy Agency : Study
The global market for clean energy technologies is set to rise from $700 billion in 2023 to more than $2 trillion by 2035 – close to the value of the world’s crude oil market in recent years, says a first-of-its-kind study by the International Energy Agency (IEA).
- International Energy Agency (IEA) is an autonomous intergovernmental organisation within the Organisation for Economic Co-operation and Development (OECD) framework.
- It works with governments and industry to shape a secure and sustainable energy future for all.
- It was created in response to the 1973-1974 oil crisis when an oil embargo by major producers pushed prices to historic levels and exposed the vulnerability of industrialised countries to dependency on oil imports.
- It was founded in 1974 to ensure the security of oil supplies.
- IEA’s mandate has expanded over time to include tracking and analyzing global key energy trends, promoting sound energy policy, and fostering multinational energy technology cooperation.
- It is the global energy authority, providing data, analysis, and solutions on all fuels and all technologies.
- In recent years, the IEA has also focused on renewable energy and initiatives focused on environmental protection and stopping climate change.
- It is made up of 31 member countries, 13 association countries, and 5 accession countries.
