International Energy Agency (IEA) - Explained
What is the International Energy Agency?
Written by J. Mance Gordon
Updated at April 21st, 2024
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What is the International Energy Agency?
The International Energy Agency (IEA) is comprised of 30 member nations whose purpose is to ensure that there is stable, cost-efficient and clean energy available for its members. It focuses on energy security, economic development, environmental awareness and engagement on a global scale.
Over the years, it has proven itself to be the hub for energy cooperation between nations due to its dealings in energy supply security, long-term policy, transparency of the information acquired, environmental changes due to energy dispersal, and energy research and development. The IEA has evolved to be able to provide data and analysis concerning many energy-related issues.
The IEA functions independently within the framework of the Organization for Economic Co-operation and Development, and its legislative body comprises mainly of energy ministers or representatives from each member nation. Its meeting schedules are decided at committee levels with a number of committees meeting more than twice a year. In terms of financing, the IEA receives one-third of its funding from voluntary contributions from its member nations.