International Energy Agency (IEA) – Definition

Cite this article as:"International Energy Agency (IEA) – Definition," in The Business Professor, updated November 29, 2018, last accessed July 14, 2020, https://thebusinessprofessor.com/lesson/international-energy-agency-iea-explained/.

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International Energy Agency (IEA) Definition

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 amongst nations due to its dealings in energy supply security, long-term policy, transparency of the information acquired, environmental changes due to energy dispersal, energy research and development. The IEA has evolved to be able to provide data and analysis concerning many energy-related issues.

A Little More on What is the International Energy Agency

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.

References for International Energy Agency

https://www.iea.org/

https://en.wikipedia.org/wiki/International_Energy_Agency

https://www.energy.gov/ia/initiatives/international-energy-agency-iea

Academic Research on the International Energy Agency

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