What does IEA mean in International Business?

International Energy Agency

The International Energy Agency (IEA; French: Agence internationale de l'énergie) is a Paris-based autonomous intergovernmental organization established in the framework of the Organisation for Economic Co-operation and Development (OECD) in 1974 in the wake of the 1973 oil crisis. The IEA was initially dedicated to responding to physical disruptions in the supply of oil, as well as serving as an information source on statistics about the international oil market and other energy sectors. The IEA acts as a policy adviser to its member states, but also works with non-member countries, especially China, India, and Russia. The Agency's mandate has broadened to focus on the "3Es" of effectual energy policy: energy security, economic development, and environmental protection. The latter has focused on mitigating climate change. The IEA has a broad role in promoting alternate energy sources (including renewable energy), rational energy policies, and multinational energy technology co-operation. IEA member countries are required to maintain total oil stock levels equivalent to at least 90 days of the previous year's net imports. At the end of July 2009, IEA member countries held a combined stockpile of almost 4.3 billion barrels (680,000,000 m3) of oil. On 1 September 2015, Fatih Birol took office as the new Executive Director, succeeding in this position former Dutch Minister of Economic Affairs, Maria van der Hoeven.The IEA has been strongly criticised for having consistently highly inaccurate forecasts of both fossil fuel and renewable energy. Fossil fuel predictions have been criticised as being highly optimistic, and estimates of renewable energy deployment were consistently found to be extremely pessimistic. Some renewable predictions were reached more than fifteen years early, with estimates being off by almost five thousand percent over five years. The IEA has also been criticized for failing to create a 1.5°C scenario and place it centrally in its annual World Energy Outlook report. All IEA member countries have signed the Paris Agreement which strives to limit warming to 1.5°C and two thirds of IEA member governments have made commitments to emission neutrality in 2050. The IEA's Sustainable Development Scenario projects net-zero emissions in 2070, two decades too late.

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