International Energy Agency Current Affairs - 2019

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The Future of Rail Report: Key Facts

The Future of the Rail Report was prepared by the International Energy Agency (IEA) in association with the International Union of Railways (UIC).

Findings of the Report

The report provides a specific focus on India, The important findings of the Future of Rail Report are:

  • Indian railways will account for nearly 40% of total global rail activity by 2050.
  • The Investments in Indian urban rail infrastructure is estimated to reach nearly $190bn by 2050.
  • The report notes that India can save up to $64bn on fuel expenses by that time.
  • The report predicts bright prospects for Indian Railways.

The report notes that the rail sector carries 8% of passengers across the world and 7% of global freight movement but it utilises 2% of the total transport energy demand in the world, signifying its efficiency.

International Energy Agency (IEA)

The International Energy Agency (IEA) is an intergovernmental organization established by the Organisation for Economic Co-operation and Development (OECD) in 1974. IEA even works non-member countries, especially China, India, and Russia.

Initially, IEA was focused on 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. Its mandate has been widened to focus on the “3Es” of effectual energy policy: energy security, economic development, and environmental protection.

International Union of Railways (UIC)

The International Union of Railways (UIC) is an international body of the rail transport industry. The UIC was created on 17 October 1922 with the aim of standardising industry practices. At present, UIC had 194 members across 5 continents.

Month: Categories: Business, Economy & BankingUPSC

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Department of Biotechnology inks MoU with IAE on Enhancing Innovation for Clean Energy Transition

Department of Biotechnology (DBT) under Union Ministry of Science and Technology has signed Memorandum of Understanding (MoU) with International Energy Agency (IEA) for enhancing innovation for Clean Energy Transition.  The MoU seeks to deepen co-operation in support of clean energy innovations to accelerate research, development, and demonstration (RD&D) of clean energy technologies in India. It will also help support generation of data for policymaking and improve knowledge of good policy practices for innovation in India and around the world.

Key Facts

The MoU will ensure cooperation for sharing of energy policies on RD&D and sharing of best practices on data collection and analysis. It also has provision for activities such as training and capacity building and accelerating energy innovation by identifying sources of finance. The MoU will be coordinated for Union Ministry of Sceince & Technology by Mission Innovation India Unit set up by DBT and for IEA it will be coordinated by its International Partnership and Initiatives Unit (IPI). It will be initially valid for three years.

International Energy Agency (IEA)

IEA is an inter-governmental organization established in 1974 as per framework of Organisation for Economic Co-operation and Development (OECD). It was established in the wake of the 1973 oil crisis after the OPEC cartel had shocked the world with a steep increase in oil prices. Presently it has 30 member countries including India. It is headquartered in Paris, France.

Its prime focus is on the “3Es” of effectual energy policy: energy security, economic development and environmental protection. It also seeks to promote alternate energy sources (including renewable energy), rational energy policies and multinational energy technology co-operation. It acts as energy policy advisor to 29 member countries and also non-member countries like China and Russia.

Month: Categories: National

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