World Energy Outlook 2023

• It is a flagship publication of the International Energy Agency and is the energy world’s most authoritative source of analysis and projections.
• It has been published each year since 1998.

MAJOR FINDINGS

• Following Russia’s invasion of Ukraine, instability in the Middle East could lead to further disruption to energy markets and prices.
• Renewables are set to contribute 80% of new power capacity by 2030.
• Fossil fuel share in the global energy supply to reduce from 80% to 73% by 2030.

INDIA RELATED FINDINGS

• India will see the largest energy demand growth of any country or region in the world over the next three decades.
• In the same period, India’s annual carbon dioxide emissions will be the largest as they will climb to nearly 30% by 2050.
• Over the past five years, solar PV has accounted for nearly 60% of new generation capacity.
• India’s total electricity demand from residential air conditioners in 2050 is most likely to exceed the total amount of electricity consumed across Africa now.
• India is expected to meet its 2030 target to have half of its electricity capacity consisting of non-fossil resources well before the end of the decade.

ABOUT INTERNATIONAL ENERGY AGENCY (IEA)

• It is an autonomous agency within the framework of the Organisation for Economic Co-operation and Development (OECD)
• It was founded in 1974 to ensure the security of oil supplies, in response to the 1973-1974 oil crises.
• HQ- Paris, France
• Members- 31 member countries and 11 association countries.
  • India joined the organization in 2017 as an Associate member.
• A candidate country to the IEA must be a member country of the Organisation for Economic Co-operation and Development (OECD).
• Criteria for membership
  • Crude oil and/or product reserves are equivalent to 90 days of the previous year’s net imports, to which the government has immediate access (even if it does not own them directly) and could be used to address disruptions to global oil supply.
  • A demand restraint programme to reduce national oil consumption by up to 10%.
  • Legislation and organisation to operate the Co-ordinated Emergency Response Measures (CERM) on a national basis.
  • Legislation and measures to ensure that all oil companies under its jurisdiction report information upon request.
  • Measures are in place to ensure the capability of contributing its share of an IEA collective action.