The World Energy Outlook report 2024/ Daily Current Affairs for UPSC 17 Oct,2024

The World Energy Outlook 2024 was released by the International Energy Agency (IEA) recently.

World Energy Outlook 2024 shows critical choices facing governments and consumers as period of more ample supplies nears and surging electricity demand reshapes energy security.

About World Energy Outlook (WEO):

The World Energy Outlook (WEO) is an annual report published by the International Energy Agency (IEA) that provides insights and projections on global energy trends. It serves as a critical resource for policymakers, industry professionals, and academics by outlining various scenarios for the future of global energy supply, demand, and emissions.

1. Main Focus Areas:

• Energy Demand: The WEO analyzes how energy demand evolves across different regions and sectors, including transportation, industry, and residential.
• Energy Supply: The report looks at changes in energy production, including fossil fuels (oil, gas, coal) and renewables (solar, wind, hydropower).
• Climate Goals: A significant portion of the report is devoted to examining how the global energy system is aligned with climate targets, such as those outlined in the Paris Agreement.
• Energy Security: It assesses the resilience of energy systems to shocks and their reliability.

About The International Energy Agency (IEA) :

It is an autonomous organization that works to ensure reliable, affordable, and clean energy for its member countries and beyond. Founded in 1974 in response to the oil crisis, the IEA has since expanded its focus to include all forms of energy, particularly clean and renewable energy sources, energy efficiency, and climate change mitigation.

Key Features of the IEA:

1. Membership: The IEA consists of 31 member countries, primarily from the OECD (Organisation for Economic Co-operation and Development). Non-members like China, India, and Brazil also collaborate with the IEA under its “Association” framework.
2. Primary Goals:
   • Promote energy security by ensuring stable energy supplies.
   • Encourage economic growth through energy innovation.
   • Advance clean energy transitions to address climate change.
   • Facilitate international collaboration on energy policies.
3. Areas of Focus:
   • Energy Security: Ensuring stable and affordable energy supplies through diversification and the development of resilient energy systems.
   • Clean Energy Transitions: Promoting the shift from fossil fuels to renewable energy sources such as solar, wind, and hydropower.
   • Energy Efficiency: Encouraging policies and technologies that use energy more efficiently, reducing consumption while maintaining output.
   • Data & Analysis: The IEA publishes detailed reports on global energy trends, market data, and policy recommendations. Examples include the World Energy Outlook and Energy Technology Perspectives.
4. Reports & Forecasts: The IEA’s World Energy Outlook is a flagship publication that provides an annual forecast of global energy trends. It covers areas such as energy demand, production, and the global progress toward meeting climate goals like the Paris Agreement.
5. Climate Action: The IEA plays a critical role in supporting countries to achieve net-zero emissions by 2050. Its Net Zero by 2050 roadmap outlines steps required for the global energy sector to decarbonize.
6. Collaboration: The IEA works closely with governments, industries, and international organizations, helping to shape energy policies that balance environmental and economic goals.

India’s Role:

India, while not a full member, is an IEA “Association” country and works closely with the agency, particularly in energy security and the transition to renewable energy.