International Energy Policy ( Iea ) - 1824 Words

International Energy Policy (IEA) The International Energy Agency (IEA) was created in 1974, its command is to endorse energy security between 28 member countries. The aim is to ensure sufficient, secure and sustainable energy among the countries, each country is oblige to hold oil stock equivalent to 90 days. The IEA targets include some of the following objectives: †¢ To promote sustainable energy policies for economic growth and environment protection, reduce greenhouse gas emission that contributes to climate change. †¢ To support renewable energy to secure future energy supplies and to alleviate environmental impact, through low carbon technology and improved energy efficiency. †¢ To find solutions for the global energy challenges†¦show more content†¦The World Energy Resources (WEC) confirms that the main fossil fuels coal, oil and natural gas are plentiful and will last for decades to come. According to BP’s latest energy outlook that was published, the growth in unconventional energy resources including US shale oil and gas, Canadian oil sands and the Brazilian deepwater, this would lead the western hemisphere become totally energy self sufficient in two decades. The report states that the volume of oil and gas imports in the US would fall dramatically compared to the 1990s level of imports. This is due to a large rising in domestic shale oil production and ethanol replacing crude. It also states that the USA would also become a net exporter of natural gas, BP’s chief executive Bob Dudley stated that â€Å"US oil imports are likely to be half of today’s level in 2030† (Bob Dudley, 2013). Global energy demand would rush forward in the next 20 years, fuelled by economic and population growth especially in China and India but at a slowing rate, due to advances in energy efficiency and growth of renewable resources. China has jumped the US in to becoming the largest energy importer in the world. OPEC reported they have a large oil reserve and still assure the oil industry that they have sufficient amount of oil for many more years. However according to the group of researchers called geologists, who