The Department of the Environment and Energy leads Australia’s engagement with the International Energy Agency (IEA) and is an active participant in its diverse work program.
The IEA is an autonomous intergovernmental organisation based in Paris that works to ensure reliable, affordable and clean energy for its 29 member countries and beyond. Australia signed the Agreement on an International Energy Program (IEP Treaty) in 1979, becoming a member of the IEA.
As an IEA member and signatory to the IEP Treaty, Australia is required to hold oil stocks equivalent to at least 90 days of the previous year’s average daily net oil imports. The Department is working to implement Australia’s compliance plan to address the current shortfall in oil stockholdings. The Department's priorities for the IEA include:
- working with the IEA to progress Australia's plan to return to IEP treaty compliance
- promoting the development of efficient, transparent and competitive global energy markets to help address energy access, affordability and security challenges
- promoting market-based development and deployment of technological solutions to reduce carbon emissions from fossil fuel use at least cost to economic growth
- promoting effective engagement with countries in the Asia-Pacific
- contributing to a strong IEA reform and modernisation agenda