Daily Current Affairs 2020 ADB renewed MoU with IEA for Energy Sector Sustainability and Resilience | Daily Current Affairs 2020

ADB renewed MoU with IEA for Energy Sector Sustainability and Resilience

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Manila based Asian Development Bank (ADB) has renewed its 3-year Memorandum of Understanding (MoU) signed in 2017 with the Paris based International Energy Agency (IEA). The renewed MoU was signed on 9th July 2020 for a period of 3 years.

2017 MoU

The regional development bank-ADB signed the MoU with International Organization-IEA back in March 2017 for promoting advance clean energy development in the developing member countries under the ADB.

The purpose of the MoU was to overcome the critical experience and knowledge gaps that were blocking the development of sustainable forms of energy in the developing economies under the ADB.

Renewed 2020 MoU

The 2020 MoU signed for a period of 3 years will focus on developing resilience in the sustainable energy sector in the developing countries under the ADB. This will be achieved through sharing knowledge and best practices in the energy sector by analyzing the data from ground engagement, technology, capacity building, etc.

International Energy Agency

Established in November 1974 to act as a policy adviser for sustainable and renewable forms of energy for its member countries. OECD- Organisation for Economic Co-operation and Development member countries can only become a member of the International Energy Agency.

Except for 7 OCED member countries, remaining all OCED members are members of the International Energy Agency. India is an associate member of the International Energy Agency.
Source: The GKtoday

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