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What Advantages Arise from the Shift Towards Sustainable Energy Sources in Resource-Rich Economies? Empirical Insights from Azerbaijan

Author

Listed:
  • Vusal Gasimli

    (Academy of Public Administration under the President of the Republic of Azerbaijan (DIA), Baku, Azerbaijan)

  • Ramil Huseyn

    (Chairman of the Scientific Seminar at the Azerbaijan State University of Economics (UNEC), Baku, Azerbaijan)

  • Rashad Huseynov

    (Deputy director at the Center for Analysis of Economic Reforms and Communication, Baku, Azerbaijan)

Abstract

Azerbaijan, a nation with abundant petroleum resources, aspires to harness the untapped potential of the Caspian Sea's renewable energy resources. The aim for the immediate future is to meet not only domestic energy requirements, but also to establish the nation as a green energy exporter. The nation expects to develop power installations utilizing renewable energy over the forthcoming decades to satisfy a portion of its domestic consumption and also cater to the European market. As part of this colossal project, Azerbaijan anticipates collaborating with international partners to install a 4-gigawatt (GW) power cable traversing the seabed of the Black Sea. The successful realization of these ambitious projects would bolster Azerbaijan's economic sustainability during its post-petroleum phase, while simultaneously enabling a reduction in carbon emissions, offering regional and global benefits. This manuscript seeks to probe the multidimensional implications—political, economic, sociocultural and environmental—of this shift towards wind-derived green energy for Azerbaijan and other nations in the region.

Suggested Citation

  • Vusal Gasimli & Ramil Huseyn & Rashad Huseynov, 2024. "What Advantages Arise from the Shift Towards Sustainable Energy Sources in Resource-Rich Economies? Empirical Insights from Azerbaijan," International Journal of Energy Economics and Policy, Econjournals, vol. 14(1), pages 12-20, January.
    • Handle: RePEc:eco:journ2:2024-01-3
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    References listed on IDEAS

    as
    1. Shahriyar Mukhtarov, 2022. "The Relationship between Renewable Energy Consumption and Economic Growth in Azerbaijan," International Journal of Energy Economics and Policy, Econjournals, vol. 12(1), pages 416-419.
    2. Ansari, Dawud & Holz, Franziska, 2020. "Between stranded assets and green transformation: Fossil-fuel-producing developing countries towards 2055," World Development, Elsevier, vol. 130(C).
    3. Fakhri J. Hasanov & Elchin Suleymanov & Heyran Aliyeva & Hezi Eynalov & Sa'd Shannak, 2022. "What Drives the Agricultural Growth in Azerbaijan? Insights from Autometrics with Super Saturation," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 70(3), pages 147-174.
    4. Bahman Huseynli, 2023. "Renewable Solar Energy Resources Potential and Strategy in Azerbaijan," International Journal of Energy Economics and Policy, Econjournals, vol. 13(1), pages 31-38, January.
    5. Lala Hamidova & Arzuman Huseynov & Elnara Samedova, 2022. "Challenges in Implementing Renewable Energy Sources in Azerbaijan," International Journal of Energy Economics and Policy, Econjournals, vol. 12(6), pages 441-446, November.
    6. XU Jianzhong & Albina Assenova & Vasilii Erokhin, 2018. "Renewable Energy and Sustainable Development in a Resource-Abundant Country: Challenges of Wind Power Generation in Kazakhstan," Sustainability, MDPI, vol. 10(9), pages 1-21, September.
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    More about this item

    Keywords

    Azerbaijan; Wind Energy; Marginal Abatement Cost; Export; Non-oil Sector;
    All these keywords.

    JEL classification:

    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources

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