Abstract
This paper studies the main opportunities for stimulating investments in the alternative energy development through implementation of state plans for creation and support of favourable socio-economic conditions in Nagorno-Karabakh and 7 surrounding regions. Due to the longevity of projects on renewable energy sources, as well as the traditional financing of infrastructure projects, it is extremely important that political and economic interests were protected by law. At the present time there are active project work on development and optimisation of energy sector, and therefore understanding of basic principles is quite diverse in public and private sectors. Main conclusions and recommendations are developed and presented for economic development of renewable energy sources (RES) in Nagorno-Karabakh and surrounding regions of Azerbaijan.
Highlights
The ever-increasing demand for energy, limited hydrocarbons and environmental challenges via traditional energy production have enforced the need of renewable energy sources (RES) use
We are witnessing a rapid growth of renewable, often decentralized electricity generation, which is due to the goals and policies in the field of decarbonization and a sharp reduction in the cost of energy use
Azerbaijan actively partners with several countries, domestic and foreign organizations, and financial institutions in RES in-depth development [4,9]
Summary
The ever-increasing demand for energy, limited hydrocarbons and environmental challenges via traditional energy production have enforced the need of RES use. The declining level of provision of the global economy with gas and oil reserves has marked the trend of a new energy reality. In these conditions, the interest of industrially developing consumers in renewable energy sources (RES) has been formed, that is, solving the energy problem in the face of an ever-increasing demand for energy resources has become an agenda and an urgent message in the scientific world. In 2017, alternative energy covered 2.0 billion kWh of electricity and 3789.2 Gcal of thermal energy, which saved 504.5 million cubic meters of natural gas in the same year and prevented the emission of 898.0 thousand tons of carbon dioxide. In 2017, alternative energy covered 2.0 billion kWh of electricity and 3789.2 Gcal of thermal energy, which saved 504.5 million cubic meters of natural gas in the same year and prevented the emission of 898.0 thousand tons of carbon dioxide. gas (CO2) into the atmosphere [4]
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