Abstract
The paper focuses on the economic opportunities of renewable energy resources (RES) in Azerbaijan's liberated territories. Armenia illegally exploited energy and other natural resources in Nagorno-Karabakh and its surrounding areas during its 30-year occupation. As a result, it is not surprising that the establishment of a "green energy" zone in the territories has been given high priority in the post-liberation period. Traditional energy sources are currently the most common source of electricity generation in the world. In this regard, the world's ever-increasing energy demand accelerates nation-states' gradual transition to green energy. Electricity generation from renewable energy sources is increasing in many countries, including the United States. In Nagorno-Karabakh and seven neighboring regions, the state is focusing on the production and effective use of renewable energy resources. As a result, ensuring harmony in the gradual use of renewable and traditional energy resources will be essential to the country's socioeconomic development, environmental sustainability, and energy security. The economic analysis of renewable energy potential and the establishment of a “green energy” industry are conducted in the article.
Highlights
The reduction in oil and gas reserves, as well as production decline in Azerbaijan in the future, compels Azerbaijan to draw attention to renewable energy resources, in addition to, undertake an appropriate action plan developed and implemented in this area
It is no coincidence that Azerbaijan places a high value on the establishment of a "green energy" zone, in Nagorno-Karabakh and its surrounding districts
Some preparations should be made in the country, such as determining the characteristics of the technical connection of households to electricity networks, developing a mechanism for selling unused energy, and keeping commercial records
Summary
The reduction in oil and gas reserves, as well as production decline in Azerbaijan in the future, compels Azerbaijan to draw attention to renewable energy resources, in addition to, undertake an appropriate action plan developed and implemented in this area. One of the essential aspects of the energy security strategy for achieving socio-economic stability in the country is the stability and efficacy of energy resources. In this regard, Azerbaijan should make efficient use of its existing or conventional energy resources while fostering the development of renewable energy resources (RES). One of the most pressing issues confronting Armenia today is the country's inability to meet its energy demands. The liberated countries' power resources were instrumental in meeting the energy needs of Armenia. The rise in prices is worsening Armenia's economic and social situation. Armenia's inability to pursue an independent energy policy makes the energy sector vulnerable to external shocks, exacerbating the situation in the Armenian energy sector. (Center of Analysis of International Relations, 2021)
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