THE INSTITUTIONAL ISSUES OF COOPERATION IN BUILDING A GREEN ECONOMY IN CAUCASIAN REGION

Abstract

The article tries to find challenges and opportunities for regional cooperation in the green economy by the example of Armenia, Georgia, and Azerbaijan. The green economy and regional cooperation are intertwined, offering pathways to sustainable development and environmental protection. By leveraging regional strengths and fostering collaborative approaches, Armenia, Georgia, and Azerbaijan can accelerate their transition to a green economy, benefiting both the environment and their populations. Of course, on the way to building a green economy, Armenia, Georgia, and Azerbaijan face some important challenges, and considerations like differences in economic development levels, political systems, and priorities among regional partners can hinder cooperation. Additionally, there are challenges related to financing green projects, technology transfer, and capacity building. Despite these challenges, there are significant opportunities for regions to collaborate on green innovation, create green jobs, and improve environmental sustainability. Regional cooperation can also enhance resilience to climate change and other environmental shocks. Moreover, the market cooperation, and international relationship between Armenia, Georgia, and Azerbaijan green economies products themselves, can contain technology and knowledge transfer. Therefore one of the best ways to promote innovation in an industry (Armenia, Azerbaijan, Georgia), to have a Green Economy is to “improve its’ purchased from other industries.”