The economic opportunities of renewable energy resources in Azerbaijan

Anotace: The paper analyses the economic potentials of renewable energy resources in Azerbaijan and current economic challenges, as well as circumstances, emerged in the country's energy sector. Azerbaijan reserves great potential for renewable energy including efficient wind and solar resources, biomass, geothermal, and hydropower. Although there is no significant investment in the renewable energy sector in Azerbaijan, the government is currently working to stimulate investment in the inexhaustible energy sector. A higher share of renewable energy resources in the energy combination could bring the country many advantages including economic diversification in different fields. This sector can be a catalyst for new employment opportunities in the country that has traditionally been dominated by oil and gas and can lead to technological innovation, the opening up of new sectors, and economic growth to create economic value. Besides, the rapid deployment of renewable energy, combined with the continuous improvement of energy efficiency, can reduce domestic consumption of oil and gas, which will be allowing for additional revenues through exports and reduced domestic subsidies in the country.