As we know, demand for green energy has extremely increased. And now Azerbaijan is one the countries that makes a transition to green energy. As a oil country, how do you think it will shape country's economic shape?
Speaking to Ednews on the subject, Pakistani economist expert, Analyst and Expert on Central Asia, South East Asia, China, Türkiye and Middle East Mohammad Muhammad Ali Pasha, said that Azerbaijan's economy is in a transitional stage.
"Over the past three decades, Azerbaijan has undergone a remarkable economic transformation, transitioning from a low-income nation to an upper-middle-income country largely propelled by its oil and gas sector. However, this growth trajectory is not sustainable in the long term, particularly given the country's climate commitments and the evolving global economic landscape. Recognizing the need for a greener economic model, the Azerbaijani government has outlined ambitious plans to pivot towards sustainability and resilience, as evidenced by initiatives such as the Azerbaijan's 2030 vision and the recently approved Socio-Economic Development Strategy.
Key to this transition is the adoption of comprehensive green policies and measures that encompass various sectors of the economy. These include strategies to mobilize green finance, accelerate the development of a low-carbon hydrogen industry, reduce greenhouse gas emissions from the oil and gas sector, and improve land use and waste management practices.
Central to the success of these initiatives is the involvement of both the public and private sectors. While government intervention can stimulate green investments and incentivize sustainable practices, private capital and innovation are equally essential. By engaging the private sector, Azerbaijan can create new job opportunities, foster skills development, and enhance its competitiveness in the global marketplace.
With prudent utilization of public resources and revenues from fossil fuel exports, Azerbaijan has the opportunity to chart a new course towards a greener future, ensuring prosperity, wellbeing, and environmental sustainability for present and future generations".
What advantages does the Middle Corridor give to the development of Green Energy?
"The Middle Corridor presents significant advantages for the development of green energy, serving as a pivotal route for the transportation of electricity from Central Asian countries to Europe through Azerbaijan. The commitment of Azerbaijan, Uzbekistan, and Kazakhstan to expanding their renewable energy sectors not only fosters local development but also offers a gateway for the export of clean energy.
Through collaborative efforts, these nations aim to leverage their geographical positions to establish vital energy corridors, enabling the transmission of up to 4 GW of electricity from the Caspian Sea to Europe via Azerbaijan, Georgia, Romania, and Hungary. Additionally, plans to transport an additional 1 GW of green energy through the Nakhchivan-Turkey-Europe route signify a concerted push towards sustainable energy infrastructure".
About Muhammad Ali Pasha :
Analyst and Expert on Central Asia, South East Asia, China, Türkiye and Middle East having experience in the field of article writing in various renowned journals and newspapers across the globe. Furthermore, he is a writer and poet, known for the well acclaimed poetry book "Samarkand and Fallen Flowers".
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