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Nigar Hasanova

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According to the Master Plan of Baku, designed to boost alternative energy operations in the region, by 2040, 2,295 new job opportunities will be generated in this field.

Based on reports, the alternative energy sector created 146 million AZN of GDP in 2019, accounting for 0.5% of the total. This sector will generate 935 million AZN in new GDP between 2020 and 2040, with the alternative energy sector accounting for 2% of GDP by 2040. In addition, alternative energy is predicted to generate 10% yearly economic growth.

In his comments to Azernews, Eldeniz Emirov, an economic expert, discussed alternative energy and its possibilities as part of a visionary campaign aimed at attracting up to two billion AZN in private economic investments.

According to him, the inflow of funding, which exceeds 2 billion AZN, is expected to not only strengthen the outlined plan but also act as a catalyst for job creation, marking a watershed moment in the region's pursuit of sustainable energy solutions.

"In the action plan for alternative energy activities in this area, i.e., for the creation of energy farms, it is envisaged that private economic entities will invest funds here, as well as a little more than 2 billion AZN, which will make a positive contribution to the plan while also creating jobs.

Indeed, jobs created by alternative energy sources are more stable because they are renewable. In other words, if it is sustainable, employment creation increases the likelihood of sustainability while simultaneously expanding potential," he stated.

Emirov also underlined the inherent sustainability of jobs created through alternative and renewable energy sources. "If it's sustainable, the jobs increase the likelihood of sustainability, and the potential grows concurrently," says Emirov, emphasising the many benefits of investing in renewable energy.

He also delved into Azerbaijan's economic situation, highlighting the immense technical potential that is yet completely untapped. According to him, the Baku Master Plan, a regional strategic plan, emphasises the importance of hydropower and wave energy over other alternative sources. Emirov emphasises the enormous potential of wind energy, which is an important factor in Azerbaijan's pursuit of renewable energy.

"In general, there is a lot of potential for the economy of Azerbaijan; the potential itself is technical potential; there is potential that can be used, but if we take into account that in the Master Plan of Baku, hydropower wave energy is more than alternative energy, at the same time, the potential of wind energy is much higher," he said.

On the international front, the expert mentions the importance of the signing of a four-way memorandum of understanding in Bucharest. This agreement, signed between Azerbaijan, Georgia, Romania, and Hungary, envisions the export of power generated by alternative energy sources from Azerbaijan to Europe via the depths of the Black Sea. The expert is confident that the Master Plan's flawless execution will make a substantial contribution to achieving the goals specified in this groundbreaking international statement.

"In terms of foreign cooperation, Azerbaijan, Georgia, Romania, and Hungary have already signed a four-way memorandum of understanding in Bucharest, which envisages the export of electricity produced by Azerbaijan as well as electricity produced in Azerbaijan through alternative energy sources to Europe via the bottom of the Black Sea. I believe that implementing this memorandum will help to implement the Master Plan," the expert added.

In conclusion, Eldeniz Emirov's expert insights underscore the transformative potential of alternative energy for Azerbaijan's economy. If implemented, the Master Plan leads to a future in which renewable energy not only powers the country but also fosters international collaborations, laying the groundwork for a more sustainable and interconnected energy ecosystem.

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