Primary Impediments to Investing in Azerbaijan’s Renewable Energy Projects

Mammadli, Sabuhi (2024) Primary Impediments to Investing in Azerbaijan’s Renewable Energy Projects. REGIONAL AND BUSINESS STUDIES, 16 (2). pp. 57-69. ISSN 2061-2311

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Abstract

This article investigates the primary impediments to investing in Azerbaijan's renewable energy sector, highlighting the challenges and opportunities associated with transitioning to sustainable energy sources. Despite Azerbaijan's significant renewable energy potential, particularly in hydroelectric, wind, and solar power, the sector's development is hindered by financial, institutional, regulatory, technical, and informational barriers. The research underscores the limited impact of renewables on the country's energy mix, driven by inadequate policy implementation and fluctuating investment levels. It calls for comprehensive legislative reforms, strategic foreign investments, and the adoption of new technologies to overcome these obstacles. The article also discusses Azerbaijan's efforts to showcase its renewable energy initiatives at COP29, emphasizing the importance of international cooperation in achieving the country's ambitious energy goals. By addressing the identified challenges, Azerbaijan could accelerate its transition to a sustainable energy future, contributing significantly to global climate objectives.

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