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Challenges in Implementing Renewable Energy Sources in Azerbaijan

Author

Listed:
  • Lala Hamidova

    (Azerbaijan State University of Economics, Azerbaijan, 6 Istiglaliyyat Str., Baku, AZ 1001, Azerbaijan Republic.)

  • Arzuman Huseynov

    (Azerbaijan State University of Economics, Azerbaijan, 6 Istiglaliyyat Str., Baku, AZ 1001, Azerbaijan Republic.)

  • Elnara Samedova

    (Azerbaijan State University of Economics, Azerbaijan, 6 Istiglaliyyat Str., Baku, AZ 1001, Azerbaijan Republic.)

Abstract

The gradual reduction of fuel resources, their depletion, as well as volatility of fuel prices led to a growing interest of countries in the use of renewable energy sources. Despite the fact that energy production in Azerbaijan currently largely depends on development of hydrocarbon reserves in the country, nevertheless, development of renewable energy sources is certainly one of the strategic priorities of the government. The main objective of the research is to study the economic problems and institutional aspects of introduction of alternative energy in Azerbaijan and develop recommendations to stimulate production of renewable energy. With the help of methods of comparative analysis and dynamic comparisons, the state of development of alternative and renewable sources in Azerbaijan was analyzed. The results of the study show that in order to increase the production of renewable energy it is necessary to take a number of measures in this area: improve legislation, introduce state incentives for consumers of alternative energy, apply a green tariff to attract investment, ensure transparency and consistency of energy policy.

Suggested Citation

  • Lala Hamidova & Arzuman Huseynov & Elnara Samedova, 2022. "Challenges in Implementing Renewable Energy Sources in Azerbaijan," International Journal of Energy Economics and Policy, Econjournals, vol. 12(6), pages 441-446, November.
    • Handle: RePEc:eco:journ2:2022-06-54
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    References listed on IDEAS

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    1. Hoang, Anh Tuan & Sandro Nižetić, & Olcer, Aykut I. & Ong, Hwai Chyuan & Chen, Wei-Hsin & Chong, Cheng Tung & Thomas, Sabu & Bandh, Suhaib A. & Nguyen, Xuan Phuong, 2021. "Impacts of COVID-19 pandemic on the global energy system and the shift progress to renewable energy: Opportunities, challenges, and policy implications," Energy Policy, Elsevier, vol. 154(C).
    2. Akella, A.K. & Saini, R.P. & Sharma, M.P., 2009. "Social, economical and environmental impacts of renewable energy systems," Renewable Energy, Elsevier, vol. 34(2), pages 390-396.
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    More about this item

    Keywords

    alternative energy; renewable energy; energy sources; Azerbaijan;
    All these keywords.

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy

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