Economic Evaluation of “Green Energy” Potential in Nagorno-Karabakh and Neighboring Regions

Abstract

The paper focuses on the economic opportunities of renewable energy resources (RES) in Azerbaijan's liberated territories. Armenia illegally exploited energy and other natural resources in Nagorno-Karabakh and its surrounding areas during its 30-year occupation. As a result, it is not surprising that the establishment of a "green energy" zone in the territories has been given high priority in the post-liberation period. Traditional energy sources are currently the most common source of electricity generation in the world. In this regard, the world's ever-increasing energy demand accelerates nation-states' gradual transition to green energy. Electricity generation from renewable energy sources is increasing in many countries, including the United States. In Nagorno-Karabakh and seven neighboring regions, the state is focusing on the production and effective use of renewable energy resources. As a result, ensuring harmony in the gradual use of renewable and traditional energy resources will be essential to the country's socioeconomic development, environmental sustainability, and energy security. The economic analysis of renewable energy potential and the establishment of a “green energy” industry are conducted in the article.