GREEN TRANSFORMATİON AS A NEW STAGE OF ECONOMİC REFORMS İN AZERBAİJAN

Abstract

The green transformation process is taking place in the world. This article analyzes the green transformation process in Azerbaijan. Against the backdrop of global climate change, energy security and sustainable development challenges, structural renewal of the Azerbaijani economy has become a necessity. The economic model traditionally based on fossil fuel resources is gradually diversifying and shifting to renewable energy sources. The changes taking place in the country's energy sector and the development prospects of renewable energy sources are examined. The green transformation strengthens diversification in the energy sector, leads to attracting foreign investments, and creates new employment opportunities. At the same time, challenges such as reducing dependence on the oil and gas sector and changes in the labor market are identified. The prospects for strengthening Azerbaijan's position in regional and global green energy markets are also emphasized. In particular, the wind energy potential of the Caspian Sea and the initiatives to form "green energy corridors" can take the country's role as an energy exporter to a new qualitative stage. In this context, Azerbaijan has the opportunity to become not only a country exporting raw materials, but also a regional center providing clean energy and technology solutions. Green transformation encompasses large-scale reforms not only in the energy sector, but also in the industrial, agricultural, and transport sectors. The introduction of new innovations is accompanied by digitalization and efficient use of resources. Strategic roadmaps adopted by the state, international cooperation, and attraction of foreign investments are presented as the main factors accelerating the development of the green economy. At the same time, the risks that may arise during the transition period - increased financial costs, technological dependence, and institutional adaptation problems - are also analyzed. The successful implementation of the green transformation becomes clear in the presence of effective institutional reforms, technological innovations, human capital development, and financial support. This transition process can contribute to the long-term sustainable development of Azerbaijan. Green transformation constitutes a qualitatively new stage of economic reforms in Azerbaijan and acts as one of the main pillars of the country's long-term sustainable development strategy.