WB: Azerbaijan's green transition could boost growth in Europe, Central Asia

Azerbaijan's shift to renewable energy could stimulate economic growth and employment across the Europe and Central Asia (ECA) region, Report informs, referring to the World Bank (WB).

"Affordable, accessible energy infrastructure is the foundation of job creation and economic transformation. Affordable and reliable energy is essential for productive employment opportunities in ECA to materialize.

ECA's energy transition is unlike that of any other region because countries in the region face distinct challenges. Demographic divergence, geographical location, natural endowments, political situation, and initial conditions all require country-specific approaches.

In Central and Eastern Europe, the shift away from coal requires support for transitioning workers and investments in renewable infrastructure that can generate new employment opportunities. Expanding populations in Central Asia require increased access to energy, leveraging hydropower potential and solar resources, with natural gas playing a transitional role in Kazakhstan and Turkmenistan," the World Bank's report said.

"The South Caucasus can become an energy corridor, with Georgia's hydropower, Azerbaijan's transition to renewable energy, and Armenia's solar potential driving regional economic growth and job creation. Nuclear energy can in some countries complement other sources. This differentiated approach will ensure that energy investments translate directly into productive employment," the report reads.