International scientific journal

ISSN: 2663-0419 (electronic version)

ISSN: 2218-8754 (print version)

International scientific journal

ISSN: 2663-0419 (electronic version)

ISSN: 2218-8754 (print version)

contentImg
SCImago Journal & Country Rank
№ Special Issue, 2026
Download the article fullIssue_icon

Investment mechanisms for green energy development and strengthening the economic resilience of Azerbaijan’s regions

Hasanli A.R.¹*, Hidayetli Y.K.², Rasulov Z.Y.³

¹Azerbaijan University of Architecture and Construction
11 Ayna Sultanova Street, Baku AZ1073, Azerbaijan
²Institute of Geography, Ministry of Science and Education of the Republic of Azerbaijan
117, H. Javid Ave., Baku, AZ1073
³Mingachevir State University, Azerbaijan
21, D. Aliyeva Street, Mingachevir, AZ4500

*Corresponding author: amal.hasanli@azmiu.edu.az

DOI: 10.33677/GIANASCONF20260300018


 

Summary

A-
A+

 

This study examines technical and economic approaches to managing ecological restructuring of production in Azerbaijan within the framework of sustainable regional development. An integrated economic-geographical approach is applied, considering natural resources, production structures, environmental pressures, investment, technological modernization, and environmental monitoring. System-structural, mathematical-statistical, GIS-based, and monitoring methods are used to assess the relationship between industrial development and environmental protection. The findings highlight the importance of efficient resource use, modernization of production technologies, closed-cycle and low-waste systems, emission reduction, and specialized treatment facilities. Particular attention is given to industrial and environmental conditions in the Absheron Peninsula, Baku, Sumgayit, and other production areas. The analysis indicates that technological modernization and water-reuse systems can reduce resource consumption and environmental pressure while improving production efficiency. The study concludes that effective ecological restructuring requires an integrated management framework combining technological innovation, resource efficiency, pollution prevention, environmental investment, scientifically based monitoring, and territorial planning.

Keywords: green bonds, public-private partnerships, renewable energy finance, resilience channels, investment risk

REFERENCES

Al Mamun, M., Boubaker, S., & Nguyen, D.K. (2022). Green finance and decarbonization: Evidence from around the world. Finance Research Letters, 46, 102807. https://doi.org/10.1016/j.frl.2022.102807

Alharbi, S.S., Al Mamun, M., Boubaker, S., & Rizvi, S.K.A. (2023). Green finance and renewable energy: A worldwide evidence. Energy Economics, 118, 106499. https://doi.org/10.1016/j.eneco.2022.106499

Anton, S.G., & Afloarei Nucu, A.E. (2020). The effect of financial development on renewable energy consumption: A panel data approach. Renewable Energy, 147, 330-338. https://doi.org/10.1016/j.renene.2019.09.005

Asian Development Bank. (2024, November 16). ADB, Masdar sign $160 million deal to build two of the largest solar power plants in Azerbaijan. https://www.adb.org/news/adb-masdar-sign-deal-build-two-largest-solar-power-plants-azerbaijan

Asian Infrastructure Investment Bank. (2024). Azerbaijan: Banka and Bilasuvar 760 MW solar PV power project. https://www.aiib.org/en/projects/details/2024/approved/Azerbaijan-Banka-and-Bilasuvar-760-MW-Solar-PV-Power-Project.html

Boschma, R. (2015). Towards an evolutionary perspective on regional resilience. Regional Studies, 49(5), 733-751. https://doi.org/10.1080/00343404.2014.959481

Climate Bonds Initiative. (2025). Climate Bonds Standard Version 4.3. https://www.climatebonds.net/files/documents/publications/Climate-Bonds_Climate-Bonds-Standard_V4.3_Aug-2025.pdf

Central Bank of the Republic of Azerbaijan. (2023, February 22). Central Bank approves Sustainable Finance Roadmap. https://www.cbar.az/press-release-4116/mrkzi-bank-dayaniqli-maliyy-uzr-yol-xritsini-tsdiq-etmisdir?language=en

Central Bank of the Republic of Azerbaijan. (2024, November 13). The Management Board of the Central Bank of the Republic of Azerbaijan approved the Green Taxonomy. https://www.cbar.az/press-release-4867/the-management-board-of-the-central-bank-of-the-republic-of-azerbaijan-approved-the-green-taxonomy?language=en

European Bank for Reconstruction and Development. (2023). EBRD finances first utility-scale wind power plant in Azerbaijan. https://www.ebrd.com/home/news-and-events/news/2023/ebrd-finances-first-utilityscale-wind-power-plant-in-azerbaijan.html

European Bank for Reconstruction and Development. (2024a). Banka Solar. https://www.ebrd.com/home/work-with-us/projects/psd/55494.html

European Bank for Reconstruction and Development. (2024b). Bilasuvar Solar. https://www.ebrd.com/home/work-with-us/projects/psd/55493.html

European Bank for Reconstruction and Development. (2024c). EBRD provides financing for Azerbaijan’s largest ever solar projects at COP29. https://www.ebrd.com/home/news-and-events/news/2024/ebrd-provides-financing-for-azerbaijans-largest-ever-solar-projects-at-cop29.html

Flammer, C. (2021). Corporate green bonds. Journal of Financial Economics, 142(2), 499-516. https://doi.org/10.1016/j.jfineco.2021.01.010

Ibrahimova, S.I., Jabarov, S.H., Aliyeva, N.A., & Aliyev, Y.I. (2021). Study vibrational and structural properties of Cu₃SeTe by Raman spectroscopy and XRD. International Journal of Modern Physics B, 35(27), Article 2150271. https://doi.org/10.1142/S0217979221502714

International Energy Agency. (2023). Azerbaijan energy profile. https://www.iea.org/reports/azerbaijan-energy-profile

International Renewable Energy Agency. (2019). Renewables readiness assessment: Republic of Azerbaijan. https://www.irena.org/publications/2019/Dec/RRA-Republic-of-Azerbaijan

International Capital Market Association. (2025). Green Bond Principles: Voluntary process guidelines for issuing green bonds. https://www.icmagroup.org/assets/documents/Sustainable-finance/2025-updates/Green-Bond-Principles-GBP-June-2025.pdf

International Capital Market Association. (2026a). Guidelines for External Reviews. https://www.icmagroup.org/assets/documents/Sustainable-finance/2026-updates/ICMA-Principles-Guidelines-for-External-Reviews-June-2026.pdf

International Capital Market Association. (2026b). Handbook - Harmonised Framework for Impact Reporting. https://www.icmagroup.org/assets/documents/Sustainable-finance/2026-updates/Handbook-Harmonised-Framework-for-Impact-Reporting-June-2026.pdf

Imrani, Z., & Jafarov, S. (2023). Strategic Objectives of Sustainable Development Model in Production and Education. Journal of Law and Sustainable Development, 11(7), e1328. https://doi.org/10.55908/sdgs.v11i7.1328

Jafarov, S. (2024). Education Policy of 3rd Generation Universities. Revista De Gestão Social E Ambiental, 18(6), e05690. https://doi.org/10.24857/rgsa.v18n6-007

Jafarov, S. (2024). Internationalisation and cultural aspects of online learning, training, and research. Pakistan Journal of Life and Social Sciences, 22(2), 6437–6452. https://doi.org/10.57239/PJLSS-2024-22.2.00486

Martin, R., & Sunley, P. (2015). On the notion of regional economic resilience: Conceptualization and explanation. Journal of Economic Geography, 15(1), 1-42. https://doi.org/10.1093/jeg/lbu015

Masdar. (n.d.-a). 315 MW Neftchala Solar PV Project. Retrieved July 20, 2026, from https://masdar.ae/en/renewables/our-projects/neftchala-solar-power-plant

Masdar. (n.d.-b). 445 MW Bilasuvar Solar PV Project. Retrieved July 20, 2026, from https://masdar.ae/en/renewables/our-projects/bilasuvar-solar-power-plant

Masdar. (n.d.-c). Garadagh (Area 60) Solar Photovoltaic Power Plant. Retrieved July 20, 2026, from https://masdar.ae/en/renewables/our-projects/garadagh-area-60-solar-photovoltaic-power-plant

Mirzaev, N.A., Marinova, A.P., Mammadov, Kh.F., Temerbulatova, N.T., Kozempel, J., & Filosofov, D.V. (2020). Sorption of metal ions on an anion-exchange resin in an ammonium acetate solution. Russian Journal of Physical Chemistry A, 94, 1190–1194. https://doi.org/10.1134/S0036024420060175

Mustafayev, F., Kulawczuk, P., & Orobello, C. (2022). Renewable energy status in Azerbaijan: Solar and wind potentials for future development. Energies, 15(2), 401. https://doi.org/10.3390/en15020401

President of the Republic of Azerbaijan. (2023, October 26). Ilham Aliyev attended official opening ceremony of 230 MW Garadagh Solar Power Plant. https://president.az/en/articles/view/61984

President of the Republic of Azerbaijan. (2026, January 8). Official opening ceremony of 240 MW “Khizi-Absheron” Wind Power Plant was held in Baku. https://president.az/en/articles/view/71234

Taghizadeh-Hesary, F., & Yoshino, N. (2020). Sustainable solutions for green financing and investment in renewable energy projects. Energies, 13(4), 788. https://doi.org/10.3390/en13040788

Vidadili, N., Suleymanov, E., Bulut, C., & Mahmudlu, C. (2017). Transition to renewable energy and sustainable energy development in Azerbaijan. Renewable and Sustainable Energy Reviews, 80, 1153-1161. https://doi.org/10.1016/j.rser.2017.05.168

World Bank. (2025, March 27). Azerbaijan to strengthen energy security and diversify its energy mix. https://www.worldbank.org/en/news/press-release/2025/03/27/azerbaijan-to-strengthen-energy-security-and-diversify-its-energy-mix

World Bank Group. (2023). Azerbaijan country climate and development report. https://doi.org/10.1596/40622

Zerbib, O.D. (2019). The effect of pro-environmental preferences on bond prices: Evidence from green bonds. Journal of Banking & Finance, 98, 39-60. https://doi.org/10.1016/j.jbankfin.2018.10.012


 

DOI: 10.33677/GIANASCONF20260300018