Alternative energy sector's share in GDP to quadruple in 2040 in Azerbaijan

Alternative energy sector
# 08 January 2024 16:22 (UTC +04:00)

In 2019, the number of population working in alternative energy production was 4,450. By 2040, 2,295 additional new jobs will be created in this field, this was reflected in the Master Plan for the Development of the City of Baku until 2040, APA-Economics reports.

It was stated that in 2019, the value of the GDP produced in the alternative energy sector was AZN 146 million, and the share of the sector in GDP was 0.5%. In 2020-2040, AZN 935 million additional GDP will be produced in this sector and the share of alternative energy sector in GDP will be 2% in 2040.

Moreover, 10% annual economic growth related to the alternative energy sector is expected.