Abstract: Ongoing geopolitical and global socio-economic hardships forced countries to shift
their economic policies and development strategies towards “green economy” and “sustainable
development”. “Green economy” and “sustainable development” are closely related concepts, that
explored and discussed more in the second decade of the XXI century. “Crisis of 2020s” reshaped
all aspects of not only personal life, but also global issues.
Azerbaijan, like other parts of World also significantly affected by this “Crisis of 2020s”.
Casualties and economic impact of Second Karabakh war, effects of COVID-19 pandemic and
lockdowns, ongoing global inflation surge and food supply crisis caused by Russo-Ukrainian war
added more stress and pressure to national economy. However, due to liberation of long-occupied
lands gave opportunity to Azerbaijan to further diversify and strengthen its economy towards nonpetroleum
sector, especially “Green” one.
The attraction of foreign investment to these sectors are the vital part of the development.
These types of activities can be achieved by methods like creating tax havens, scientific research
institutions and innovational hubs on these regions. Further native and foreign stakeholder
interests must be concentrated for eco-friendly industries and service sectors.
Keywords: green economy, sustainable development, green business, energy investment, ecotourism