The role of Azerbaijan’s energy sector in the implementation of economic reforms in modern conditions

Abstract

The energy sector is one of the main driving forces of modern economic development. Energy resource management, renewable energy development and energy security play a decisive role in the successful implementation of economic reforms. Many countries use oil and gas revenues to build infrastructure and diversify their economies. At the same time, the development of renewable energy sources, the transition to a green economy and increased energy efficiency are among the main areas of modern reforms. Uninterruptible power supplies ensure the smooth operation of industrial enterprises. Dependence on oil, costly technological transition and political risks are the main problems faced by the energy sector. However, the introduction of digital technologies, expanded international cooperation and the development of alternative energy sources help to solve these problems. Reforms in the energy sector strengthen the country's energy security, reduce external dependence and increase national economic independence. At the same time, the energy sector creates new jobs, contributes to the modernization of the labor market and improves social welfare. Energy reforms ensure long-term economic development and increase the country's global competitiveness. The energy sector is an integral part of the modern economy in terms of industrial modernization, innovation and environmental sustainability.