An econometric analysis of the impact of economic growth dynamics on environmental factors in the Republic of Azerbaijan
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Abstract
In the presented research, the impact of economic growth dynamics on the environment has been analyzed using econometric methods in the context of Azerbaijan. The main theoretical approaches explaining the impact of economic development on the environment, including the Kuznets curve hypothesis and the concept of sustainable development, have been reviewed. According to the research results, there is a directly proportional relationship between GDP growth and CO₂ emissions in Azerbaijan. Increased economic activity in the industrial and energy sectors deepens environmental problems and leads to higher carbon emissions. Although an increase in renewable energy production is observed, this process still does not significantly affect environmental indicators. The results of the econometric analysis show that there is no long-term equilibrium between GDP, CO₂ emissions, and renewable energy production. A number of recommendations have been made to ensure sustainable economic development within the framework of the research. These include the development of the non-oil sector, increasing the share of renewable energy sources, implementing environmental taxes, and promoting environmentally friendly technologies in industrial enterprises. In addition, the importance of implementing a circular economy model, improving waste management, and raising public environmental awareness has been emphasized.
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