BAKU, Azerbaijan, October 11. The Caspian Sea provides numerous advantages for Azerbaijan in building and developing economic ties through the maritime economy, the World Bank (WB) said, Trend reports via WB’s “Azerbaijan: towards green growth” publication.
“Azerbaijan’s Caspian maritime economy has significant economic potential beyond offshore oil and gas production, shipping, and fisheries,” the WB said.
According to the report, the Caspian Sea is connected to the Black Sea by the Don and Volga rivers, which makes Azerbaijan a crucial connecting country between Asia and Europe and the East and West transport corridor, while Baku Alat port, being the most strategic part of Azerbaijan’s logistics infrastructure, can successfully serve for the transportation of raw materials and finished products from China and Central Asia to Western markets.
The growing mobility of the population and interconnectedness of the region, as well as the nature and cultural heritage of Azerbaijan, create new opportunities for economic development outside the oil and gas sector, especially in the sphere of tourism and fishing, fueling the “blue economy” of Azerbaijan.
As the WB explained, strategies and policies for “blue economy” development using the ecosystem approach will offer many green solutions. However, these opportunities can be realized only after the cleaning and rehabilitation of coastal areas, the filling of abandoned wells, the reduction of marine pollution from oil and gas drilling and transportation, and the green reconstruction of coastal areas.
“Integrated pathways for implementation of green solutions will offer opportunities for alleviating the stressors to the marine environment, strengthening the resilience of marine and coastal systems and developing the BE potential. In the medium term, significant benefits of BE could exceed the required investment cost, including both cleaning and development needs. However, comprehensive research will be necessary to determine further what, where and how Azerbaijan’s BE potential can grow,” the WB noted.