ESRI: World faces urgent need to establish green economy

The world is currently facing an urgent need to establish a green economy, said Shahin Sadigov, Chairman of the Board of the Economic Scientific Research Institute (ESRI) under Azerbaijan’s Economy Ministry, Report informs.

Speaking at the 3rd Economic Cooperation Organization Think Tanks Forum held in Baku, themed "New Generation Economy: Challenges and Perspectives," Sadigov emphasized the significance of this transition.

He stated that the development of artificial intelligence and digital platforms has triggered a new industrial revolution, leading to changes in trade and business relationships.

"Traditional economic principles have been replaced by new ones, with innovations becoming the driving force of the economy. As a result, the necessity for the formation of a green economy has emerged worldwide," Sadigov explained.

“Resource-based economic systems are giving way to digital, green, knowledge, and information-based economic models. In this context, the Economic Cooperation Organization countries, with a population of 545 million, have significant potential to embrace this transformation.”