Azerbaijan risks significant economic shocks in the future if it continues to rely heavily on oil and gas as the main pillar of its economy, a new report from the International Energy Agency (IEA) warns. The post-Soviet development of Azerbaijan’s substantial energy reserves, and the construction of new pipelines to transport them to European markets, allowed the country’s economy to grow by a staggering 2,178 percent between 1995 and 2014. But, the IEA’s 160-page report warns, global energy markets are changing rapidly. The industrialized nations that import most of Azerbaijan’s energy have pledged to achieve zero net emissions by 2050 in order to meet their commitments under the Paris Climate Change Agreement. That means greatly reducing their oil and gas consumption. And even international oil companies like BP which have supplied the bulk of the investment to develop Azerbaijan’s hydrocarbon reserves are seeking to reduce carbon emissions and diversify […]