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The economic recession caused by the restrictions on the spread of the Coronavirus disrupted the economic life of many countries. The primary purpose of the paper is to measure the impacts of intra-regional trade and investment on the green recovery of five Central Asian economies over 2010–2021 through employing annual data and the panel co-integration approach. The results confirmed that the degree of green trade openness positively and significantly affects the green recovery. The estimated coefficient of direct foreign investment is negative. The patent coefficient is not statistically significant, and the official exchange rate has a positive effect. Financial development has a positive and significant coefficient. The paper has several policy implications, such as enhancing green FDI (Foreign Direct Investment), supporting green innovation, and promoting green trade liberalism for scholars and policymakers. © 2023, The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature.
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Summary Granular energy technologies with smaller unit sizes and costs deploy faster, create more jobs, and distribute benefits more widely than lumpy large-scale alternatives. These characteristics of granularity align with the aims of fiscal stimulus in response to COVID-19. We analyze the technological granularity of 93 green recovery funding programs in France, Germany, South Korea, and the UK that target £72.9 billion for low-carbon energy technologies and infrastructures across five emissions-intensive sectors. We find that South Korea's "New Deal” program is the most technologically granular with strong weighting toward distributed renewables, smart technologies, electric vehicle charge points, and other relatively low unit cost technologies that are quick to deploy. The UK has the least granular portfolio, concentrating large amounts of public money on small numbers of mega-scale energy projects with high implementation risks. We demonstrate how technological granularity has multiple desirable characteristics of green recovery: jobs, speed, and distributed benefits.
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This study is intended to afford a comprehensive overview of the implications of COVID-19 on progress toward achieving the sustainable development goals (SDGs) set out in the United Nations (UN) 2030 Agenda and the state of related research activities on COVID-19 linked to the SDGs. Bibliometric techniques and visual mapping are proposed as methodological tools to better approach the objectives of the present work. This includes: retrieving related publications from Scopus database, investigating the trends and growth trajectories of research works, and analyzing the scenarios post-COVID-19 either optimistic or pessimistic outlooks. The national and international contributions and collaboration toward this theme of research are further analyzed at countries, institutions, and sources levels. This analysis indicates that research works conducted on the impacts of COVID-19 on the achievement of the SDGs are still in the immaturity level. The global research productivity on this topic was just 160 documents (0.19% of total global research productivity in all fields of science with relevance to COVID-19). The implications of COVID-19 on good health and well-being, SDG-3, have attracted considerable attention. It is followed by SDG-13 that concerned with climate changes. The post-COVID-19 scenarios showed deep and justified worries in relation to achieving the SDGs by 2030. This study figures the major issues debated in the literature with respect to COVID-19 and its implications on the SDGs. The study, furthermore, attempts to assess the required actions to advance the SDGs post-COVID-19.
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NON-TECHNICAL SUMMARY The significant outlays by countries in the Global South to recover from the Covid-19 crisis could have been an opportunity to build back better, advancing both a green recovery and addressing pressing social problems, thus advancing sustainability. To examine if this was the case, in this paper we analyze the expected impacts of recovery initiatives in five Latin American countries. Our results show that these programs do not support the possibility of building back better, weakly impacting twelve dimensions related to sustainability. We also propose a methodology to improve how sustainability concerns can be included in future choice of projects. TECHNICAL SUMMARY It has been argued that the significant outlays by governments across the world required to recover from the Covid-19 crisis can be an opportunity to build back better, i.e. advance towards greener societies. In the Global South, which suffered acute social, economic and environmental problems prior to this health crisis, recovery initiatives would be best suited to focus on sustainable economic recovery which — along with the environmental concerns of a green recovery — could address pressing local problems. To this end, we analyzed the expected impacts of recovery initiatives in five Latin American countries on each of 71 sustainability criteria. These criteria are based on the UN sustainable development goals and other relevant literature related to sustainable development. This is an Open Access article, distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives licence (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is unaltered and is properly cited. The written permission of Cambridge University Press must be obtained for commercial re-use or in order to create a derivative work. Using principal component analysis, criteria are grouped into twelve dimensions. Our results show that recovery programs examined do not take advantage of the possibility of building back better, and many relevant dimensions related to a sustainable recovery are only weakly considered. Our methodology provides a step forward towards supporting governments in their efforts to identify better policies and investment projects and consequently put together packages of initiatives that advance on sustainability, green recovery, or other long-term goals they may have. SOCIAL MEDIA SUMMARY Methodology to analyze covid-19 recovery packages shows small impact on sustainability in 5 Latin American countries. © 2023 Cambridge University Press. All rights reserved.
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Under the pressure of economic uncertainty and environmental protection in the post-COVID-19 era, achieving a new round of employment dividends has become one practical choice. Using the panel data of 30 Chinese provinces from 2007 to 2019, this study estimates the employment outcomes of carbon ETS pilots based on the difference-in-differences model. The findings of this study indicate the following: (1) Carbon ETS pilots can positively increase employment scales with an average effect of 7.12%. (2) This promoting effect will become more significant in provinces with high education levels, provinces with high average wages, and eastern region provinces. But there is no obvious difference between gender. (3) This positive effect can be transferred and enhanced by market competition and energy consumption. At the crossroads of green economic recovery, it will be greatly beneficial to formulate the national carbon market development roadmap under the carbon neutrality strategy.
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The COVID-19 pandemic has exposed socioeconomic vulnerabilities around the world. After fighting the coronavirus for more than 1 and a half years now, the countries are recovering from the epidemic with the help of cutting-edge medical research. The policymakers are implementing stimulus packages for post-pandemic economic recovery. However, sustainable "green recovery" plans are yet to get adequate attention. Sustainable investment in green industries can create green jobs, promote a low-carbon economy, and foster long-lasting economic growth in the post-pandemic world. COVID-19 affected countries with emerging economies call for even more focus on such investments. In Bangladesh, the bicycle industry - a growing low-carbon industry - has been showing promising potential for growth since the beginning of the pandemic. Both the local and global markets of Bangladeshi bicycles have seen substantial growth during the epidemic. In this paper, we analyze the potential of the Bangladeshi bicycle industry as an effective green recovery driver. We conduct semi-structured interviews with relevant experts and professionals, analyze their opinions, and perform a "strengths, weaknesses, opportunities, and threats (SWOT)" analysis. The analysis reveals valuable insights regarding post-pandemic sustainable economic and environmental recovery which will be beneficial to the policymakers of Bangladesh and similar developing countries.
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With the Covid-19 outbreak, changing prices of natural resource raw materials are driving up industrial costs, limiting output, and jeopardising economic growth. To encourage the revival of the green economy, fiscal and budgetary policies must focus on fostering innovation and growth. This essay investigates the incentives and mechanics of innovation as a recovery strategy by looking at the impact of tiny tax cuts on energy. Using quarterly data from listed Chinese firms from Q1 2019 to Q2 2021, estimate and draw numerous conclusions using a variance-variance technique. To begin with, innovation is a means of regaining and expanding market share, and tax incentives to enhance energy efficiency may be extremely beneficial to a company's inventive efforts. Second, our findings suggest that tax incentives for energy efficiency encourage businesses to invest in innovation by alleviating financial constraints. Finally, corporations may cut financial expenditures and internal cash flow by sponsoring creative activities. The findings have significant policy implications, since they show that successful eco-design fiscal policies might be part of a post-Covid-19 recovery business transformation programme.
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IMPACTLocal public managers are increasingly involved in policy co-design, especially in the aftermath of the Covid 19 pandemic. Municipal top management will benefit from this article because it shows how public managers' policy priorities are shaped by their own and their leaders' goals for the local administration. The authors provide a model clarifying the role of managers' environmental self-identity and municipal eco-leadership in policy decisions that involve a trade-off between economic growth and protecting the environment/climate. Previous research has not shown whether ‘economy versus environment' messages can influence public managers' policy priorities. This article is important because it provides evidence, while there is still time to use it in policy-making, to support efforts to combat issues like climate change.Alternate :The authors investigate the effects of compensatory (i.e. ‘economy versus environment') messages on public managers' attitudes towards ‘business-as-usual' plans, as opposed to green recovery plans, in the aftermath of the Covid 19 pandemic. They created a model which was tested on 90 Basque public sector managers. Exposing managers to compensatory messages increased support for green recovery plans due to an unintended moral licensing reduction effect. In addition, the authors show why it is important to acknowledge the link between public management and behavioural sciences.
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The limited success of employment-based social protection measures under the diverging patterns of post-COVID-19 recovery rekindled interest in a social policy framework known as the Basic Income (BI) support. We test the potential of the BI program using five alternative scenarios ranging from households with income less than half of median income to all adults with estimates of their respective fiscal costs. We then employ an applied general equilibrium model to analyze the economy-wide effects and welfare implications for Turkey in the long run through 2030. We evaluate the macroeconomic and welfare effects of both a business-as-usual fiscal program and an alternative (green BI scenario) comprising of (i) carbon tax levied on the fossil fuel producing industry;(ii) corporate income taxation policy reform that aims at expanding the revenue base and consolidation of the fiscal space of the government;and (iii) restructuring of public consumption expenditures by introducing rationality and efficiency in the structure of fiscal expenditures. Our model solutions reveal that a green BI scenario not only achieves a higher GDP and welfare in the medium to long run but also helps Turkey to reduce its carbon emissions in line with the global policy challenges of a green recovery. © The Author(s), 2023. Published by Cambridge University Press.
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Sustainable development and socioeconomic growth are balanced through green economic recovery post pandemic. To statistically examine the coordinated development of green economic growth, foreign direct investment, stock market return and financial development, this paper constructs a complete indicator system for green economic recovery and financial development, by using a VAR model for the BRICS over the period of 2000–2020. Our results demonstrate that FDI significantly improves environmental quality by lowering pollution levels and improve the green economic growth in the region (BRICS). Stock market also has a significant positive effect on green economic growth. On the other side, FDI has a significant detrimental effect on financial development. Finally, financial development has a considerable detrimental impact on environmental deterioration. Our analysis recommends that besides the initiatives in financial growth, FDI and stock market be given priority in order to improve sustainable development.
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The COVID-19 pandemic has caused significant disruptions to the world since 2020, with over 647 million confirmed cases and 6.7 million reported deaths as of January 2023. Despite its far-reaching impact, the effects of COVID-19 on the progress of global climate change negotiations have yet to be thoroughly evaluated. This discussion paper conducts an examination of COVID-19's impact on climate change actions at global, national, and local levels through a comprehensive review of existing literature. This analysis reveals that the pandemic has resulted in delays in implementing climate policies and altered priorities from climate action to the pandemic response. Despite these setbacks, the pandemic has also presented opportunities for accelerating the transition to a low-carbon economy. The interplay between these outcomes and the different levels of governance will play a crucial role in determining the success or failure of future climate change negotiations.
Тема - темы
COVID-19 , Humans , COVID-19/epidemiology , Climate Change , Negotiating , Pandemics , CarbonРеферат
The COVID-19 pandemic and related social and economic emergencies induced massive public spending and increased global debt. Economic recovery is now an opportunity to rebuild natural capital alongside financial, physical, social and human capital, for long-term societal benefit. Yet, current decision-making is dominated by economic imperatives and information systems that do not consider society's dependence on natural capital and the ecosystem services it provides. New international standards for natural capital accounting (NCA) are now available to integrate environmental information into government decision-making. By revealing the effects of policies that influence natural capital, NCA supports identification, implementation and monitoring of Green Recovery pathways, including where environment and economy are most positively interlinked. © 2022, The Author(s).
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Policy coherence is crucial in the 2030 Agenda's transformative ambitions and heralded as of paramount importance to ensure the successful implementation of the 17 Sustainable Development Goals and climate policy targets. Despite political efforts to achieve policy coherence, apparent trade-offs and goal conflicts have emerged – even in a proclaimed ‘front-runner' country like Sweden. This paper examines the role of ideas in proposing and legitimising policy options and achieving policy coherence in the light of the Swedish recovery debate in 2020 following the COVID-19 pandemic. Ideas of a green economic recovery put forward in the public debate are examined through thematic text and frame analysis. We show that ideas of a green transition, boosted by economic recovery spending, draw on a synergistic frame in combining social, environmental, and economic policy options, carrying a potential for coherency. However, the absence of a discussion on power, as in who stands to gain what under which circumstances, coupled with an inherent understanding of a temporal hierarchy of policy priorities does not only impact the ability to design coherent policies but may have considerable impacts on the prospects of achieving sustainability transformations. © 2023 The Authors. Environmental Policy and Governance published by ERP Environment and John Wiley & Sons Ltd.
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As global crises, the similarities in the scope, effects and causes of COVID-19 and the climate crisis may cause the effects of the two crises to overlap, while the differences between the two may lead to mutual interference in response policies, leading to more severe compounding risks. This paper provides a comprehensive analysis of the compounded risks of COVID-19 and climate crisis facing the world, identifying the impacts of COVID-19 on the global climate change adaptation process and the place of adaptation in countries' post-epidemic green recovery plans. The study shows that adaptation is currently less considered in the global green recovery, which offers opportunities to simultaneously restore the economy and enhance climate resilience. If transformative adaptation can be considered in green recovery, it will greatly enhance the resilience and capacity of socio-economic systems to withstand shocks such as climate change, and achieve more sustainable and resilient economic development in the aftermath of the epidemic. © 2022 Climate Change Research. All rights reserved.
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This research takes seven representative crude oil markets in the world, decomposes and reconstructs the yield series by CEEMDAN and Fine-to-coarse algorithm, and measures the markets' risk level by applying the DCC-GARCH-CoVaR model. We further construct a network spillover model based on TVP-VAR to investigate the return spillover and risk spillover effects among these oil markets in different time scales. The empirical results are as follows. (1) Integration within the international crude oil market is deepening, and return spillover and risk spillover are at high levels. (2) In the short run, Brent, Tapis, and Bonny crude oil markets are the main net exporters of return spillovers, while in the long run, Brent, WTI, and Dubai crude oil markets are global crude oil price benchmarks. (3) The risk level of each crude oil market under the full sample and high-frequency perspective is generally consistent, and the dynamic spillover effects between markets are relatively close, while the Brent and Tapis crude oil markets are the main net exporters of risk spillovers from the low-frequency perspective. (4) The impact of the same event on the spillover effect is heterogeneous in different time scales. For example, the spread of the COVID-19 epidemic in 2020 and the break-up of the "OPEC +” crude oil negotiations reduced the risk spillover level in the short term, but increased the risk spillover level in the long term. © 2022 Elsevier Ltd
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Sustainable development and socioeconomic growth are balanced through green economic recovery post pandemic. To statistically examine the coordinated development of green economic growth, foreign direct investment, stock market return and financial development, this paper constructs a complete indicator system for green economic recovery and financial development, by using a VAR model for the BRICS over the period of 2000-2020. Our results demonstrate that FDI significantly improves environmental quality by lowering pollution levels and improve the green economic growth in the region (BRICS). Stock market also has a significant positive effect on green economic growth. On the other side, FDI has a significant detrimental effect on financial development. Finally, financial development has a considerable detrimental impact on environmental deterioration. Our analysis recommends that besides the initiatives in financial growth, FDI and stock market be given priority in order to improve sustainable development.
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While the world is still in the grasp of COVID-19, countries are contemplating how to get their economies back on their feet. With a unique opportunity to do so in a sustainable manner, there is an urgent need to revisit the governance of climate change. Opportunities are clearly there: the resurgence in top-down policies in the pandemic might spill-over to climate governance;green economic stimuli might cause an increase in market-based approaches;or an increased focus on solidarity, inclusion and collective buy-in may drive more inclusive network-based governance. Using the classic trichotomy of hierarchy, market and network governance, we have analysed the findings of 60 interviews with expert representatives from government, industry and third sector parties in the UK and the Netherlands. Their consideration of the key policies and measures needed to help the transition forward point towards a clear desire for a more hierarchical approach. In addition, mixing the three approaches, especially market and hierarchy, is considered the best way forward.
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The COVID-19 pandemic has adversely impacted the global economy by disrupting the market mechanism. The impact has been more severe than any other economic crisis in history. Post-pandemic economic recovery is the challenge presently faced by the world economies. The revival needs to address the prevailing challenges of climate change, environmental protection, and inclusive growth. Many national and international organizations have jointly undertaken various initiatives related to climate change mitigation, adaptation and reduction of carbon emissions. Developing renewable energy (RE) sector infrastructure and adopting energy-efficient technologies are the highest-yielding initiatives. The present study explores the role of green investment channelled towards RE projects for the cleaner revival of the Indian economy. It attempts to identify various challenges and drivers of green investment in renewable energy projects. The study proposes a theoretical framework by analyzing the factors and their prospects in reviving and ensuring the green recovery of the economy. The comprehensive literature review shows that the absence of a well-developed capital market, slow technological development, and policy uncertainty are significant barriers (Fuss et al., 2008;Halimanjaya, 2015;Bhatnagar & Sharma, 2021). Development of financial instruments, immediate liquidity infusion and low-cost green energy supply can attract investment in green projects. The study is an addition to the literature on GI in renewable energy projects. The factors identified in the study can be subject to the structural equation modelling for analyzing the impact within the variables. The results can support policy formulation that addresses GI’s challenges in renewable energy projects. © 2022 Management Development Institute.
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This paper investigates the dynamic interactions between green finance, economic growth, and green energy consumption for the Organization of Economic Cooperation and Development (OECD) members. The econometric analysis is conducted on annual data gathered throughout 2010–2020 using different estimation techniques of the Vector Autoregressive model, causality, and co-integration approaches. The main results confirmed a positive bi-directional relationship between GDP and green energy consumption. In addition, there is a two-way relationship between the volume of green bond issuance and the use of green energy in OECD countries. The recommended practical policy recommendations are establishing a unified green bonds market among OECD member states, prioritizing green projects to support the issued green bonds, improving the financial system, and financing rural electrification and electric vehicle transition by green bonds. © 2022, The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature.
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In the post-COVID-19 era, the importance of green finance in green recovery is underlined. As a financial instrument serving green development, green bonds promise to raise funds to support climate- and environment-friendly projects. However, whether green bonds can improve corporate performance is of great concern to companies, affecting the long-term intrinsic driving force of green bond issuance. This study applies the dynamic difference-in-differences (DID) model to explore the impact of green bonds on corporate performance and its potential pathway by using the panel data of Chinese listed companies from 2010 to 2020. The main findings are as follows: (1) Green bonds can significantly increase corporate performance by an overall effect of 1.65%. (2) The positive effect of green bonds could be transferred and enhanced by possible mechanisms, including internal green patents and external social reputations. (3) The overall effect of green bonds varies among companies due to different ownership and eco-geographical locations. (4) Green bonds would motivate better corporate performance if the company is related to renewable energy or located in provinces with high renewable energy consumption. Therefore, it is necessary to promote green bonds, ultimately helping to achieve green recovery.