Sustainable Economy in Light of COVID-19 (original) (raw)
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Sustainability
The aim of this research is to assess the impact of the economic shocks of supply and demand generated by the COVID-19 crisis on the climate sphere at the level of the Member States of the European Union. In this respect, a macroeconomic model was used to obtain firstly an estimate of the measure of demand shock and secondly an estimate of the supply of the economy. These milestones were eventually used to estimate the impact of the two economic shocks on the level of greenhouse gas emissions. The obtained results show that both the shock from the aggregate demand area and that from the aggregate supply area had the effect of decreasing the level of greenhouse gases, leading to a positive effect on the environment. From a quantitative point of view, the model estimates show that, as a result of the manifestation of the two cumulative shocks, the level of greenhouse gas emissions could decrease by about 10%.
How COVID-19 Redefines the Concept of Sustainability
Sustainability
In January 2020, the World Health Organization (WHO) declared the outbreak of a new coronavirus disease, COVID-19, to be a public health emergency of international concern. Currently, in several countries globally, this pandemic continues to enforce the temporary closure of all nonessential shops and services aside from supermarkets and pharmacies. Workers in countries that are at a high risk of infection have been asked to work from home, as cities have been placed under lockdown. Even curfews to combat the spread of the virus have been imposed in several countries, with all this signaling an unprecedented disruption of commerce. Companies are facing various challenges regarding health and safety, supply chain, labor force, cash flow, consumer demand and marketing. People in the thousands are dying every day from the virus’s symptoms, while a public health issue has forced the world to come to a halt and rethink what a sustainable future for our planet and existence is. These drast...
The Great Reset: The Implementation of Sustainable Development in Economy Post Covid-19
Ilomata International Journal of Social Science
The COVID-19 Pandemic has forced prevention efforts to be implemented by the countries worldwide. Some countries have succeeded with the efforts, whereas others are still struggling, thus it triggered an economic reset to be experienced by the affected countries. Nevertheless, with the increasing global warming and ecological damage, the economic reset caused by the COVID-19 pandemic becomes an opportunity for countries to cope with the structural challenges of the economy in order to create a sustainable development system and to prevent further destruction of nature on a global level. This article aims to explore how the economic downturn caused by the COVID-19 pandemic can function as a tool and basis from which a more sustainable economic system can be implemented.
Sustainability Accounting, Management and Policy Journal
Purpose The purpose of this paper is to identify sustainability learnings from origins of epidemics such as COVID-19 and deduct conclusions for businesses to create sustainable futures in three industries, which are strongly affected by Covid-19. Two main questions guide the discussion: How can we break the paths of viral epidemics through accounting for sustainability issues in the supply chain? How can we learn from sustainable supply chain failures to transform industries for sustainable futures? Design/methodology/approach This viewpoint provides a conceptual discussion of opportunities and the necessity to develop resilient businesses for three indsutries, which have been particularly affected by the Covid-19 crises. Findings To defeat future pandemics, three paths how epidemics develop need to be broken in order to create sustainable development structural transitions beyond degrowth are needed. Practical implications The practical implications for this paper are the learnings...
Sustainability after COVID-19: pillars for a just transition
Environmental Sustainability
The vulnerability of the global economy has been starkly exposed by the COVID-19 pandemic. Longer term thinking and new approaches to development and prosperity are urgently required. In this paper, we forward a series of principles on which economic and development policy for the post-COVID era should be developed. These are outlined as five 'pillars' from which to rebuild the global economy, based on principles of a shared sustainable prosperity. These pillars are: (I) an ecological prosperity; (II) a decarbonized economy; (III) a shared cost burden; (IV) a governance new deal; (V) a just resilience. In outlining the '5 pillars' we explicitly recognize that sustainability cannot simply be a 'green', or environmental concern. Social and economic dimensions of sustainability are key for societal stability and continuity. This is made ever starker in the context of the fundamental economic and societal restructuring forced by the disruption of the COVID-19 pandemic. In this regard, the pillars represent a triple bottom line framing of sustainability, of mutually supportive domains of economic, social and environmental well-being. The five pillars are informed by principles of distributive and procedural justice, recognizing the importance and advantages of real community engagement and empowerment and giving due respect and deference to the ecological carrying capacity of our fragile planet. We argue that the post-COVID-19 rebuild represents a once-in-a generation opportunity to markedly shift developed trajectories to more sustainable pathways, to rebalance the domains of sustainability, and in the process, to address longer-term crises including those of climate and biodiversity loss.
COVID-19 Pandemic as a Challenge and Opportunity for Reaching the Sustainable Development Goals
Ecologica, 2021
The coronavirus pandemic which started in 2019, has a dramatic influence on the global economic activity – disrupting of industrial production, decrease of merchandise trade and services, derailing economic growth, financial market volatility, shrinking of the global supply chains, limiting the traveling and last but not least, reduction of income of people and rising insecurity. The slowdown of the world economy has a direct impact on the sustainable development and reaching the goals of the Agenda 2030. The pandemic presents both an enormous challenge and new opportunities, it may affect positively or delay the achievement of the Sustainable Development Goals (SDGs). In order to recover from this crisis stronger and launch a new path towards economic revival the international organizations have undertaken a number of measures to combat the coronavirus pandemic. The UN has mobilized the full capacity of the UN system through its 131 country teams serving 162 countries and territories, to support national authorities in developing public health preparedness and response plans to the COVID-19 crisis. The UN estimates that “a multilateral response of about 10% of global GDP will be needed”. The economic policy of the governments of the affected countries has been directed to mitigation of the negative effects and adoption of fiscal and monetary stimuli. The EU and the US have already announced tremendous financial packages to help the economies of their countries, and many other developed nations are following similar steps. The governments of many countries undertook unpopular measures which appeared to be “the new normality”. However, developing countries may not afford financial stimuli due to their very high debt levels. Rich and poor, the pandemic has forced all the people to reconsider almost every aspect of their life. The purpose of this paper is to analyze the impact of COVID-19 on achieving the SDGs. It examines its implications in a global economic context and answers the question whether it is a threat or a chance for reaching the SDGs. The attention is focused on the response of the UN and the measures for combating the coronavirus pandemic. The authors assign priority to the key messages from the Financing for Sustainable Development Report 2020 of the UN and the targeted areas and actions to promote stability. The opportunities and mechanisms for a green recovery of the economy have been discussed. An emphasis is put on the EU Green Deal as a roadmap to sustainable development. The paper has a standard structure, the methodology is based on desk research, i.e. a survey of specialized literature, papers and documents of the UN, UNDP, UNIDO, OECD, EC, as well as quantitative evaluation of statistical information and analysis of the current world trends. Key words: COVID-19, sustainable development, SDGs, Green Deal, green recovery
Impact of COVID-19 pandemic on sustainability determinants: A global trend
Heliyon, 2021
For the last six months till today, the world had had no luck in defeating COVID-19. This study examined the impact of the COVID-19 Pandemic on sustainability determinants, with the time arisen from December 27, 2019, through June 30, 2020. This study considers quantitative COVID-19 dashboard data with sustainable determinants; old age group, people exposed to air pollution, and countries with the most international travelers. Applying linear regression examines that COVID-19 behavior concerning the aging population and countries host the most international travelers, more positively significant than people exposed to PM2.5% air pollution, respectively. This study made a novel contribution by analyzing two variables' interaction; first, the aging population and the countries that host the most international travelers. Secondly, the aging population and people exposed to air pollution are vulnerable to COVID-19 globally, a novel concept comprehensively. Results show that countries with aging populations are more exposed to COVID-19, and its interaction term host the most international travelers. It also analyses that the aging population and its interaction with people exposed to air pollution are also vulnerable to COVID-19 but marginally lesser than the former. However, their behavior varies from country to country, making room for future study to analyze a more in-depth analysis. It gives a different dimension to consider other risk factors of COVID-19 by bearing in mind its unique contagious characteristics, which will help policymakers draft a sound epidemic preparedness policy to tackle the unforeseen crisis. It gives a thought of provoking to policy practitioners for the risk characteristics of COVID-19, which needs a reassessment to epidemic risk management to deal with this, and future unforeseen crisis by considering Sustainable Development Goals.
COVID-19 Pandemic: Lessons For An Inclusive, Resilient And Green Sustainable Pathway
International Journal of Early Childhood Special Education , 2022
The outbreak of COVID-19 pandemic has changed everything ranging from loss of precious lives to economic and social activities. These changes have undoubtedly inflicted substantial economic and social shocks as global production, consumption, and employment levels dropped precipitously. Still, several positive changes were observed in terms of environmental quality. The most visible impact on the environment has been a reduction in greenhouse emissions from transportation sources, especially air and road transport, which account for a substantial portion of pollution. Beyond transportation, however, other sources that would generally have contributed to pollution were also curtailed. As many establishments were shut down, offices and facilities could afford to run on lower power rather than operational during business hours. Aside from air pollution, industrial waste also affects sources of water as well as land. This has also been reduced due to the pandemic, especially in regions where there is poor implementation of waste management regulations. At the same time, ecological hotspots, where human activity is usually pervasive, has observed an improved environmental quality, enabling wildlife and other life forms to prosper efficiently. On one side, the pandemic reveals how reduced anthropocentric activities can lead to substantial mitigation in environmental pollution. On the other hand, it emphasises the urgency to revisit global environmental policies to sustain this environmental quality for future generations. It is, however, pertinent to mention here that the impact of the COVID-19 pandemic on the environment is unlikely to be linear. Still many alternatives viz., work from home, online studying, e-commerce, planting of trees, etc., can be institutionalised through law and policymaking to ensure the cuts in greenhouse gas emissions and energy sector. The researcher thus visualises that COVID-19 has inaugurated a new green order and invite attention of relevant stakeholders as to how to sustain such change in the times to come.
A Study on Impact of Covid19 Crisis on Sustainable Socio Economic Growth
IRJET, 2022
The COVID-19 pandemic might influence the world seriously as far as quality of life, political, ecological, and sustainable socioeconomic development, and the worldwide economy. To address and mitigate the short-and long-term impacts of the COVID-19 crisis on the economy and society, a vital role has been played by the social economy. This emergency has uncovered the weaknesses of people, social orders and economies, requiring a reevaluate of how monetary and social exercises are coordinated; whose plans of action are worked around such standards can help reshaping the post-emergency economies and social orders. The fundamental point of this review is to assess the impact of COVID-19 on the psychology of sustainability (quality of life), on sustainable development, and on the global economy. It further explains the current challenges faced by the social economy and highlights recommendations to support social economy factors in their efforts to "repair" and "transform" societies.