Green economy and the future in a post-pandemic World

The future to geo-political and geo-economic conundrums is by transforming current economies into inclusive and sustainable societies. In this race for global dominance and hegemony, policy makers must be wary of not forgetting institutional practices of conserving and preserving ecosystems and biospheres with pro-active and proper thinking. Governments that are in power must be sensible to realize that economies will eventually grow when more people join the formal and informal sectors, but the challenge is to have a planet that sustains our needs rather than addressing our greed. Legal systems must work harder in the 21st century to embed proper and critical thinking driven by an ecological conscience to preserve, conserve and protect the environment that sustains us. The technology that is being built and fashioned to drive businesses must submit to stringent ecological standards. With the rapid spread of Covid19, scientists are aware that humanity will be afflicted with more such zoonotic diseases primarily brought on by the global warming and climate change. Third world governments in their search for competing and contributing with the global economy forget the impending dangers of a cataclysmic warmer, hotter and unsustainable planet that will deprive burgeoning populations of food and clean water furthering a health scare. Across the globe, we have witnessed government's response to Covid19 especially in the third world and the loss of lives that could have been prevented. This affliction is bound to endure owing to the inadequate policies that fail to create low-carbon economies or submit to Sustainable Development Goals that could mitigate the debilitating effects of a globally warmer planet. In all of this, the future will be fought not over oil but wars are bound to be fought over water and food and lack of immediate or urgent healthcare support. It is observed painfully, that the people most affected or afflicted with the mostly the marginalized, the poor, the disadvantaged. In this paper, I propose how governments of the day must transform their economies to be sustainable and inclusive, ameliorate global warming, promote healthy agricultural practices, constantly set higher moral standards for a low-carbon economy and build on a healthcare system that is robust and flexible to everyone's needs. The globe after observing many discussions at Copenhagen is now becoming familiar with the reality of a resource-efficient economy and natural capital as an invaluable economic asset. © 2023 Scrivener Publishing LLC. All rights reserved.

Green growth, sustainability, and decoupling carbon emissions from industrial activities in emerging economies: A focus on Zambia's energy sector

This paper quantified carbon emissions to create a credible post-COVID-19 baseline specific to the energy sector in Zambia. The approach was drawn from the IPCC – 2006 Guidelines for Tier 1. Using the IPCC Inventory Software V2.69, and focussing on specific sectors for which data were available, CO2 emissions were estimated from both petroleum-based fuel consumption, and electricity generation and consumption for the period 2019–2020. The spatial emissions consumption pattern for petroleum-derived fuels were also ascertained. From petroleum-based consumption, results show that the transport sector contributed 49% of the total CO2e emissions in the period examined, followed by mining at 28%, and power generation at 23%. Similarly, the spatial consumption emission-pattern revealed that Lusaka and Copperbelt Provinces were the highest emitters at 33 and 32%, respectively. It was concluded that CO2 emissions from petroleum-derived fuel consumption vary across the country and sectors. Results also showed that electricity generation and consumption contributed emissions 3-times more than petroleum-derived fuels with discounted importation of electricity, but 5-times more when importation of electricity was accounted. The mining sector was the highest emitter in the electricity consumption category.

Determinants of Russian Attitudes Toward a Green Economy During the Covid-19 Pandemic.

Background: The development of environmental consciousness is a necessary part of the full development of society. The pandemic caused by COVID-19 has increased attention to the problems of man's relationship with nature, and the green behavior of both the consumer and the producer. Attitudes toward a green economy are especially important to study in countries rich in natural resources, as they have more opportunities to overcome the contradictions between economic growth and green innovation. Objective: The purpose of this study was to identify the determinants of Russian attitudes toward a green economy during the COVID-19 pandemic. The main hypothesis was that demographic factors determine attitudes toward a green economy in different ways, including the willingness to take actions in support of it, and acknowledgement of the connection of the need for green transformations with the pandemic. Design: Subjects were given the questionnaire "Green Economy" which contains 19 statements with which they needed to express their degree of agreement on a 5-point Likert scale. Potential determinants of their attitudes toward a green economy were collected using an additional questionnaire, which included indicators of gender, age, family and professional status, religiosity, income level, education level, and place of residence (locality). The study involved 874 respondents from the Russian Federation (62.4% female; 37.6% male; the average age was 37.34 years). Results: The results of a regression analysis showed that women, people with increased religiosity (but not too religious), younger people, and students and employees of public organizations (as opposed to employees of state and commercial organizations), as well as people from small towns or rural areas, were more positive about the idea of transition to a green economy. Conclusion: The belief that the pandemic situation has reinforced the need for a transition to a green economy was influenced by gender, degree of religiosity, and place of residence. Women, to a greater extent than men, as well as people who were more religious and lived in small towns and rural areas, were more acutely aware of the impact of the pandemic on the actualization of environmental problems.

Can China's Digital Economy and Green Economy Achieve Coordinated Development?

The coordinated development of the digital economy and green economy is a key issue that needs to be addressed. Based on the statistical data of 30 provincial-level regions in China from 2014 to 2019, this study empirically analyzed whether China's digital economy and green economy can achieve coordinated development. In this study, a coupling coordination degree model was used to evaluate the degree of coordinated development of the digital economy and green economy in provincial regions of China. A fuzzy-set qualitative comparative analysis method was adopted to identify the realization path of the coordinated development of the digital economy and green economy. The results show the following: (1) the coordinated development degree of the digital economy and green economy in China shows an upward trend from primary coordination in 2014 to intermediate-level coordination in 2019, with great differences between different regions;(2) there are five paths to achieve coordinated development of the digital economy and green economy, which are divided into two categories (technology–environment dual-drive type, and technology–organization–environment linkage drive type);(3) technological innovation capability and government financial support can substitute for one another under certain conditions to achieve the coordinated development of the digital economy and green economy. These conclusions provide a theoretical basis for countries to formulate policies to promote the coordinated development of their digital economy and green economy.

Asymmetric effects and volatility transmission from metals markets to solar energy stocks: Evidence from DCC, ADCC, and quantile regression approach

Detrimental environmental repercussions have recently given rise to an interest in green investments. Although solar energy stocks are appealing assets for ethical investors, little is known about their dynamic correlations and linkages with metal (silicon, lithium, and rare earth) markets, particularly during economic events which is essential for hedging effectiveness and asset allocation. This study investigates the nexus between metal markets, oil price volatility (OVX), market sentiments (VIX), and solar energy markets using DCC, ADCC models, and the quantile regression approach. The results show both symmetric and asymmetric shock spillover between metals markets, VIX, OVX, and solar energy markets which are more prominent during COVID-19 pandemic, US-China trade frictions, and Russian invasion of Ukraine. For portfolio management, the hedging effectiveness of lithium stocks is highest, followed by silicon and rare earth metals. However, the hedge ratios are time-varying, and the variability is highest during US-China trade frictions. The quantile regression estimates reveal that lithium market is the most persistent determinant of solar energy stocks followed by silicon market even after segregating the periods into Paris Agreement and COVID-19 pandemic. Thus, lithium and silicon are driving markets of solar energy markets and can be a cause of omitted variable bias if stay unobserved. Nonetheless, there is little influence of VIX, rare earth metals, and OVX on solar energy stocks. Lastly, the estimations of threshold regression suggest that market sentiments change the association between metal markets and solar energy markets after the VIX reaches a certain threshold level. © 2023

Dynamic spillover between traditional energy markets and emerging green markets: Implications for sustainable development

This study employs the time-varying vector parameter autoregression model and Diebold-Yilmaz (2012, 2014) spillover approach to explore the static, net, dynamic and directional spillover effects between China's traditional energy and emerging green markets and the impact of the COVID-19 outbreak on spillover effects. Spillover networks are constructed to observe structural changes in the directional spillover of each target financial market before and after the pandemic's outbreak. Changes in hedging indicators of portfolios composed of two types of markets before and after the outbreak of COVID-19 are compared to provide directional guidance for investors to choose portfolios in the post-pandemic era. We found that the outbreak of the pandemic had a considerable impact on the volatility of various spillover effects of the studied markets. The total spillover level of the system increased rapidly by 18% in the early stages of the pandemic. Green bond was the largest net recipient of volatility spillovers in the whole system, followed by crude oil, while new energy was the largest net contributor of volatility spillovers in the whole system, followed by clean energy. After the outbreak, the hedging effectiveness of portfolios with long positions in traditional energy markets and short positions in emerging green markets improved significantly. In particular, a portfolio with long positions in the crude oil market and short positions in the green bond market is the best risk-hedging portfolio. © 2023 Elsevier Ltd

Added Value on a Day in the Pandemic in Tourist Attractions in the Polish–Czech Borderland as a Green Economy Initiative

This study documents customer behavior in the travel services market before and during the COVID-19 pandemic (C-19). We offer theory-based and research-based insights that demonstrate customer value propositions during a pandemic and help predict future behavior for green tourism development. This article aim is to identify the relationship between the situation in tourism during the pandemic, customer behavior, and the added value that historical sites in Poland and the Czech Republic introduced or should introduce in the green economy. The topic is important because the situation during the pandemic showed the lack of a quick response, which is only possible if you have prepared scenarios for the crisis. This study discusses the marketing factors of creating value and analyzes the value strategy for individual clients. The authors of this study analyzed various stages in the customer life cycles in the company and the level of their profitability, taking into account the principles of the green economy (sustainable development) in the example of cultural facilities, i.e., Książ Castle in Poland and the Kuks Complex in the Czech Republic. Literature studies were used in this study, followed by the questionnaire method. The test results are presented in tabular form and supplemented with graphical forms. © 2023 by the authors.

Time and Frequency Spillovers between the Green Economy and Traditional Energy Markets

The green economy is aimed at decreasing the dependence of the global economy on traditional fossil energy, thereby resolving conflicts between economic development and environmental issues and achieving sustainable economic development. Thus, the relation between the green economy and traditional energy markets is of great importance for both policymakers and portfolio managers. In this study, we investigate the dynamic spillover effects between the green economy and traditional energy markets by applying time and frequency spillover measures based on the TVP-VAR model. The results reveal a strong spillover relationship between the green economy and traditional energy system, and the spillover direction is mainly from green economy markets to traditional energy markets. Our analysis further reveals the heterogeneity of these spillover effects, both within green economy markets and between these markets and traditional energy markets. The performance of the U.S. green economy market is similar to that of Europe, whereas the Asian green economy market is more complex. The frequency domain results demonstrate that the spillover effects are mainly dominated by short-term (1–5 days) components, whereas medium- and long-term components have less of an effect. In addition, we find a sharp increase in the level of spillover effects during the COVID-19 pandemic. © 2023 by the authors.

Analysis of the spillover effects between green economy, clean and dirty cryptocurrencies

Cryptocurrencies have been widely used as financial instruments over the past decade. Given the development of the cryptocurrency market and the increasing awareness of greener and more energy-efficient tokens, their connection to the green economy has become a popular topic for understanding economic and policy issues. However, the literature still lacks clear evidence on how cryptocurrencies interact with green economy indicators. Therefore, this study examines the correlations and spillover relationships between green economy indices, five black cryptocurrencies, and five clean cryptocurrencies for the U.S., Euro, and Asian markets. To this end, it applies the novel quantile spillover index approach of Ando et al. (2018) to daily data from November 9, 2017, to April 4, 2022. The empirical results show that the overall linkage is stronger for green economy indices and clean cryptocurrencies than for dirty cryptocurrencies. Moreover, green economy indices show net receiving behavior, while cryptocurrencies' results differ across variables, quantiles, and time. In addition, a notable point for clean cryptocurrencies is 2020, which was the start of the COVID-19 pandemic. The overall spillover effect is very high for all quantiles for the three markets, especially for Asia. This outcome signifies the safe harbor property for diversification purposes of the green economy. The results presented in this study are important for investors, regulators and, policymakers, cryptocurrency founders as they seek to be financially integrated and develop a more sustainable business. © 2023

Green Fiscal Stimulus in Indonesia and Vietnam: A Reality Check of Two Emerging Economies

The COVID-19 pandemic has caused economic and social upheaval across countries. The global economy suffered its biggest slump in four decades while the decades of progress in poverty reduction are now in reverse. However, the pandemic presents a window of opportunity for a greener world. In contrast to fossil fuel, renewable energy showed resilience throughout the pandemic, where the demand and investment in this sector continued to increase. The opportunity for a post-COVID-19 green recovery also comes from billions of government fiscal measures in response to COVID-19. Using the case of two emerging economies, Indonesia and Vietnam, this paper investigates whether the stimulus plans align with a country's sustainable energy and climate targets. This study finds that despite ambitious country targets for green energy transition, these countries may miss opportunities for a green future due to limited fiscal measures directed to green recovery. The pandemic has exacerbated public fiscal budgets that may further limit the capacity to fund green projects. Amidst the uncertainty and challenges brought by the pandemic, it is critical to balance between promoting economic recovery and achieving sustainable energy and climate targets. To this end, the authors suggest several policy recommendations to achieve these targets amid uncertainty brought by the COVID-19 pandemic for emerging economies. © 2023 by the authors.

Green financing for sustainable development: Insights from multiple cases of Vietnamese commercial banks

Although the public sector is seen as the main party responsible for taking action on climate change and sustainable development, private commercial banks are in a unique position to support or shift the funding focus on green investment. By employing a qualitative research approach based on six commercial banks, this paper aims to investigate the current practices of how commercial banks are contributing to advance green business initiatives. Accordingly, this research examines and identifies the facilitators and challenges in domestic and foreign commercial banks in Vietnam which support green business initiatives. In addition to addressing the recent calls for the investigation of the role of commercial banks in facilitating green finance, our study expands the emerging literature by demonstrating the current efforts of Vietnam's commercial banks in fostering green finance during the Covid-19 pandemic. © 2022 ERP Environment and John Wiley & Sons Ltd.

Can Green Economy stocks hedge natural gas market risk? Evidence during Russia-Ukraine conflict and other crisis periods

One of the ultimate goals of the Green Economy is to move away from dependence on fossil energy, thereby achieving a sustainable development of a resource-saving and environment-friendly society. Thus, whether Green Economy stocks can hedge the risks of fossil energy markets, especially for natural gas market during recent crisis periods, is of great importance for both policy makers and portfolio managers. This paper identifies the time-varying connectedness and hedging effects of twelve NASDAQ OMX Green Economy sector stocks on NYMEX natural gas futures during three major turmoil events, i.e., European debt crisis, COVID-19 pandemic, and recent Russia-Ukraine conflict. The empirical results show that various Green Economy sector stocks can provide gratifying hedge effectiveness on the market risk of natural gas futures, and some of them can even perform similarly to gold and USD. Moreover, NASDAQ OMX Green Economy sector stocks offer better hedge effectiveness during recent Russia-Ukraine conflict than those of them in the periods of European debt crisis and COVID-19 pandemic. Finally, the Sharpe ratio results further show the important but time-varying roles of Green Economy sector stocks in hedging risks of natural gas market. © 2023 Elsevier Inc.

Online Trade of Clothes in the Context of the Green Economy

Over the last fifteen years, the concept of the „green economy” has started to be given increasing importance not only in academia, but also in the implementation of various public policies, as a result of the need to respect sustainable development. Given the increased importance of respecting the environment in the current context, this article aims to highlight the impact of online trade in clothing sector on the consumer in terms of sustainability. Through an opinion poll, young people's perception of the impact of online clothes trade in the context of the COVID-19 pandemic was investigated, reaching the conclusion that the pandemic led to a change in behavioral trends with regard to the acquisition of clothing.

The Main Areas of Development of Organic Agriculture in the Republic of Kazakhstan

The Republic of Kazakhstan has good potential for developing environmentally friendly agricultural production: extensive agricultural land, a large number of farms, and interest in producing environmentally-friendly products. These factors determined the relevance of the study, the main purpose of which was to investigate the main areas of the development of organic agriculture in Kazakhstan. The statistical data and reports of Research Institute of Organic Agriculture, International Federation of Organic Agriculture Movement, and Food and Agriculture Organization of the United Nations were analyzed;logical and empirical methods were used;a survey of consumers and producers of environmentally-friendly products in Kazakhstan was conducted. This paper shows the main trends in the development of the organic sector in Kazakhstan and in the world in general. Studies have shown a growing tendency of organic production in the world, however, many countries are still in their infancy regarding this trend. At the moment, the world's land under organic agriculture is 74.9 million hectares, but in Kazakhstan, since 2016, there has been a reduction in such areas. In 2020, they amounted to 114 thousand hectares or 0.1% of all farmland in the country, which is associated with the coronavirus pandemic and the global economic crisis. According to the international organisations Research Institute of Organic Agriculture and International Federation of Organic Agriculture Movement, in 2020, out of 190 countries of the world, Kazakhstan entered the lists of 50 producing countries and 20 exporting countries of organic agricultural products, and the export of these products amounted to about EUR 9 million. It is concluded that the necessary conditions for the introduction of ecological agriculture are gradually being created in the Republic of Kazakhstan, which would improve the economic situation of the country. The practical significance of the study was to conduct a sociological survey of consumers and producers of ecological agricultural products in four regions of Kazakhstan to identify the state and main areas of development of the domestic market of organic agriculture. Copyright © The Author(s).

Environmental investment, the main condition for the COVID-19 post-pandemic recovery of Russian economy and transition to sustainable economic growth

The relevance of the article is due to the search for the possibility of a COVID-19 post-pandemic recovery of the Russian economy and a return to long-term sustainable growth in total factor productivity (TFP), taking into account the recognition of the priority of the environmental aspect of development. The purpose of the study is to develop an original scientific hypothesis, according to which, in the context of planetary manifestations of large-scale environmental challenges, on the one hand, and unprecedented external sanctions pressure on the Russian Federation, on the other hand. At first, environmental investment should become the main condition and a powerful factor in the long-term sustainable growth of TFP, as well as a radical transformation of the "pro-crisis" Russian economic model in accordance with the principles of the global ESG agenda. Environmental investments are positioned as responsible, in fact, and transformative in terms of their functional role in the economy. An econometric model has been constructed that reflects the dependence of per capita GDP growth rates on the volume of investments in fixed assets directed in the Russian Federation for environmental protection and rational use of natural resources, which has the form of a system of dynamic economic regressions with a distributed lag of a polynomial structure. Such a model can be used to assess the long-term and short-term responses of economic growth indicators from green investment. The methodological basis for the development of the aforementioned model was the methods of correlation, linear and nonlinear regression, factorial and dispersion analysis, the generalized least squares method, the method of instrumental variables. The main restrictions on environmental investment in modern Russia are established and proposals are made to stimulate it. © The Author(s) Publisher: University of Guilan,.

Can Green Economy stocks hedge natural gas market risk? Evidence during Russia-Ukraine conflict and other crisis periods

One of the ultimate goals of the Green Economy is to move away from dependence on fossil energy, thereby achieving a sustainable development of a resource-saving and environment-friendly society. Thus, whether Green Economy stocks can hedge the risks of fossil energy markets, especially for natural gas market during recent crisis periods, is of great importance for both policy makers and portfolio managers. This paper identifies the time-varying connectedness and hedging effects of twelve NASDAQ OMX Green Economy sector stocks on NYMEX natural gas futures during three major turmoil events, i.e., European debt crisis, COVID-19 pandemic, and recent Russia-Ukraine conflict. The empirical results show that various Green Economy sector stocks can provide gratifying hedge effectiveness on the market risk of natural gas futures, and some of them can even perform similarly to gold and USD. Moreover, NASDAQ OMX Green Economy sector stocks offer better hedge effectiveness during recent Russia-Ukraine conflict than those of them in the periods of European debt crisis and COVID-19 pandemic. Finally, the Sharpe ratio results further show the important but time-varying roles of Green Economy sector stocks in hedging risks of natural gas market.

IMPACT OF THE PANDEMIC AND THE GREEN ECONOMY ON THE DEVELOPMENT OF THE OIL AND GAS SECTOR

The article examines the impact of the most significant factors in the global economic transformation - the pandemic and the «green» economy on the development of the oil and gas sector. The development trends of the global oil and gas sector in the pre-pandemic period were identified, the most significant changes in its development in the period 2019-2021 were identi-fied, which of these changes were most due to the impact of the Covid-19 pandemic, which were due to the influence of the «green» economy, changes that have arisen independently of these two factors are indicated. The forecasts for the development of the oil and gas sector in the con-text of the risks associated with the development of the «green» economy and the consequences of the Covid-19 pandemic in the short, medium and long term have been studied. Significant at-tention is paid to the issues related to the differentiation of long-term and short-term trends in the development of the oil and gas industry under the influence of these two system-forming fac-tors. The article also explored the strategic prospects for the development of the oil and gas in-dustry as an alternative to the «green» economy, revealed. What impact will the Covid-19 pan-demic presumably have in terms of confrontation between traditional oil and gas energy and green energy as a possible main energy of the future. The geographic features of the energy trans-formation are determined, the regions are identified, the development of the oil and gas sector of which is affected by the coronavirus pandemic and the «green» economy in different ways. 2022 «Oil Gas Scientific Research Project» Institute. All rights reserved.

Investigating the nexus between green economy, sustainability, bitcoin and oil prices: Contextual evidence from the United States

The COVID-19 crisis and global economic recession have shrunk the world's energy use, collapsed stock markets and crashed energy prices. Green economy projects are hence losing their focus and competitiveness, endangering the achievement of sustainable development goals and neutrality targets. The study aims to examine the dynamic linkages between the green economy, sustainability, Bitcoin, oil prices and stock markets. We do this by utilizing the daily data from August 2016 to August 2021 for the case of the United States. The recently developed quantile-on-quantile regression (QQR) and quantile Granger causality methods are employed for empirical analysis. Our empirical results indicate that a green economy or green financing from institutions is very sensitive to economic shocks, oil price changes and overall sustainability changes. Similarly, empirical results further reveal that there is a negative association between sustainability with oil prices and sustainability with stock markets;that oil prices and stock markets are also sensitive to sustainability-related shifts. Our study advises investors who want to support sustainable development to include green assets in their portfolios, such as green bonds, which are a good substitute for clean energy or renewable energy stocks. This study reports some fruitful implications apropos of sustainable development goals and a green economy.

Greening aviation in era of COVID-19: Towards conceptualizing and operationalizing decarbonization.

Although net-zero greenhouse gas emission targets continue to gather burgeoning streams of research, there is a lacuna in current literature on the pathway challenges towards operationalizing decarbonization. The study advanced 2 × 2 matrix of an organizing framework of challenges in accomplishing net-zero emissions targets. Using the global airline industry as an illustrative context, the study provided deep insights on the pivotal industry, institutional, and organizational challenges in the era of COVID-19 such as fleet modernization, over-reliance on fossil fuel, slow progress in the development of hydrogen and electric aircraft, risk of corporate greenwashing, and divergent approaches adopted by airlines. The challenges can be classified into policy-oriented, organization-specific, and external/macro-environment factors. The contributions to theory and practices were identified and examined.

Risk transmissions between regional green economy indices: Evidence from the US, Europe and Asia

This paper examines the risk transmissions across the green economy indices of three major regions which include US, Europe and Asia. The econometric analyses are conducted using DCC-GARCH and TVP-VAR connectedness approach to evaluate potential spillover effects within the context of oil and gold. Results indicate that green economy indices of US-Europe exhibit the greatest time-varying correlations among the three pairs during much of 2010–2022 consistent with that of the general equity market. However, co-movements during the COIVD-19 pandemic period seem to display a change in pattern for green economy indices. The strength of the co-movements between the US and Europe displayed a declining trend, while that between US and Asia was strengthened, suggesting greater interdependence between these two markets. TVP-VAR connectedness analysis revealed that US and Europe dominate the transmission of the shocks across the years in the green economy, similar to that of the equity markets. However, during the pandemic a pronounced shift occurred in green economies when considering the risk transmissions within the context of commodities: oil and gold. While Asian green economy index was persistently a receiver of risk transmission from oil unlike the other two regions, since pandemic, oil displayed an asymmetric effect and has become the net transmitter of risk in negative returns of the green economies of US and Europe. This may reflect the diversion in environmental policies of the two regions in the recent past, and point to the dominance of energy sector in the green economy. These findings have substantial implications for the development of green economy policies and from an investment perspective.