Suggestions for a Covid-19 Post-Pandemic Research Agenda in Environmental Economics

Are debt-for-nature swaps scalable: Which nature, how much debt, and who pays?

With the ongoing sovereign debt and biodiversity crises in many emerging economies, applications of debt-for-nature swaps as a dual solution for sovereign debt and nature conservation have been re-emerging. We analyze how debt-for-nature swaps (DNS) can be scaled to protect biodiversity priority areas and reduce debt burden. We build a dataset for biodiversity conservation and debt restructuring in 67 countries at risk of sovereign debt distress and show that they hold over 22% of global biodiversity priority areas, 82.96% of which are unprotected. Furthermore, we show that for 35 of the 67 countries, using conservative cost estimates, 100% of unprotected biodiversity priority areas could be protected for a fraction of debt; for the remaining countries, applying DNS would allow the protection of 11-13% of currently unprotected biodiversity priority areas. By applying interdisciplinary research combining fundamental biodiversity and economic data and methods merging, the research contributes methodologically and practically to the understanding of debt-for-nature swaps for emerging economies.

Toward resilient organizations after COVID-19: An analysis of circular and less circular companies

The COVID-19 pandemic had large repercussions for our economy and organizations. Improved resilience can give organizations the ability to withstand crises and build back better and faster. This article assesses resilience of organizations and sole proprietorships in the context of the COVID-19 pandemic with eight circular strategies as explanatory variables. Furthermore, these eight circular strategies are also used to assess the organizations' and sole proprietorships' resilience outside of the COVID-19 pandemic. This analysis is conducted to explain how circular strategies can help companies and sole proprietorships maintain stability. The analysis was performed by means of a survey conducted between May and June 2020 in Flanders (Belgium), using a sample of 542 respondents. After performing a regression analysis combined with expert opinions collected through interviews, we find that companies and sole proprietorships with a higher circularity score have a significantly higher resilience score during crises and during normal times, compared to less circular companies. Furthermore, we find that the size of the company does not matter during a crisis to adapt and react flexibly, while it is important when there is no crisis. Finally, we argue that it is the combination of different circular strategies which yields to the highest results for the organizations' resilience and we provide policy recommendations based on the most asked support measures.

Science policy frameworks for a post-pandemic green economic recovery

As current production and consumption patterns exceed planetary boundaries, many leaders have stressed the need to adopt green economic stimulus policies in the aftermath of the COVID-19 pandemic. This paper provides an integrated multi-stakeholder framework to design an economic recovery strategy aligned with climate stabilisation objectives. We first employ quantitative energy and economic models, and then a multi-criteria decision process in which we engage social actors from government, enterprises and civil society. As a case study, we select green recovery measures that are relevant for a European Union country and assess their appropriateness with numerous criteria related to climate resilience and socio-economic sustainability. Results highlight trade-offs between immediate and long-run effects, economic and environmental objectives, and expert evidence and societal priorities. Importantly, we find that a ‘return-to-normal’ economic stimulus is environmentally unsustainable and economically inferior to most green recovery schemes.

Has the COVID-19 pandemic strengthened confidence in managing the climate crisis? Transfer of efficacy beliefs after experiencing lockdowns in Switzerland and Austria

In the spring of 2020, countries introduced lockdowns as radical measures to deal with the first wave of the COVID-19 pandemic, which led to strong disruptions of people's everyday lives. Such drastic collective measures had previously seemed inconceivable in relation to other urgent crises, such as the climate crisis. In this paper, we ask how individual, participatory, and collective efficacy beliefs in dealing with the COVID-19 pandemic transferred to efficacy beliefs regarding the climate crisis. We present comparative results from two surveys: Study 1 assesses efficacy beliefs among German-speaking Swiss residents (n = 1,016), shortly after lockdown measures were relaxed. Study 2 compares changes in efficacy beliefs among Austrian high school students (n = 113) before and after the lockdown. In Study 1, climate-related self- and participatory efficacy are enhanced by the corresponding COVID-19-related beliefs. Climate-related efficacy beliefs mediate the effect of COVID-related counterparts on climate-friendly behavior and policy support. Study 2 shows that COVID-19-related efficacy beliefs are transferred to climate-related counterparts over time, and that the transfer of participatory efficacy is moderated by perceived similarity of the two crises. Experiencing successful individual and collective action during the COVID-19 pandemic seems to inspire confidence in dealing with climate change. Underlying processes (direct transfer, consistency, awareness-raising, learning) are discussed.

Impacts of Covid-19 interventions on air quality: evidence from Brazilian metropolitan regions

The Covid-19 pandemic has negatively disrupted the way our economy and society functions. Nonetheless, there have also been some positive externalities of the pandemic on the environment. This paper aims to evaluate the concentration of nitrogen dioxide in Brazilian metropolitan regions after the policies adopted to confront Covid-19. In terms of methodological approach, the study employs cross-sectional quantitative analyses to compare the period of 36 days, i.e., 12 March to 16 April-before (in 2019) and after (in 2020) the pandemic declaration. The data were obtained from the Sentinel 5-P low-Earth polar satellite concerning Brazilian metropolitan regions (n = 24). Thorough spatial and statistical analyses were undertaken to identify the pre- and during pandemic nitrogen dioxide concentrations. Complementarily, Spearman's correlation test was performed with variables that impact air quality. The study results a fall in nitrogen dioxide concentration levels in 21 of the 24 metropolitan regions which was observed. The Spearman's correlation coefficient between the nitrogen dioxide variation and the vehicle density was 0.485, at a significance level of 0.05. With these findings in mind, the paper advocates that while the pandemic has a significant negative consequence on the health of population globally, a series of measures that result in a new social organization directly interfere in the reduction of air pollution that contributes to the quality of the air we breathe.

Long-term ecological research and the COVID-19 anthropause: A window to understanding social-ecological disturbance

The period of disrupted human activity caused by the COVID-19 pandemic, coined the "anthropause," altered the nature of interactions between humans and ecosystems. It is uncertain how the anthropause has changed ecosystem states, functions, and feedback to human systems through shifts in ecosystem services. Here, we used an existing disturbance framework to propose new investigation pathways for coordinated studies of distributed, long-term social-ecological research to capture effects of the anthropause. Although it is still too early to comprehensively evaluate effects due to pandemic-related delays in data availability and ecological response lags, we detail three case studies that show how long-term data can be used to document and interpret changes in air and water quality and wildlife populations and behavior coinciding with the anthropause. These early findings may guide interpretations of effects of the anthropause as it interacts with other ongoing environmental changes in the future, particularly highlighting the importance of long-term data in separating disturbance impacts from natural variation and long-term trends. Effects of this global disturbance have local to global effects on ecosystems with feedback to social systems that may be detectable at spatial scales captured by nationally to globally distributed research networks.

COVID-19, recovery policies and the resilience of EU ETS

COVID-19 pandemic and its recovery bring opportunities and threats for global climate governance and further challenge climate related assets. In this study, we analyze the efficiency of government response policies and fiscal policies on green recovery by observing the variation characteristics of carbon allowance prices in the EU emission trading system (EU ETS). Using the OLS and threshold methods in the original time scales, we find that: (1) The EUA prices had an inverted U-shaped relationship with the number of new confirmed cases and deaths. (2) Government response policies had a better effect than fiscal policies when mitigating the negative impact of the pandemic. After decomposing and reconstructing the time series, the multiscale analysis indicates that: (3) The carbon price fluctuated in the short term with the increasing number of newly confirmed cases (or deaths) but gradually recovered due to the recovery policies. (4) Government response policies had a “stop-loss” effect in the short term, and then working alongside fiscal policies, sustained and promoted the development of the EU ETS and green recovery. In the post-COVID-19 era, we suggest the combination of various policies to convert the current health crisis into opportunities for climate change mitigation.

The changing role of innovation for crisis management in times of COVID-19: An integrative literature review

Since the outbreak of the COVID-19 pandemic, countries have concentrated on developing policies that encourage the creation of more innovative products and services in response to the global health emergency. Effective collaboration, communication, and Open Innovation (OI) among government entities, education and research institutions, and the private sector have been critical to each country's overall effectiveness during the economic crisis. The objective of this paper is to examine the relationship between innovation and COVID-19 critically to have a better understanding of future research and practice developments. A systematic evaluation was conducted, analyzing papers on innovation and the COVID-19 pandemic. A total of 218 studies were analyzed to determine the essential research directions in this domain. Our suggested framework is made of aggregate components, which include technology adaption, sustainable development, healthcare, and sustainable economic performance. These components form the basis for the identification of emerging research hotspots in the field of COVID and innovation, as well as frame the COVID-19 issue as an opportunity to raise awareness about the crucial role of innovation in business and society at large.

COVID-19 and stock exchange return variation: empirical evidences from econometric estimation

This research looked at the effects of COVID-19 on a number of the world's most important stock exchanges, as well as the empirical relation between the COVID-19 wave and stock market volatility. In order to plan proper portfolio diversification in international financial markets, researchers must examine COVID-19 anxiety in relation to stock market volatility. The stock market volatility connected with the COVID-19 pandemic was measured using AR(1)-GARCH(1,1). COVID-19 fear, according to our research, is the ultimate driver of public attention and stock market volatility. The findings show that throughout the pandemic, stock market performance and GDP growth both declined significantly due to average increases. Furthermore, a 1% increase in COVID-19 causes a 0.8% and 0.56% decline in stock return and GDP, respectively. The stock market, on the other hand, showed a slight movement in GDP growth. Furthermore, the COVID-19 pandemic reported cases index, death index, and global panic index all influenced public perceptions of purchasing and selling. As a result, rather than investing in stocks, it is recommended that you invest in gold. The research also makes policy recommendations for important stakeholders. We look to examine how stock returns respond dynamically to unanticipated changes in the COVID-19 scenarios, as well as the uncertainty that comes with a pandemic. Using daily data from Canada and the USA, we conclude that a spike in COVID-19 instances has a negative impact on the stock market in general. Furthermore, in both the increase and decline scenarios in Canada, the stock return reactions are asymmetric. The disparity is due to the unfavorable impact of the pandemic's unpredictability. We also discovered that uncertainty had a negative impact on the US stock market. The magnitude, however, is insignificant.

The COVID-19 shocks on the stock markets of oil exploration and production enterprises

Using daily data from January 1, 2020 to March 31, 2021, this research explores COVID-19 shocks on the stock market of 15 representative oil exploration and production enterprises from 7 countries. We measure the COVID-19 epidemic from two levels, government response stringency index and number of confirmed cases, and employ stock prices and stock market returns to reflect the stock market. Our research results confirm that both the government response stringency index and the number of confirmed cases have a significantly negative influence on stock prices. We further find that the negative reaction of the stock market to the government response stringency index is greater than that from confirmed cases. Finally, we conclude that the government response stringency index have a significantly positive effect on stock market returns of oil exploration and production enterprises. Similar findings arise from analyzing specific enterprises. Overall, our conclusions provide some useful information for the decision-making of oil exploration and production enterprises’ investors and policy makers.

COVID-19 and digitalization: The great acceleration

Inspired by burgeoning scholarly interest in the role of digitalization in the COVID-19 pandemic, this paper examines how the COVID-19 pandemic is driving or constraining the digitalization of businesses around the globe. We contend that COVID-19 is "the great accelerator" in fast-tracking the existing global trend towards embracing modern emerging technologies ushering in transformations in lifestyle, work patterns, and business strategies. Thus, COVID-19 has evolved to be a kind of "catalyst" for the adoption and increasing use of digitalization in work organization and the office, alongside presenting foreseen and unforeseen opportunities, challenges, and costs-leading to negative and positive feedback loops. In this article, we develop and advance a conceptual model by linking the different forces for and against digitalization in response to the pandemic. Our analysis indicates that adoption of emerging technologies may be hindered by vested external interests, nostalgia, and employer opportunism, as well as negative effects on employee well-being that undermine productivity, work-life balance, and future of work. Whilst digitalization may bring new opportunities, the process imparts risks that may be hard to mitigate or prepare for. Finally, we draw out the wider theoretical and practical implications of our analysis.

Shared Taxonomy for the Implementation of Responsible Innovation Approach in Industrial Ecosystems

Symbolic narratives, such as an “ivory tower”, a “grey zone”, or a “black box” tell us about the gap between university and society, and academia and industry. Recently, they have been replaced by the Quadruple Helix model, which closes the gap by connecting four main stakeholders—government, university, industry, and society, into an innovation ecosystem. However, the roles of the different stakeholders are often blurred and difficult to define, and it is difficult to develop a basic approach to implement responsible innovations in industrial ecosystems in general. On the other hand, the interactions between stakeholder groups, especially universities and industry, are not sufficiently demonstrated in both scientific literature and empirical studies. We note that the responsible research and innovation (RRI) approach should facilitate a framework of shared taxonomy among stakeholders. By highlighting this situation, we follow the paradigm of emerging thinking and we seek to fill this knowledge gap theoretically and empirically. Therefore, in this study, we combined several strategies and perspectives. First, we conducted survey research concerning social capital in Poland and Lithuania to understand the impact of social capital and trust on stakeholder cooperation. Second, we conducted interviews with scientists who actively work to transfer knowledge into industry. Third, we utilized field notes from working experiences in research management. This work has theoretical and practical implications. The theoretical contribution of the paper demonstrates the construction of methodology based on emerging perspectives, and new theoretical insights, on professional discourses for implementing the responsible innovation approach in industrial ecosystems, by highlighting the commitments of main stakeholder groups. Practical input: our insights and empirical research will contribute toward sustainability policymaking and achieving substantial results in industrial ecosystems. The results indicate that if there is trust, then the government, companies, and society (in Poland and Lithuania) would be willing to cooperate with each other. However, there is a lack of trust and cooperation between universities and businesses. Stakeholders have become increasingly aware of the emergence of a science and industry cooperation as an open platform, enlarged with society and policies. They note the problem of making research public and transparent as part of a new mode of cooperation; however, they articulate RRI as a framework of shared taxonomy.

A Bi-Level Model for Green Freight Transportation Pricing Strategy Considering Enterprise Profit and Carbon Emissions

Due to the impact of COVID-19, enterprises need effective pricing strategies to improve profits and viability. In order to fill research gaps in the literature relating to market competition among different freight modes and to adjust the freight transportation structure by optimizing transportation prices, we propose a multi-objective bi-level programming pricing model that considers market competition and the carbon emissions of the freight system in China. First, an objective function in upper-level planning was used to improve logistics enterprise profits and reduce the total carbon emissions of the freight system. Then, a generalized cost function for the freight transportation mode was designed to quantify the market competition among different transportation modes, and a user equilibrium assignment model was established to obtain the results of cargo flow assignment in lower-level planning. To solve the model, a sensitivity analysis algorithm was designed, and a logistics network example was used to verify the effectiveness of the model. The experimental results show that reasonable freight price adjustment can effectively increase enterprise profits and reduce the total carbon emissions of the freight system. In this paper, we provide a new method for freight pricing research, considering the market competition of multiple transportation modes, and provide a new idea for adjusting the transportation structure through freight price optimization, which will play a positive role in promoting the development of green freight.

Three pillars of sustainability in the wake of COVID-19: A systematic review and future research agenda for sustainable development

The COVID-19 pandemic has immensely impacted the economic, social, and environmental pillars of sustainability in human lives. Due to the scholars' increasing interest in responding to the urgent call for action against the pandemic, the literature of sustainability research considering COVID-19 consequences is very fragmented. Therefore, a comprehensive review of the COVID-19 implications for sustainability practices is still lacking. This research aims to analyze the effects of COVID-19 on the triple bottom line (TBL) of sustainability to support the future sustainable development agenda. To achieve that, the following research questions are addressed by conducting a systematic literature review: (i) what is the current status of research on the TBL of sustainability considering COVID-19 implications? (ii) how does COVID-19 affect the TBL of sustainability? and (iii) what are the potential research gaps and future research avenues for sustainable development post COVID-19? The results manifest the major implications of the COVID-19 outbreak for the triple sustainability pillars and the sustainable development agenda from the economic, social, and environmental points of view. The key findings provide inclusive insights for governments, authorities, practitioners, and policy-makers to alleviate the pandemic's negative impacts on sustainable development and to realize the sustainability transition opportunities post COVID-19. Finally, five research directions for sustainable development corresponding to the United Nations' sustainable development goals (SDGs) post COVID-19 are provided, as follows: (1) sustainability action plan considering COVID-19 implications: refining sustainability goals and targets and developing measurement framework; (2) making the most of sustainability transition opportunities in the wake of COVID-19: focus on SDG 12 and SDG 9; (3) innovative solutions for economic resilience towards sustainability post COVID-19: focus on SDG 1, SDG 8, and SDG 17; (4) in-depth analysis of the COVID-19 long-term effects on social sustainability: focus on SDG 4, SDG 5, and SDG 10; and (5) expanding quantitative research to harmonize the COVID-19-related sustainability research.

COVID-19 and Climate Change: A Tale of Two Global Problems

In this paper, we examine the similarities and the differences between two global problems, the coronavirus pandemic and climate change, and the extent to which the experience with the COVID-19 pandemic can be of use for tackling climate change. We show that both problems share the same microeconomic foundations, involving an overprovision of a global public bad. In addition, they entail externalities whose correction comes at very high economic and social costs. We leverage on a well-established problem such as climate change that has been studied for several years now, to highlight the common traits with the COVID-19 pandemic, but also important differences. The COVID-19 crisis is itself a reality check for climate policy, international governance and prevention in general. Indeed, the COVID-19 pandemic is a mock laboratory of climate change, where the time scale of unfolding events is reduced from decades to days. While the former is often measured in days, weeks, months, years, the latter is measured in years, decades, and centuries.

Comparison of the Flow Rate and Speed of Vehicles on a Representative Road Section before and after the Implementation of Measures in Connection with COVID-19

Transport is an inseparable part of the life of all citizens. At the beginning of the year, the COVID-19 pandemic hit the world. Individual states have taken strict measures to prevent its spread among the population. Due to this fact, the government of the Slovak Republic has issued restrictions on the closure of public spaces (schools, shopping centres, restaurants, bars, etc.). These restrictions have had an impact not only on the economic activity of the population but also on their mobility in the form of reduced traffic. This is due to the drastically reduced mobility associated with the coronavirus, such as commuting trips and extremely limited leisure opportunities. Reduced mobility of the population (reduction of the number of vehicles in the traffic flow) can bring positive effects not only on overloaded road network (increased vehicle speed, lower flow) but also on the environment (reduction of noise, emissions, etc.). This article aims at finding out what effect the measures taken had on the quality of traffic flow. The quality of movement was examined in the form of the flow and speed of vehicles on one of the busiest first-class road sections. Descriptive statistics were used to examine the state of the restrictions. The results show that after the introduction of measures against the spread of coronavirus, the intensity and speed of vehicles in the measured section decreased.