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Transforming the COVID-19 Threat into an Opportunity: The Pandemic as a Stage to the Sustainable Economy

Author

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  • Ionica Oncioiu

    (Faculty of Finance-Banking, Accountancy and Business Administration, Titu Maiorescu University, 040051 Bucharest, Romania)

  • Ioana Duca

    (Faculty of Finance-Banking, Accountancy and Business Administration, Titu Maiorescu University, 040051 Bucharest, Romania)

  • Mirela Anca Postole

    (Faculty of Finance-Banking, Accountancy and Business Administration, Titu Maiorescu University, 040051 Bucharest, Romania)

  • Georgiana Camelia Georgescu (Crețan)

    (The Department of Finance, Faculty of Finance and Banking, Bucharest University of Economic Studies, 010374 Bucharest, Romania)

  • Rodica Gherghina

    (The Department of Finance, Faculty of Finance and Banking, Bucharest University of Economic Studies, 010374 Bucharest, Romania)

  • Robert-Adrian Grecu

    (The Department of Finance, Faculty of Finance and Banking, Bucharest University of Economic Studies, 010374 Bucharest, Romania)

Abstract

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%.

Suggested Citation

  • Ionica Oncioiu & Ioana Duca & Mirela Anca Postole & Georgiana Camelia Georgescu (Crețan) & Rodica Gherghina & Robert-Adrian Grecu, 2021. "Transforming the COVID-19 Threat into an Opportunity: The Pandemic as a Stage to the Sustainable Economy," Sustainability, MDPI, vol. 13(4), pages 1-18, February.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:4:p:2088-:d:499956
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    2. Tomasz Wołowiec & Iuliia Myroshnychenko & Ihor Vakulenko & Sylwester Bogacki & Anna Maria Wiśniewska & Svitlana Kolosok & Vitaliy Yunger, 2022. "International Impact of COVID-19 on Energy Economics and Environmental Pollution: A Scoping Review," Energies, MDPI, vol. 15(22), pages 1-26, November.
    3. Popkova, Elena G. & De Bernardi, Paola & Tyurina, Yuliya G. & Sergi, Bruno S., 2022. "A theory of digital technology advancement to address the grand challenges of sustainable development," Technology in Society, Elsevier, vol. 68(C).

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