The Rising Impacts of the COVID-19 Pandemic and the Russia–Ukraine War: Energy Transition, Climate Justice, Global Inequality, and Supply Chain Disruption

Zaheer Allam · Simon Elias Bibri · Samantha A. Sharpe

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Climate Change Policy and Economics Sustainable Finance and Green Bonds Sustainable Development and Policies

Abstract

This perspective paper explores the rising impacts of the COVID-19 and the Russia–Ukraine war from different perspectives, with an emphasis on the role of climate financing in achieving equitable and just transition mechanisms and that of peace in expediting this pursuit and sustaining this drive. It is motivated by the realization that there is an urgent need for accelerating the decarbonisation agenda, as highlighted in pre-COP26 debates and in the resulting Glasgow Climate Pact, through the mitigation measures that can be unpacked at both cost and scale. This is further reiterated in the third instalment of Assessment Report 6 (AR6) the Intergovernmental Panel on Climate Change (IPCC) report, dwelling on Mitigation of Climate Change, underlining the required policy shifts and technology developmental needs. Green technology, however, comes at a green premium, being more expensive to implement in geographies that cannot absorb its cost in the immediate short term. This engenders an inequitable and unjust landscape, as those that require green technology are unable to have access to it but are most often on the frontlines of the impacts of climate change. While it is urgent to review this issue and to encourage more cooperation for technology development and transfer, the COVID-19 pandemic and the Russia–Ukraine war are posing mounting challenges for achieving these objectives. These two crises are causing an unprecedented rise in commodities and labour pricing, with further knock-on impacts on global supply chains for technology. This is in turn rendering green technology unattainable for developing and less developed countries and Small Island Developing States (SIDS).

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