| Abstract: |
The implications of COVID developments for monetary policy will certainly
extend beyond the increased use of digital platforms and payments. The current
environment is also focused on smart green techniques and green initiatives
aimed at promoting a transition to a net zero based carbon emissions economy.
During the onset of the pandemic, it was initially thought that carbon
emissions would fall drastically – given the impact of the pandemic, not only
on the airlines industry, but also as a result of “Stay at Home” measures
imposed by jurisdictions, which even made it illegal to drive to certain
places, where purposes for doing so were unjustified. However, the pandemic
has also witnessed unprecedented levels in digital subscriptions, online sales
and marketing – also fueled through digital payments and the use of digital
platforms and distributed ledger technologies in facilitating cashless
payments – cash, namely bank notes and coins, also being considered to be a
medium of COVID transmission. Coupled with attributes such speed, convenience
and ease, the need for financial inclusion has also become an objective in
facilitating the era of innovative digital means of payments. As well as
considering the current implications of measures that have been instigated to
address the impacts of the pandemic, drawing from past and current lessons
from selected jurisdictions, this paper also considers why the transition to a
net zero carbon economy may prove more challenging than may first appear.
However, jurisdictional differences and historical developments will play a
part in determining how sustainable certain implemented policies and measures
are – as well as in facilitating a transition to normality. |