Impact of COVID-19 on Energy Economics and Sustainability

The panel starts with an overview of the nuclear industry in the U.S. thereby explaining how the industry is impacted currently by the COVID-19 crisis. The current drop in electricity demand and the possible shift/change in demand patterns as a result of behavioral changes that developed during the COVID-19 crisis will be elaborated together with implied challenges and opportunities for the nuclear industry in the U.S. Subsequently, the likely effects of the corona virus outbreak in oil importing developing countries will be highlighted on the basis of an economy-wide modeling approach simulating changes mainly for the short-run arising from disruptions in global and regional trade. Insight will be given from simulations for various countries to propose a menu of policies to decision makers ranging from international aid, to increased taxes, or removal of fossil-fuels to create sufficient fiscal space to fight COVID-19. Finally, the panel elaborates on the sustainability impacts of the COVID-19 crisis focusing on the crossroads when society begins to recover from the health and economic impacts. One path is toward less environmental protection and national protectionism that will place monetary returns over impacts on Earth's regenerative capacity. The path scientists, public servants, thought leaders and the public should favor is the one toward systems thinking that values the economic services of the biosphere and economies that rebuild to embrace change in an increasingly turbulent world. Insights on taking the better path will be provided. Moderator: Gurkan Kumbaroglu Speakers: Isabella Ruble, Sebnem Sahin, and Edward Saltzberg