Purpose: The purpose of this paper is to answer the question: does the pandemic affect the ability to achieve the sustainable development goals? Design/methodology/approach: The article analyzes selected, available literature on sustainable development, from the genesis of the phenomenon to the current situation. It invoked, among other things, the idea of the European Green Deal. The most current issues related to the pandemic reality were addressed. The themes and changes highlighted are based on data from available reports and statistical analyses. Findings: By the time the pandemic broke out, the sustainability goals had been achieved gradually. But the pandemic has forced policymakers to think long-term. The conditions for transition to the green economy, i.e. the green transition, have also become crucial. In many countries, including Poland, the need for better achievement of social goals in addition to economic or environmental ones has become apparent. Further work is needed to achieve the sustainable development goals. Research limitations/implications: The text refers to a limited number of studies. The problems presented in the paper still need to be empirically confirmed in relation to a greater number of examples, which should result in the publication of subsequent studies. It will also be necessary to fully diagnose the post-pandemic situation and retrace the threads taken up. Originality/value: The article points to already visible changes, being the result of the continuing pandemic, from the perspective of sustainable development goals.
Purpose: The main subject of the article is a phenomenon that is increasingly common in countries of the global economy referred to as the so-called credit crunch. The study analyses the reasons that favour the escalation of risk of a credit crunch in the banking systems. The main objective of the article is to expose them as widely as possible, combining it with verification of the determinants of a credit crunch. Design approach: The empirical research conducted in this study focuses on the Polish banking system. For the first time the credit crunch was observed there in the second half of 2008. It was then that lending to households decreased by 25% and to enterprises by as much as 33%. In the Polish banking system, a drop in the volume of loans to enterprises has been observed for a long time, favouring the increase in risk of a credit crunch. Findings: The article evaluates the potential risk of a credit crunch in the Polish banking system pointing out their links resulting from the implementation of the new climate policy in the European Union as well as the COVID-19 pandemic. This is caused by the fact that during the COVID-19 crisis, credit rating of Polish enterprises decreased significantly, causing partial restrictions or even elimination of bank loan in industries threatened by the crisis. Research implication: The Polish economy is facing a significant challenge of meeting the EU criteria for limiting CO2 emissions, which will force domestic enterprises to invest considerably in environmental protection and will increase their demand for debt financing, including bank loans. Banks are preparing for green lending to the Polish economy which signifies a strong transition of loans to investments which meet the taxonomy criteria and are therefore subject to climate objectives. Practical and social implication: Industry risk will determine lending of Polish enterprises under the conditions of the European Green Deal. Green financing of investments of Polish enterprises is therefore becoming a significant potential cause of increasing risk of a credit crunch in the Polish banking sector. Originality/value: Presentation of the enterprise credit dilemmas in the conditions of financial instability of the global economy in the perspective of credit-crunch in Poland is a novel, original and contemporary subject. The diagnosis of the determinants of this threat has facilitated their positioning relatively to the risk of credit-crunch in the Polish banking sector. The results of this analysis underline the risks in this sector and the consequences of introducing European taxonomy of green investments as factors limiting credit actions and enterprise credits in banks.