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tv   [untitled]    October 9, 2021 12:30pm-1:01pm AST

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so we want to plow it to what products to build them, schools and to improve their livelihood. so better as a le plans range in their area. they will appreciate that if they have an impact, we also have competing land uses. i like agriculture. so we want mic wildlife conservation our repellant, the land use. so we are going to plow buck, they say investment and debbie namath that pops up on it. that's. we are going to do this annually because it's not chip. so bad to we are able to secure space beyond the pack boundaries and secure our elephants. because sam, we have to come up with a innovative ways. we want to put the page expensing to detail at once from moving to people. we want to book put our pair, bo holes for people and also for animals because of the impact of climate change. all right, thank you very much. i that was apache commentary satcher with a kenya wildlife service and really their societies. we've been talking to here in
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research, as we've been talking to here, say that it is important to involve the communities and to ensure that communities create this safe and migratory corridors. to make sure that the big animals like elephants are able to move from one place to another because this is the only thing that he's going to save this iconic creatures anxiety. catherine. so either ah, let's take you through some of the headlines now. their senior u. s. and taliban officials are due to hold talks in ca, thought it will be the 1st in person meeting since american troops last afghanistan . isolated high on the agenda after a suicide bomb killed 60 people and conduce on friday dash of one. i am has more from dow ha. expectations should be tempered regarding a breakthrough because at this juncture, it appears there still quite
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a chasm between what the us wants and what the transitional government in afghanistan wants. the united states is simply framing this meeting as, quote, a continuation of pragmatic engagement. it's had with the taliban on matters of vital national interest. american interests, i should note chinese president, she ging ping is again vowing peaceful re unification with taiwan who spoke at a ceremony marking a 110 years since the end of imperial rule. taiwan has come under increased military and political pressure from china to accepted sovereignty. the number of brazilians killed by coven 19 as surpass 600000. it's the 2nd highest death toll in the world after the united states. more than 50 people have died and almost 70 are believed to be missing after a boat sank on the congo river. rescue crews among gallop province have been on the scene since the vessel capsized. a week ago. it's counting the cost now.
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inequality corruption, repression and dream ability. he just decided to come to the piece of cake and shooting. a new documentary explores the desperate state of democracy and lebanon. wow, ah, through the eyes of those who are losing home every day. oh, teams are becoming blue. democracy maybe democracy for sale on al jazeera. i hello, i'm sammy zaden. this is counting the cost on al jazeera, your look at the world of business in economics. this week. china needs more call
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to power. it's homes and industry as it faces its 1st blackouts in a decade. the world attempts to reduce its reliance on coal. will the banks be the big windows? also of this week when is a digital currency knots, and e currency? venezuela launches the digital bolivar in another attempt to revive its worthless currency. back to the 1970s as energy prices sore, inflation rises on the economy, slows is thank flash and about to make an unwelcome return. china is in the grip of a power crunch. a shortage of coal new tougher emission standards and rising demand from industry have all contributed to push coal prices to record highs. that triggered power blackouts in some parts of the country. and india has warned, it only has enough coal for 4 days more than half of india's power plants are on alert for outages after searching electricity demand. despite cold to slow global
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warming, our dependence on coal is only increasing, especially in china and asia. today, the counts for almost 40 percent of all electricity generation, billions of dollars are still being committed to new projects. that may be about to all change. there is an initiative that could be unveiled at the cop $26.00 climate conference meeting in glasgow next month. the asian development bank and u. k. ensure a prudential are working on plans to buy coal power plants in asia and shut them down long before they come to the end of their lives. china's president, she ging ping pledge to end funding coal projects overseas. that could affect $54.00 megawatts of planned projects, which could save the world 3 months of global emissions. but details is scarce, and this only applies to overseas investments. china has been the biggest funder of
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coal plants, investing $45000000000.00 since 2014. japan is the 2nd biggest with $20000000000.00. now we mentioned that because it's the biggest shareholder of the asian development bank, along with the united states. the a, b, b is finance, $42500000000.00 of all types of power projects. since 2009, it's new plan to buy coal plants is likely to cost around a $120000000000.00, which the big scheme of things isn't much rich nations was supposed to be contributing a 100 $1000000000.00 a year to poor countries to mitigate the impact of climate change right now, china has set aside its new emissions market and told local authorities to find the coal to power electricity generation. rob mcbride explains the province is in china's northeast or suffering. some of the countries, worst power cuts with cities plunged into darkness lasting hours. so you get,
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you know, it was completely dark. i can see nothing because the power was cut from everything on it that only we vehicles drove past it or could you see light all around? 2 thirds of provinces are now affected. it's due in part to the rising cost of coal, which means it's harder for power plants to make a profit. so they're producing less electricity. that's affecting economic output with some analysts predicting a slow a growth rate this year. china's older, more energy hungry industries are being hurt the hardest, but the country is leadership is on a drive to transform to a greener, more energy efficient society. and for that, it needs to move away from its reliance on coal. gradually air pollution has been reducing in china's major cities and even china's neighbors. like south korea have been seeing more blue skies, arlene, but president she jane ping, as he outlined to the recent un general assembly. once china to become carbon
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neutral by 2060, he set ambitious targets for provincial governments to reduce carbon emissions. adding to the pressure to cut back on burning coal are now where there's really tightened environmental regulation or in the background of carbon emission reduction. and there is a strong incentive for local governments to shut down power plants and also occur on the coal production. and asked why we get here. trying to strike the balance between environmental ambitions and economic growth, with the energy demands of the winter months. just ahead, rob mcbride, al jazeera hong kong. right, let's get some analysis now on dependence on coal and the initiative from the asian development bank. joining us from paris fire, skype is lucy pinson, the executive director at reclaim finance. good to have you with us. so what do you make of the asian development bank plans to buy up coal fired power plants across
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asia? so we're, that is, there is a new magine see to free road from the core sector. we have very little time, according to climate science. most of the core plan for coal, mine needs to be shut down by 730, and all of them needs to be shut down by 2040. so i'll just leave message. chuck turns out thousands of coding for the q of the run the world, including televisions in asia and challenges. huge because we need to plan for the foundation of the worker, but also given up on the cleaner or tentative renewable energy particular. and we believe a public schema could be interesting in order to facilitate these things out. a waiver, we need to pay that much attention to the dieters we need are we not just bio from companies putting entrusted to without putting coordination?
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if it's what the asian development bank as the mine, it's not good. i walked. all right, so given what you said, do you think this plan of purchasing cow coal power plants is going to actually help countries move towards meeting that green transition initiative? you talking about a challenge, a cooler again at the conditions that bio ease only for companies that commit to building new plants and that we could meet also to pills as a core plans. you know, that you know, renewable energy. and unfortunately, we see that they some taishan for companies, you go from the corsica to the gas sake sales. and unfortunately, we know gas is a full issue that needs to remain in the ground and gas ease for large
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through the meter and emissions that are 20 increasing in the past year. and so i pcc before that has been probably, she's somewhere clearly sure that if we don't manage all the emissions of meeting we, i'm not going to make it and be aboard truly miserable, roaming at 1.5. so the 2 conditions really need to be made. the company needs to be forced to stop expanding and building new plans, but they also need to commit to breathe, renew in building energy and know what i'm, what is the likelihood of those 2 conditions being met? what do you think is going to happen? the conditions will be made eaves alums and try stitches a scheme to buy out these plants. put these 2 conditions on the table, and it's not happening yet. so it's have cesar engines, even up men banks to only buy coal plans from companies that we could
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meet to do see to can the sense, okay, now i want to share this and i'm sure you know these numbers, but in january 20, 214488 institutional investors, which of course includes pension funds, banks often well, funds and so on. while they all held investments, totaling $1.00 trillion dollars in companies operating along the thermal coal value chain. right. the world's largest institutional investor in the call industry is of course, the u. s. mutual fund company vanguard. we keep that in mind. us investors collectively account for 58 percent of institutional investments in the global coal industry. now, with holdings of $81000000000.00 investors from japan account for the 2nd highest share of institutional investments in the cold industry. so if you keep all of this
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in mind, and keep in mind as well, that the biggest shareholders of the atp ah, the u. s. and japan does this thought to look like the u. s. and japan is using the 80 b to cover their institutional investors. well, i guess you could say bad investments for sure that the real gender, both teach institution thinks the responsibility and opportunity to meet, to financing the development of course, plans abroad. we also seen in the last week time which has made a big commitment to stop developing new plans abroad and a waiver. we are also waiting for try not the same for meet them at home. and to make sure that the commitment does apply to plans and projects that are all ratings of pump line for for sure, we can see a lot of inconsistencies from different countries when it comes to closing
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and exiting from the core 6. so in order to meet the climate play, jeez, now, what about all the talk from financial institutions about the 0 net 0 goals? is that just rhetoric? when you keep in mind that they're still providing finance to call, right. so they are providing finance to call and unfortunately we, we can see that there is a big discrepancy between the native pages taken by private financial. and you mentioned vein gown, but we couldn't from me mention black rock which was 2nd biggest invest in the core power sake. and which was very minimum or color policy, which is covering only 17 percent of the of the call industry. and which is apply to lives on a 3rd of the process from the management. and according to the core police to which is a tool available online, which i'm alive for,
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to see that i've been up to speed by hundreds of financial institutions on the course. so we can see that andre, the financial institutions don't have any core policy. and that we can today into 5 more than 260 financial peterson with a cold policy. only 25 of these policies are 20 rule this enough in order to prevent the expansion of the call sector and to 40 phase owed. and we, we can see the inconsistencies viewed in from many final edition, but including from the u. k. banks, which are under the port lied because of cub 26 with the call me. and unfortunately, we can see that none of the new k bangs barclay said your planned upside or has 22 p, the ruby's coatings, the policy. actually, they are pool by the 56 billions of thought are financing to companies that are
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listed on the global court executive between october 2018 for both the winning twin team. so we'd be in janesville or the private financial and each some bonding with the biggest us managers mentioned black then got mentioned and the u. k. banks to respond to the climate. imagine an art training do what it takes to meet and they do will page. right. thanks so much for making that point. lucy, pinson, the angel. aah! venezuela introduced a new currency, the digital boulevard with 6 fewer zeros than the previous one. the move makes the currency more manageable after years of hyperinflation. more than 50 countries have been down this re denomination road since world war 2. the most significant re
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denomination in history occurred in hungary and 1946. when the pango was changed to the forrent with an exchange rate of $400.00 oak tilley until one. now if you're trying to think one is a knock cillian, while it's a one followed by 27 zero's. more recently, zimbabwe read denominated its currency 3 times between 20062009 with inflation hitting nearly 80000000000 per cent. the country cut 12 zeros off the value of this embargo dollar. and one more example, chronic inflation in turkey between 197-2005 resulted in the depreciation of the lira. similarly, venezuela's year on year inflation is 1743 percent. according to the venezuelan finance observatory, but the new digital currency may be misleading because according to the financial times, the digital currency is no different to any other currency. the confusion was enough
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to spark a crypto currency rally according to chain alesis. venezuela has the 7th highest take up of crypto currencies and is not being used for speculation, but for remittances in everyday use. it nam has the highest level of crypto adoption. many countries are thinking about rolling out digital currencies for the caribbean is leading the world with the deployment of digital currencies. the bahamas has the sand dollar and the eastern caribbean central bank launched. d cash . let's bring in august now kimberly growl, a director of research a chain alesis inc. good to have you with us. so kimberly, they're a full team countries which are currently piloting central bank digital currencies including china. but why have caribbean nations been the 1st to actually launch theirs? we are seeing that central bank, digital currencies are seeing increased interests throughout the world. and i think
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that's because there is a lot of benefits that they can pose that they can offer. they cut down on fraud and corruption and they can reduce theft didn't, especially in places that rely heavily on cash. and there's also opportunities where they can kind of make banking a little bit easier across the board for this and bank to population. and when it comes to the caribbean, we could only really speculate as to why they're being such leaders in this space. i know we recently just finished a report that looked at crypto currency adoption at every country and actually the caribbean didn't stand out in any real regard in that, in general crypto currency adoption compared to other regions. the, the, the most adoption actually happened in the dominican republic, which ranked 51st on our global crypto currency adoption index. so we know it's probably not related to crypto currency adoption, but i do think from what i've heard that there is a strong desire to modernize the payment infrastructure throughout the caribbean in
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order to effectively transact with people on these people on different islands. and especially since most of the country, a lot of the countries, there's lot of different disconnected islands and they already are already relying on cash that it can make things just more logistically difficult. and so i think that it's seen as an opportunity to kind of overcome some of those problems are cool. now the, we talking about the dos to venezuela. launch, the petro, that seems to have sank though any doctor on the up take. they're data that we've seen on when it comes to petro app is we've actually seen the number of people visiting this site steadily declining. and so it's, it's the main number that we're looking at right now. whereas there was a peak of 7000000 users in when, after launch in 2019, now we're looking at around a couple of
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a 100000 or so the average monthly people going to visit, you know, the petra site. so, and this is kind of static, continuing to steadily decline over the past 12 months. so i think that your, i'm what you propose that the question is, is probably somewhat true. should be a little bit surprised to see viet, ma'am india the top of the adopters of crypto. you know, many people around the world was associate. those countries were good, strong economic growth while people going digital there with their money. i think that there's um, not one story to tell. one of the things that we've learned from the crypto guarantee report is that every country has a different set of. so social, political arm, economic reasons that are underpinning us adoption. and so indiana vietnam are actually very different stories we saw in india. there was a lot of defy activity and a large and a lot of the transfers were extremely large. and then when we went in to talk to
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people about this data, we heard a lot about home office investments are high net worth individuals. busy busy are really taking part in, in the crypto currency ecosystem. and then when you go to vietnam, we're seeing more peer to peer market activity. we're seeing and we know about a, a strong remittance hub in, in vietnam. so we think that we think that gross has actually been consistent for them throughout the year and relative to all of their social circumstances, they're doing well, but they're actually thriving for different reasons. what impact do you think though china's band might have on crypto currencies? we've been a little bit surprised to see them so far. well, i guess you could say the tokens of taking them in their stride so far bands are nothing now, especially in china and our previous bands have been somewhat sporadically enforced . resulting in the facts on deck. going to be somewhat short lived,
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as we've probably seen in the past few weeks. and just to know it though, i think countries around the world are taking up these discussions on how they want to interact with digital currencies. and what's interesting and how they want to go about doing best. so i think people will be looking to some of these major events to see the impact more generally. all right, thanks so much. been good talking to you. thank you. i'll gas coal and food prices, a soaring adding to rising inflation. supply chain disruption is leading to factory closures, which is impacting economic growth together, rising inflation and slowing growth or stagflation spells trouble. it's reawakening fears which last surfaced in the 19 seventy's when an oil price shocked, decimated, growth, then inflation and interest rates ran into double digits. unemployment, sword, and economic growth struggled for traction. the global economy is facing other head
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winds, including a warning from the us treasury secretary, janet yellen, the world's biggest economy would fall into recession if congress fails to raise the debt ceiling. that would royal with $22.00 trillion dollar u. s. government. that market should the government default on its debt. and in china, one's china's biggest property developer ever grande's wrestling with more than $300000000000.00 in liabilities. over grande's possible collapse has triggered worries about contagion risks to the property sector in the world's 2nd largest economy. let's get some analysis now from 9 i slam. he's the chief markets analyst that average trade joint us now live from london. so should we be concerned about stagflation name, or is this just a storm in a tea cup? but thanks for having me lick. i think with respect to inflation central binds those, made their position very clear that this is nothing by just
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a transfer factor. and the believe that inflation bill full at perhaps at a q one of 2022. but if we look at the overall supply supply chain and the pressure coming from the price is because of the bottleneck was just created because of the constraint on the supply chain. that is a concern. and we believe the central banks should react. and don't really think this is only a transitory issue because this could actually hurt the economy if it continues to rise at a pace that we have seen in the past few quarters or in the past few months. so, you know, i totally agree with the central banks and they say, hey, inflation is just temporary, not well for the time being. yes, but i think given where we are for in terms of a economy in terms of the nomic data, i think there is a qualm among investor that he s inflation should start coming down. now,
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if it doesn't, then there is a serious problem with the global economy, and you mentioned that the supply chain bottle next, one of the world's biggest global port operators devised the will. warning about that. does this suggest to factories might slow or even stop production? not only because of energy shortages, but to meet low a consumer demand. i think that the key element over here is energy shortage, which is very much slowing down the production of course corona virus has disturbed the entire supply. and that will take time, but we don't necessarily think that it is going to take 2 years for that production to come back to the pre kona virus. i will, we believe that by the end of q 2 in 2022, we should see a fairly, very good reaction on the supply chain and then these constraints should start
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mitigated by that period. let's talk about another self inflicted crisis, the u. s. debt ceiling, which could have a huge impact, not only on the 22 trillion u. s. government that market, but also on jobs. you think it's time the us got rid of the law limiting borrowing . if a drama that we have seen many times previously, if you look at the history 88 times a u. s. has increased, is that seen him? and every time it is the last minute, if the u. s. t falls, that's a master issue for the usa economy or is rating forest growth or it's g d p. and we believe that in u. s. want to for i think that then as always, the decision is going to the last minute. and now we have started to see some signs of ease enough from this year, the members where they are ready to get some concessions or to buy the administration. or let's talk about a ground that seems like it's selling parts of its business to trying shop its
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finances. but with debts running into all 300000000000, can it pull it off? i think best of all, it is essential for me to mention that it is a very healthy sign that p b and c isn't really interfering with chinese government isn't really interfering. it is, let team price fine is on value given what the debt levels are with respect to the company. but at the same time, it is essential for the go and the b. c and other authorities to support and not let this one turn into a domino effect. because imagine the smaller businesses, the medium sized businesses associated and the impact of this particular event on them. we have already started to see. i squeeze on the smallest medium sized businesses because what is taking place with our brand? all right, now, my son from london ness good talking to you. pleasure. and i saw a show for this week, but there's more for you online about to sarah dot com slash c t. c. that'll take
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you straight to our page, which has entire episodes for you the catch up on. i'm sammy's a dan from the accounting, the cost team here, thanks for joining us. news and al jazeera is next october on al jazeera and growing vaccine inequality to the political and economic impact. the latest development at the corona virus pandemic continues to spread across the globe. democracy made an expensive new series, explores the ever growing challenges to democracy around the world. former book him after president place come pouring goes on 5 for the assassination of his predecessors. commer. thank of context, india direct from them by brings insights and perspectives from the world's most populous democracy. yorkie go to the palm in an election likened to the point the country's future. october on al jazeera,
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with tiny hidden cameras and the nose are illegally filming, and sharing people's most intimate moments. when you investigate south korea's by coming the demick on al jazeera, ah, this is al jazeera ah, hello and welcome. i'm pete adobe. you're watching the news. i'll live from dough coming up in the next 60 minutes. high level representatives of the taliban are to meet a u. s. delegation and cat are the 1st such talks since america's afghan withdrawal . china's president,
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she ging thing again promises re unification with taiwan but avoids a direct mention of using force.


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