tv [untitled] October 9, 2021 1:30am-2:01am AST
this is about poland, sovereignty its opponents say, it could push poland out of you all together. and given the overwhelming support for the you with in poland, that would backfire on the law and justice party has already seen its support. we can, over its handly, of the pandemic, a political defeat from which it might never recover. sonya ego, our da zera, warn everything we're covering right here, al jazeera dot com, including all the latest on our top story that devastating explosion in northern afghanistan. more on that in a couple of seconds. ah, as i was saying, at least 60 people have been killed in northern afghanistan in the deadliest attack 1st, since the withdrawal of foreign forces from the country at the end of august, a suicide bomber targeted friday. prayers that a she r mosque in condo city, close to the border with tajikistan. hundreds of people were also injured in the
attack. i still in afghanistan, which poses a growing threat to the taliban as claim to have carried out this attack. meanwhile, at least a 1000000 children in afghanistan are risk of dying from severe malnutrition if they don't get urgent treatment, united nations children's fun. unicef says the international community has only weeks to act to prevent a humanitarian catastrophe. brazil is become the 2nd country to have more than 600000 people die from covert. the health ministry registered a further $615.00 deaths on friday saying it pushed brazil above that figure. and, and joe hung 600 white handkerchiefs on carpet cabana beach to mark this milestone, which the united states reached in june to campaigning. journalists have won the nobel peace prize. maria ressa from the philippines, and dmitri myrtle from russia. we're honored for that work which the prize committee that helps protect against abuses of power lies and war propaganda. the
ones actually general antonio terrorist said press freedom was vital for peace, justice and human rights. maria rice's at the prize reflected with difficulties her profession was facing, told me to go marked. it's never been as hard to be a journalist as it it say. this is my 35th year as a journalist and imagine in the philippine government filed 10 arrest warrants against me in less than 2 years. i've never lived do anything like that. um and i guess uh well there's, there is just it's, there's an end to the dart is one of the story from libya, at least 5 people have been shot and killed as an immigration detention center. many of us have escaped from the facility of video posted on the line, shows those who broke out running through the streets of the capital tripoli, thousands of refugees and migrants were arrested in a crank down by libyan authorities over the past week or so. that's it. for myself and the team here in london for now, counting the cost is coming up next of so,
but it was the iraqis, it take to the home in a long overdue general election math products and political unrest around the country lead to an earlier them mandate a new election laws being put in place. can the government now deliver on a promise? they had an open process. second coverage on a da 0. i . hello, i'm sam is a dan. this is counting the cost on al jazeera, your look at the world of business in economics. this week. china needs more coal 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, and the economy slows is thankful lation about to make an unwelcome return. china is in the grid 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 calls to slow global warming, our dependence on coal is only increasing, especially in china and asia. today, the counts for almost 40
a sense 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 these houses scarce, and this only applies to overseas investments. china has been the biggest funder of 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 $100000000000.00 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 from 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, you know, it was completely dark. i can say nothing to her because the power was cut from everything on it that only with vehicles drove past it. or could you see the 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 is 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 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 and our dependence on cole and the initiative from the asian development back. joining us from paris via skype is lucy pinson, executive director at re climb finance. good to have you with us. so would you make of the asian development bank plans to buy up coal fired power plants across asia? so we're good if there is an emergency to phase out from the core sector we of really to the time,
according to climate science. most of the core plants and coal mine needs to be shut down by 2030 and all of them needs to be shut down by 2040. so this leads massive challenge our thousands of quoting trust to children's world, including thousands in asia. and the challenge is huge because we need to plan for convention of the workers, but also development on of a cleaner, tentative renewable energy in particular. and we believe a public scheme crew be interesting in order to facilitate these things out. a waiver we need to pay very much attention to the details and we need our weaker not just bio for, from companies, for bullying entrusted to, and without putting couldn't isa me fits what's or asian development banks as the mine, it's not good. i walked, all right, so different what you said,
do you think this plan of purchasing cow coal power plants is gonna actually help countries move towards meeting that green transition initiative? you're talking about challenge it cooler again at the foundation side of the bio ease only for companies that commit to the building new core planes and that we could meet also 2 pills as our core plans. you know, that you know, renewable energy plan. unfortunately, we see that they become station for companies to go from the corsica to the gas sector. and unfortunately, we know gas is a full issue that needs to remain in the ground. and the gas is fully large through the mita and emissions that are 20 increasing in the past year. and so i pc before that has been property. she's somewhere clearly sure that if we
don't manage all the emissions of meeting, we are not going to make it and be aboard truly meet global warming at $1.00. so the 2 condition, 3 need 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 now to what, 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 had caesar engines, even up mem, banks to only buy coal plans from companies that we could 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 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 institution thinks the responsibility and opportunity to meet, to financing the development of plants 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 him at home. and to make sure that his commitment does apply to plans and projects that are already in the pump line, for, for sure, we can see a lot of inconsistencies from different countries when it comes to closing 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 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 the biggest invest in the corporate world. and which was very minimal or call policy, which is covering only 17 percent of the of the call industry. and which is apply to lead 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, to see that i've been up to speed by hundreds of financial citizens on the course. we can see that andre, the financial institutions don't have any core policy and that we can today
then to find more than 260 financial peterson with a colon policy. only 25 of these policies are actually robust enough in order to prevent the expansion of the called fix her and as to 40 phase owed. and we, we can see the inconsistencies viewed in from many fine and distance, but including from the u. k. banks which are under the port lied because of cub 26 receive call me. and unfortunately we can see that none of the u. k. bank barclay says your land up solder has a 22 p. the rubies coating, the policy actually they are pulled. i need 56 billions of thought are financing to companies that are listed on the global call exits these between october 2018 and for both the winning twin team. so we'd be jan for or the private financial and
each some bonding with the biggest us managers mentioned black vein got mentioned as well. 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 there. 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 read 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 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 every day use vietnam has the highest level of crypto adoption. many countries are thinking about rolling out digital currencies for the caribbean is leaving 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, there are 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 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 banked 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 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 of venezuela launch, the petro, that seems to have sank though any daughter on the uptake there. 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 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 vietnam, india, the top of the adults as of crypto. you know, many people around the world was associate those countries with 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 currency report is that every country has a different set of. so social, political arm, economic reasons that are underpinning us adoption. and so india and 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 people about this data, we heard a lot about home office investments, how 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. my 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 fax on deck, going to be somewhat short lived 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 this. so i think people will be looking to some of these major events to see the impact more generally. i thanks so much. been good talking to you. thank you. i'll gas colon 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 shock, 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 winds, including a warning from the us treasury secretary, janet jaelyn, the world's biggest economy would fall into recession if congress fails to raise
the debt ceiling. that would royal the $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 joins us now live from london. so should we be concerned about stagflation name, or is this just the 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 a transfer factor. and 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 it, 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, 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. and of course, corner 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 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 us 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 year has increased, is that ceiling, and every time it is the last minute, if the u. s. d falls, that's a master issue for the usa economy or it's 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 eating off from this year, the members where they are ready to give some concession to the bar in the destruction. or let's talk about a ground that seems like it's selling parts of its business to trying show up its finances. but with debts running into 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. this good talking to you. pleasure. and that's all show for this week, but this is more for you online about to sera dot com slash cdc. that'll take you straight to our page, which has entire episodes for you to catch up on. on sammy's a dan from the accounting, the cost team here, thanks for joining us. use an al jazeera is next
france once had a vast empire spending several continents. but by the 1940s, the french were forced to confront reality and demands for independence. and the 1st part of the documentary series al jazeera looks at how the colonial unrest grew . conflict and no jury and full scale war and indo china, blood and tears french. the colonization on al jazeera, after decades of conflict between successive colombian, governments and the fox marxist gorillas and historic peace accord in 2016. so a fight has laid down their arms. 5 years on a mit rising defense and fruitful police repression, a new cycle of violence has robbed the nation. people in power of if the agreement
is failing and what's next for the country, columbia, killing the piece on al jazeera. there are some of the media stories, a critical look at the global news media spread also on al jazeera government, shutoff access to social media. ah. ready i so in afghanistan says that carried out a suicide bombing at a share mosque. at least 60 people have been killed. ah, my money inside this is out there, alive from doha, also coming up. ah, 6 people have been shot dead.