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tv   [untitled]    November 6, 2021 1:30am-2:01am AST

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well, ampersands once again, be thanking them for the music or sending out musical eso ass ways. julia went of this for all these years. i never thought it would come to fruition. oh, now it has ever since. disbelieve for me, it wasn't like a real weight. i just never expect to thought i would be able to listen through a new album. so it was completely wonderful for me to be able to experience it. magical, ah, how main stories now, 9 ethiopian factions are formed in a line saying they planned to bring down abbe abbott's government either by negotiations or through the use of force. a groups made their announcement at an event in washington, d. c, but it was swiftly dismissed, as a publicity is done by the government, which is now urging former military personnel to rejoin the army. the alliance includes the to grime people's liberation front,
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which is in battling government forces for the last year and says that it's now within a day's drive of the capital. as we suppose to the milled of crisis, facing the various nations of the country and to reverse the harmful effects of abbey armored autocratic, rude to our pupils and beyond. we have recognized it the advent need to call our breath and join our force towards it's safe condition in the country. hence, harvey establish of the united front of the opium federalists didn't come federal forces will than a 100 people have been injured in protest against election results in iraq. security forces fired in the air and use tag asked to disperse. the crowds gathered in baghdad demonstrate to say there's been vote reading and reject the outcome of the election groups aligned with iran last dozens of parliamentary seats. the drug company, pfizer says a new pellets developing cuts, the risk of hospital admissions or death from corona virus, by almost 90 percent. a trial of the experimental drug has been stopped early after
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positive results. company plans to now ask regulators to authorize its use as soon as possible. and the last president is saying that his country is secured. millions of doses of the drug and thousands of young climate change activists of march to discuss her city of glasgow on day 6. of the cop $26.00 climate conference, large numbers of school children took their banners along to what thought to be the biggest demonstration held at during the conference. so far, it talks and to find ways of limousine global warming to one and a half degrees celsius. but many of the protest as the saying promises made at the climate talks and not enough. those are the headlines as our counting. the cost is coming up next. that's it for myself and the team here in london. we'll see you tomorrow. serious dorcas day was one month leading the country through prism to alice's last legitimacy. he
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needs to step how has he retained control through over a decade of war. we examined the global power games of president bush out on the south. we believe assad simply carrying out iranian orders, want you to awake at night. when you reason that could effect any human assault master of kills. coming soon on all 0. i hello, i'm money inside. this is counting the cost on al jazeera. you will look at the world of business and economics this week as the arctic warms at twice the pace of the rest of the planets who will protect it from oil and gas exploration. the big money enabling big oil to drill for crude despite pledge is to go green. as we burn
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more fossil fuels, the ice is melting in greenland uncovering much needed rare earth minerals that will power a green economy by greenland cheap promise. a protesting against the plans to mine and as india deepens its reliance on coal, where at the site, if an underground fire that's been burning for more than a 100 years destroying thousands of homes and making the area uninhabitable from many of the towns residents. ah, for almost half a century, the international energy agency had one goal. make sure as patrons, the wells richest nations, had uninterrupted access to all will. now the power space organization is warding well to stop galloping new oil and gas fails to avoid a catastrophic rise in temperatures. but is anyone paying attention big finance and
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big oil or continuing to plow billions of dollars into new production? and i want to clean the targeting the arctic region where the delicate environment has seen extraordinary melting of ice due to the burning of fossil fuels. now, according to reclaim finance, the banking industry has provided $314000000000.00 for oil companies. between the years 2016 and 2020. and investors held roughly 272000000000 in oil and gas stocks and bonds. saving a super time car through that own climate change commitments. there are $599.00 oil and gas feels in the arctic. $222.00, a currently in production that he 9 are under development. $238.00 have been discovered in the next 5 years ought take oil and gas production is expected to increase by 20 percent. take
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a look at this map of 20 plus oil companies that are developing new oil and gas fields in the arctic. the biggest expansion is happening in areas on the russian control, 74 percent of gas problems, oil and gas reserves are base their americas kanaka phillips is expected to increase production levels by 36 percent by 2030. and despite europe having some of the most aggressive net 0 emission targets, nearly half of the oil companies or european by 2030 francis total energy will increase production by 28 percent. but it's not just oil and gas that's being uncovered. as sheets melts in greenland, huge deposits of red elements have been exposed. these are vital in the production of low carbon technology such as electric, cars and wind turbines. the farmers worried about radioactive dust and waste water
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trying to block these mining projects. al jazeera is environment. edison nick clark visited the town of norfolk in south greenland. the sight of one proposed mind a statue of leaf ericsson, the viking, who said to have discovered america 400 years before columbus gazes out overseen. that might surprise you. it's the end of summer and the sheep have been rounded up for market. farming is part of the way of life in the south, but these lands also hold new possibilities. i headed up a mountain valley near the town of nasa. the rocks here hold some of the world's richest deposits of rarer minerals. this is the sides of an old uranium mine. it's long been the commission. but now international mining companies want to dig deep again. the rock we see all around us. here is 434 kilometers beneath the earth's crust. and then about a 1000000000 years ago, these mountains just rid up. and they reckon that within this area alone,
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there are one and a half 1000000 tons of rare with minerals, with another $26000000.00 tons at a site nearby. and all of that combined is enough to supply the wealth total need. a rare earth minerals for 115 years, which is why this whole area is just so valuable and has so much attention. this is my mother's father. i met with neil secaria son who's been fighting the proposed mind for years. man, i to the shots of a lot to ship. if the mind gets to go ahead, the 1st thing that will affect us is dust followed by radioactive radiation. those things will start from the 1st day of production. that's gonna affect our water supply and it's only 3 kilometers away from the mining site. meaning we won't be able to continue living in norfolk public meetings were held earlier in the year with the mining company involved. although they didn't attend the most recent one as much as they green, the minerals who are australian and part chinese owned the c o told al jazeera,
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there's been misinformation about the project in the community that does not accurately reflect the impact assessments and has caused concern among local stakeholders, this is unfortunate when the project is met stringent environmental standards. morning would bring jobs, business opportunities and economic stimulus for the local community. the cross greenland, the issue is so controversial, it toppled the national government and in came the indigenous in you at party, who have promised to stop the mine. but they recognise a future government might reverse that as a day draws to a close more sheep of being rounded up. the farmers have grave concerns about the impact of toxic waste on the land and waterways. the sheep thrive on the water will be poisoned and the sea will be posted and then we will be post it. i will never accept the mining the queen. then 6 call to have been keep going in 1000 years. not many people could survive here. and there to be strong to live here in green
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and long ago the viking saw the potential of this part of greenland. and as the ice melts, making more mining sites accessible. interest in green and rich resources will only increase. right, let's get some analysis. i'm joined by alex, missouri, a fossil free finance campaigner, re clam finance. alex is the principal author the latest report on oil drilling in the arctic. alex join me from paris. many thanks for speaking to us on the program . now the us climate body, the p. c. c and the international energy agency, the both warn, but it's critical that we don't develop any new oil and gas fields, but that's not what's actually happening in the arctic. is it? yes, it's in fact to very, very big problem and, and increasing threat because the arctic is already under threat from climate change, but it's increasingly under threat from the oil and gas industry. our research shows that there are more and more companies developing more and more extraction
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projects and not to ramp up production in the arctic by 20 percent in the next 5 years. and things could get even worse, because in total we counted that there are an extra $200.00 also oil and gas fields that i yet to be extracted. i'm in total, this would be enough to burn 22 percent of our global carbon budget by 2050. if we want to stay below $1.00 degree, which is the global aim, of course, and given the climate and environmental emergency that we're facing, the optic should definitely be off limits for the oil and gas industry immediately . what's interesting is that many banks and financial institutions have made optic pledges, haven't they? but despite that their money, it's still getting to those oil companies that are drilling in the arctic. why is that happening? well, that's what i would call the object paradox. and a very good example of the gaps that we can see between grand pledges and made typically a cop 26 and reality on the ground on the ground. because big,
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big banks across the world, oxygen to become carbon neutral, they are pledging to supporting oil and gas extraction in the arctic. unfortunately, the numbers tell another story support for article oil and gas extraction has continued completely unabated in past years the pipe, despite all these policies being implemented, they are failing to stop oil and gas extraction in the attic, particularly because of the major new cars in the policies, for example, they can still keep funding. the companies that developed the projects made decides they have a pick and choose approach on the geographic scope of the arctic. and some of them will keep supporting just projects, despite the fact that they're also climate bonds in the making. explain to me the geographic definition a little more clearly because it's all about the definition of the arctic and how they're using that to the advantage. so the big problem we have is that there is no such definition of the arctic right?
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there are no clear boundaries to the arctic and this has been used by financial plays to their advantage, to sort of pick and choose what scope of the arctic they choose. to protect, so caught protection and we counted more than 13 definitions that the object used by different banks invested and ensures in their articles, essays, which goes to show how many different ways there are to qualify the arctic. unfortunately, of course, all those definitions tend to restrict the scope of the arctic instead of broaden the exclusion and protections are in and good news. last week for the 1st time and major french insurer axa agreed to broaden the scope of its arctic policy and use the one that is recommended today by civil society. the said, the broader one that encompasses all of the arctic ecosystems. well, that leads is very nicely to do some naming and shaming which financial institutions invested in the arctic a heavily invest than what is their exposure?
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can you talk through some of the big players? yes, so we differentiate banks and investors bank wise in total, we counted $314000000000.00 and financial support from around $100.00 banks to our tech companies developing new project. currently among them, the top bank is j. p. morgan chase with a broad, with a more than $18000000000.00 spent on these companies in the past 4 years. and j. p . morgan, chase typically for example, has been supporting gas prom, which is a major player in the attic as a producer. and as a developer, there is no way j. p. morgan does not know that. so when they support gas problem with, you know, learn, for example, they are supporting their eval plans in the arctic despite the fact that j. p. morgan chase now has an arctic policy, and one among the other big bank is we have barclays with $13000000000.00 citigroup
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with around $12000000000.00. and then he bought the french bank with around $11000000.00. that $1000000000.00. sorry. and then investor wise, the leading the ones leading the pack back rock as per usual, black rock is always, heavily invested in the oil and gas industry. we also have been god and the french, i'm wendy, which is also a big player in the arctic. of course, there are many more in total we counted around $270000000000.00 invested in those 20 companies that are currently developing new oil and gas projects in the attic. so why is it that they're allowed to continue doing this? have they been challenged about the investments and what is their response? that's a good question actually. i mean the response has yet to come. officially, they're not actually contradicting their policies. they're not, you know, we can't really full success. we can't really. we can't say that they're doing something wrong based on what their policy says. the problem is,
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the policy is an effective and designed to be ineffective. that's what i was saying about gas prom and j. p. morgan. of course, they know that by saying that they will stop supporting projects in the arctic. they are not stopping any support to the companies in the attic. so we see major loopholes in all the policies in terms of corporate financing, in terms of the geographic scraped, picked by the, by the bank or the insurer. and the fact is, at the end of the day support has continued unabated. in certain cases, cases, it hasn't even increased. for example, hsbc. then people who were both top supportive in 2020 of 2 companies despite having made their pledges in 20172018. so that's been time and yet support is increasing. so this is definitely a policy issue, but it's, it needs to change and we are hearing that some of the banks and ensures are looking to change the policy. but we have yet to see more improvement. this week,
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of course, was called 26. the global climate conference in glasgow and we have had pledges made from some of the banks. you've mentioned, in fact, many of the top financial institutions that they will commit a 130 trillion dollars of their capital, their own capital to help economies transfer to net 0 carbon emissions by 2050. what do you make of this pledge and other pledges like this? it goes back to the same climate paradox of these touches. i mean, from what we understand so far, these pledges don't actually mention the big elephant in the room, which is when to restart facing. and phasing fossil fuel production. so progress has been made on coal for example, but there has been no progress made around oil and gas around the oil and gas production problem. and the fact that yes, as we can see, not just in the arctic, it's across the world. there are new projects being developed every day,
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every year, every month. and this is unacceptable. as you said earlier, the, the international energy agency has been very clear that if we want to stay below 1.5 degrees, we need to stop expanding oil and gas production. and this is definitely not the direction we're going into. and the fact that the banks yesterday or the day before, had been making commitments around climate and carbon neutrality, but never, never said we will never, we will no longer support oil and gas expansion. for example, just goes to show that we still have a long way had before the banks actually commit to agree in a future. alex mazin a really good to talk to fossil free finance campaign at reclaim finance. thank you . thank you. the burning coal is the biggest source of electricity globally and the biggest source of carbon dioxide emissions. the wealth 20, the largest economies have agreed to n financing of coal power plants overseas. but there was no commitment to curbing
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usage at home, and there was no end date for the use of coal. without firm pledges the world is currently on track to miss its goal of limiting the rise of global average temperatures. to 1.5 degrees celsius. as india deepens its reliance on coal, al jazeera is elizabeth moran. i'm traveling to the georgia coal mine in jock hands when underground fire has been burning for more than a 100 years destroying thousands of homes and making the area uninhabitable. many of the towns residence these fires have been burning across the jody a coal field in india's eastern state of johnson for more than 100 years. they've destroyed thousands of homes and made much of jody a town uninhabitable. village bowery is now a single parent. after his 30 year old wife call jani baby fell into
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a pit while taking a daughter to use the toilet the ground. he often caves in the cause of the fires to my daughter came running and said mommy has fallen into a bit. i rushed to the spot and i pray to god that no one has to ever see a site like that. julia is india's most lucrative coal field, but also the sight of one of its biggest environmental disasters underground fires were 1st detected in 1916 and abandoned mines, which weren't decommissioned properly. more recently, 2 decades of unrestrained open cast mining has brought fires to the surface, but the indian government is pushing ahead with plans to expand the sector in jack and, and beyond. india is developing. it's in the industry and just realizing and for that you need power more and more for what is needed for the 70 percent via depend on this. india is already the world's 2nd largest producer consumer
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and importer of coal jock and is home to the country's largest coal reserves, but also to forests rich and bio diversity. the coal block under these fields. and that forest was auction to one of the biggest companies nearly a year ago, but no work has started. that's because the state of jack and as challenging the central government's plans and the supreme court on environmental grounds, there are plans to convert these fields and large tracks of forest into mines. displacing tens of thousands of people who often belong to indigenous tribes. politicians and jobs can say any expansion must take people into consideration. the problem here is we want everyone wants call gorman one school. we want expansion. but what does it cost? people are paying for it. the truth is that there is an expansion, but people are not getting the view. you want to have
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a call back. you want to have the call. but what about the people living about the service? like thousands of others billet bodies says he won't leave judie because the government has provided proper accommodation elsewhere. as india's electricity demand grows with its economy, environmentalists say it must prioritize clean energy for any development to be beneficial in the years to come. coal capacity has doubled in se, asia since 2010 institutional investors have poured one trillion dollars into companies operating in the global call industry. now the asian development bank plans to buy coal plants and asia and shut them down over the next 10 to 15 years. is that part of the answer to our climate change challenge? while i'm joined by katerina, helen brown won't deny in the head of for such at carbon track many thanks for joining us on the program. what do you make of the a d. b 's plans to buy and shut down coal plants in south asia. it's an interesting
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proposition, but clearly this illustrates what we have been saying for quite some time it highlight standing risk. so strong the assets, all those invest that will not run to the end of the lifetime and investors will not be tube the full amount of their investment. and clearly, if they are now being bored and being shut down ahead of their lifetime, could precisely be a crystallization of what we have quite as strong as the risks. and by buying these coal plans, are we not rewarding financial institutions for the bad decisions that made in the past. clearly at carbon georgia, we don't saint luke, somebody else buying these plants will resolve the climate problem. the reality is you really have to shut them down because otherwise you have another not keeping
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potentially operating them. but in this case, the positive news is that the getting shut down. so what we are looking at is some form of an orderly wine, joan. we find it most important that the wind on happens in an orderly fashion so that you do not get massive disruption risk. so in a sense, patches agreement as well this, this is probably a, a slightly more orderly wind and outright shot because you do, you do get some compensation. but clearly somebody went out to pay for the last for that stranding risk. indeed, that is a problem. how do you convince, sorry for interrupting you, but how do you convince governments to back these kinds of plans when they are livelihoods, and jobs at risk? what clearly, there are those big issues with regards to jobs, answers, communities. but you also have to keep in mind that by now,
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in most cases, outright, renewables are already cheaper than coward. and you actually get a benefit to consumers and you get a benefit to the system. so ultimately, the energy transition will be cheaper if you execute it now and put in place orderly order, the transition plans and phase changes because also otherwise you will get to this orderly wind down. you will get much more volatility and the cost will ultimately be much, much higher in financial times as well as climate terms. are there any countries where policies have been implemented successfully, which can be translated to other countries? you had the e. u is obviously quite dead and you could also say the u. k. europe is much ahead in its co pays our policies and there was hardly any code on the system at all. and
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it has done so by incentivizing renewables. and by putting a carbon price in and that has really let now to the market pushing code on our system and be a carbon price has been one of the most successful tools to get that transition on the way. the difficulty of course, is those are the developed countries you're talking about in developing countries. is much more of a challenge we heard from india's prime minister recently, who said that developed nations should contribute a large chunk off their finance for this energy transition of poor developing nations. what is the solution? do you think to make these changes in developing countries? there is a great chance in many developing countries to actually achieve access to energy through renewables. there is with going through a phenomenon of incredibly strong energy and electricity. monkwood is actually
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filling up with renewables. it's great opportunity. and a lot of these countries actually hold to raise resource space. so they have a natural advantage of putting the transition into place. so if it is to really, it is about putting the right regulatory system in place and letting the market propose for that in a g transition. because you have the natural resource space in many countries to even help the manufacturing base that is required. whereas you may be importing code, you may be running ineffective, that's expensive to run. but you don't having to subsidize through market distorting regulatory system. and it is all of you. but the most successful thing, most likely to be successful thing that these countries can do is get away from
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distortion really regulatory practices and actually now allow the market to do its job and put, put into place the energy transition. because ultimately it will be just and it will be cheaper for the entire spectrum of society. many thanks for your port kathrina, helen brown thornton. i am the head of per such at common tracker. thank you very much bye. and that is all sorry for this way. get in touch with us by tracing may aps moline by need and do use the hash tag a j c t see wednesday, or drop us a name out counting the cost al jazeera dot net is our address. as more for you online at al jazeera dot com slash ccc, that will take you straight to our page, which has and taught episodes for new to catch up with that is it for this edition of counting the call style money by you from the whole team thanks for joining us. the news on out is there. ah,
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a unique path, always different, always pushing ah, ethiopian opposition groups form at alliance to dismantle prime minister abi up as administration. the government calls it a publicity stunt. ah, i am given out you are watching al jazeera. it's great to have you with us. also coming up the us house of representatives, debates, president joe biden's infrastructure bill, but it's facing opposition from some members of his own policy, demonstrators in iraq rallying.


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