Skip to main content

tv   [untitled]    November 6, 2021 12:30pm-1:00pm AST

12:30 pm
media, he in colleagues singing sir nationalist songs in their cerebral headquarters. it was a reminder that the u. s. sponsored peace in bosnia did not bring ethnic harmony, nor did it come with any long term guarantee. on the ground in the capital life goes on as normal. there's no physical evidence that an armed conflict is even possibly looming. however, when you do speak to people, there is an almost tangible worry that unless the international community intervenes and stops not ex separatist plans. the bosnian serb leader, backed by his allies in belgrade, the muscle could force the country into a potentially deadly scenario. drama luxury, al jazeera sarajevo. ah, hello, this is al jazeera and these are the headlines. the un security council has heard from end to the fighting in ethiopia. that
12:31 pm
a meeting to discuss the crisis has been postponed. 9 opposition groups in washington of now formed an alliance against prime minister or the act med journalist, samuel gets it, she has more from addis ababa. there doesn't seem to be any compromised by that. from the 2. there is sending allegations and all kinds of complications saying that your grand site is insisting there in this until the bay and to defeat the enemy without barnes and blood. that's what the, the prime minister said. and the other side is saying there's no point of negotiating at this point. they're marching forward and they're going to fight on until the bay and at least 8 people have been killed during a stampede at a music festival. in the u. s. state of texas. dozens were trampled than thousands of fans started moving towards the front of the stage and panic set in the u. s. congress has now passed a one trillion dollar infrastructure bell and had been repeatedly stalled because
12:32 pm
of differences within the democratic party. but now goes to present 5 to sign into law. at least and 91 people have been killed and others severely burned. after fuel tank exploded in earlier and capital abroad happened. after the time he collided with another vehicle in freetown, many of the dead and injured had been trying to collect fuel that was spilling out of the truck. the vice president has visited a hospital then treating the injured. the number of dead is expected to rise. iraq's prime minister has ordered an investigation and the violent confrontations that took place in baghdad. at least 4 people were killed when security forces tried to disperse, protest is on friday, they've got to challenge the results of last month parliamentary election. well, those are the headlines doreen. we'll have more news for you here after counting the cost and i will see you off. stay with us and there i lose
12:33 pm
. hello, i'm money. this is counting the cost on al jazeera. you look at the world of business and economics this week, the pick warms at why the pace of the rest, the planets who will protect it from oil and gas exploration. the big money enabling big oil to drill for crude despite pledges to go green. as we burn more fossil fuels, the ice is melting in greenland, uncovering much needed red mineral. that will power a green a economy. a greenland sheet foam as a protesting against the plan to mine. and is, india deepens its reliance on coal were at the sight of an underground fire that's been burning for more than a 100 years, destroying thousands of homes and making the area on inhabitable many of the towns
12:34 pm
resident ah, for almost half a century, the international energy agency had one goal, make sure as patrons, the wealth richest nations had an interrupted access to oil. now the power space organisation is warning the well to stop developing new oil and gas fails to avoid a catastrophic rise in temperatures. but is anyone paying attention big finance and big oil or continuing to plow millions of dollars into new production? and i want to clear that targeting the arctic a 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
12:35 pm
oil and gas stocks and bonds failing a super time goes through their own climate change commitments. there are $599.00 oil and gas feels in the arctic. 222, a currently in production. 39 are under development. 238 have been discovered. in the next 5 years, ot take oil and gas production is expected to increase by 20 percent. take 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
12:36 pm
targets nearly half of the oil companies on european by 2030 francis total energy will increase production by 28 percent. but it's not just oil and gas that's been 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 trying to block these mining projects. algiers environment. edison nick clock visit to the town of na sock 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 had been rounded up for market farming as part of the way of life in the south. for these lands also
12:37 pm
hold new possibilities. i headed up a mountain valley near the town of now sack. the rocks here hold some of the world's richest deposits of rare of minerals. this is the sides of an old uranium mine. it's long been decommissioned. but now international mining companies want to dig deep again. the rock within all around us here was for 3 or 4 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, 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 world 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 saw so i'd like to ship. if the mind gets to go ahead,
12:38 pm
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 going to 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, there's been misinformation about the project in the community that does not accurately reflect the impact assessments and his cause 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 across greenland. the issue is so controversial, it toppled the national government. and in came the indigenous in your party who have promised to stop the mine. but they recognise future government might reverse
12:39 pm
that. as a de drawers to a close, more sheet of being rounded up, the farmers have grave concerns about the impact of toxic waste on the land and more ways the sheep thrive on the water will be poisoned and the sea will be pause it. and then we will be post it. i will never accept the mining the queen, nancy called to have been keep going in 1000 years. not many people could survive here and there to be strong to live here in green and long ago the viking saw the potential of this part of greenland. and as the ice sheet 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
12:40 pm
the arctic. alex george, 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 a very, very big problem in 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 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 bills that yet to be extracted. and 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,
12:41 pm
the arctic 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, big banks across the world are pledging 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 and the optic, particularly because of the major loopholes in those policies. for example, they can still keep funding the companies that develop the projects made decides
12:42 pm
they have a pick and choose approach on the geographic scope of the arctic. and some of them will keep supporting desk projects, despite the fact that there are also climate bonds in the making. explain me the geographic definition a little more clearly because it's all about the definition of the art take 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? there are no clear boundary 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 wanted more than 13 definitions that the object used by different banks investors and ensures in their articles see 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
12:43 pm
the exclusion and protections are in and good news. last week, for the 1st time, a major french insurer axa agreed to broaden the scope of its arctic policy and use the one that is recommended today by civil society. these are 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? 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
12:44 pm
a 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 terrible plants in the arctic despite the fact that j. p . morgan chase now has an arctic policy. one among the other big bank is we have barclays with $13000000000.00 citigroup 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 gods 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
12:45 pm
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, the policy isn't 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 factors at the end of the day support has
12:46 pm
continued unabated. in certain cases, cases, it hasn't even increased. for example, hsbc. then people about what 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 hearing that some of the banks and ensures are looking to change their policy. but we have yet to see more improvement. this week, 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 $130.00 trillion dollars of their capital. their own capital to help economies transfer net 0 carbon emissions by 2050. what do you make of this pledge and other
12:47 pm
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 saving up fossil fuel production. 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, 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
12:48 pm
a long way had before bank to 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 twin, the largest economies have agreed to n financing of coal power plants overseas. but there was no commitment to curbing 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 problem, travels to the georgia coal mines in jock hands when underground fire has been burning for more than
12:49 pm
a 100 years destroying thousands of homes and making the area uninhabitable for many of the towns residents. these fires have been burning across the judie 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. billet bowery is now a single parent. after his 30 year old wife call jani baby fell into 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 site of one of its biggest environmental disasters. underground fires were 1st detected in 1916 and abandoned mines,
12:50 pm
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 developing it's just, it's been just realizing and for that we need power more and more power is needed for and 70 percent. we depend on this. india is already the world's 2nd largest producer consumer 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.
12:51 pm
displacing tens of thousands of people who often belong to indigenous tribes. politicians and john 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 do you want to have a cold dock? you want to have to 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 pulled one trillion dollars into
12:52 pm
companies operating in the global call industry. now the asian development bank plans to buy coal plants from 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, rhonda ny, in the head of for such at carbon track. many thanks for joining us on the program . what do you make of p a d b 's plans to buy and shut down coal plants in south asia? it's an interesting position, but clearly this illustrates what we have been saying for quite some time it highlighted stranding risk. so strong the assets are those invest that will not run to the end of the lifetime and investors will not be to the full amount of the investment. and clearly, if they are now being bored and being shut down ahead of the lifetime,
12:53 pm
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 truck or we don't think somebody else buying these plans when results declined? the problem, the reality is you really have to shut them down because otherwise you have another not keeping 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 wind. joan, we find that most important that the wind on happens in an orderly fashion so that you do not get massive disruption risk. so in a sense, this patches agreement as well this, this is probably a, a slightly more orderly wind down than an outright shot because you do,
12:54 pm
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 biggest shoes with regards to jobs, answers, communities. but you also have to keep in mind that by now, in many 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 otherwise, you will get
12:55 pm
a disorderly wind down. you will get much more volatility and the cost would ultimately be much, much higher. in financial times while of 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. it has done so by incentivizing renewables. and by putting a carbon price in bob has really let now to the market pushing code of out of the system and be the 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. it's much more of a challenge we heard from india's prime minister recently,
12:56 pm
who said that developed nations should contribute a large chunk of 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. mom was actually filling that with you, but it's a great opportunity. and a lot of these countries actually home to raise resource space. so they have a natural advantage of putting that 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 transition. because you have the natural resource base in many countries to even
12:57 pm
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 distortion really regulatory practices and actually now allow the market to do its job and put and put into place the energy transition. it is ultimately, it will be just, it will be cheaper for the entire spectrum of society. many thanks for your port kathrina, helen brown, thornton a and the head of research at common tracker. thank you very much bye. and that is also the way you get in touch with us by twisting may marlene sign it and do use
12:58 pm
the hash tag a j ctc wednesday or drop us an email counting the call al jazeera dot net is a direct movie online at out there dot com slash pcc that will take you straight to our page, which has and taught new to catch up on that is it so this edition of counting the call sign money buy from the whole team. thanks for joining us. and he's all out there. ah. serious dog, his day was one man leading the country to present our side as last legitimacy. he needs to step out, as he retains control through over a decade of war. we examine the global power games of president bashar al assad. we believe assad simply carrying out iranian orders. what keeps you awake at night? when you reason that could effect any human side master of chaos coming soon on
12:59 pm
algebra? 2 years ago, the great, the damage caused to the precious gross lance of chilling is being reversed. with one of the world's biggest, other conservation projects, they're pretty emblematic of the pedagogy and if they're plentiful and they're calm like this one is, then you know that the system is coming back and that they feel no strand. and that's why you're high for re wilding patagonia on al jazeera with with
1:00 pm
ah, this is al jazeera. ah, you are watching the news, our life from headquarters in del, how i'm daddy and obligate, coming up in the next 60 minutes. the un security council warned against escalating violence in if you appeal as 9 opposing fraction form an alliance against prime minister a be a fuel.


info Stream Only

Uploaded by TV Archive on