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tv   [untitled]    November 7, 2021 6:30am-7:00am AST

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in whiskey, yes. i'll colleges have an earth at a 2000 year old room near the ancient romans city, pompey, the well preserved areas part of a villa that was once home to slaves. it contains wooden beds, ceramic pitches, and a chamber pot. pompey was home to about 13000 people when it was buried by volcanic eruption in the year 79. 80. ah, this is our desert. these stories iraq, he prime minister, most of our al cadina's, has survived an assassination attempt. an armed jerome targeted his home in bagdad green zone. the attack comes med, political tension around the results of october's election by made abdur rahim has more from baghdad. security prisons are tightened in and around
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the green zone, or that's for longer of the assassination attempt, according to the government that targeted the residents of a prime minister. most of our earlier cal, the me, he himself government just tweeted saying that he survived the attack and calling people low for calm, his not accusing a certain organization, but he said that he blamed it on what he calls in his words, the treacherous or the treachery or the, or the missiles of the treachery, the number of people killed after fuel tank exploded in syria. leone is now at least $99.00 blast. happen when the tanker collided with another vehicle at a busy junction in the capitol free. tam, thousands of activists around the world have rallied in what they call in a global day of faction. purchases or demands and governments and big business do more to limit global warming. they say the promises made so far. the sea has caught
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26 summit on not ambitious enough pro democracy activists in see don have rejected an internationally mediated plan to restore a power sharing arrangement with the military. instead, they have called for 2 days of civil disobedience police in the u. s. state of texas investigating what caused a stampede at a musical festival in houston. at least 8 people killed when fans moved towards the stage during a performance on friday night. a u. s. federal appeals court has halted the burden administrations cove 19 vaccination rules for businesses. it requires companies with more than a 100 employees to ensure their staff of vaccinated. the government has until monday to respond says of had lost niece continues here in al jazeera, after counting the coast with me. affluence, australia, some neighborhoods are wrecked by social and economic despair. why now, what
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a fates? a bed of local heroes. every one of us had to go to responsibility to change our personal philosophy for their super drink, put out a 0 with 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 more fossil fuels, the ice is melting in greenland uncovering much needed red earth minerals that will power a green, a economy by greenland sheet. farmers,
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a protesting against the plans to mine and as india deepens its reliance on cold, where 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 uninhabitable, 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 oil. now the power space organization is warning 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 all continuing to plow billions dollars into new production? and i want to clear that targeting the arctic region where the delicate environment has seen extraordinary melting of ice due to the burning of fossil fuels. now,
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according to reclaim financed, 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 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 on the development of 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 under russian control. 74 percent of gas problems. oil and gas reserves are based there.
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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 i 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. al jazeera is environment edison nick clock visit to the town of na sock in south greenland. the sight of one proposed mind
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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 as 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 na 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,
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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 the 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 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 their 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,
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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 a future government might reverse that. as a de, draws 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 posted and then we will be post it. i will never accept the mining sick. we landsey 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,
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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 a very, very big problem in an 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 next tra $200.00 also oil and gas bills that yet to be extracted and in total
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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 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 article and gas extraction has continued completely unabated in past years
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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 loopholes in those policies. for example, they can still keep funding the companies that develop 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 desk projects despite the fact that they're also climate phones in the making. explain to 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 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 wanted more than 13 definitions that the object used by
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different banks invested and ensures in their articles, essays, which goes to show how many different ways 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 and, 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. so 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 tick companies,
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developing new projects. currently among them, the top bank is j. p. morgan chase with a broad, with the 8 more than $18000000000.00 spent on these companies in the past 4 years. and say, 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 j. p. morgan does not know that. so when they support gas problem with, you know, learn for example, they are supporting their role plans 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 been that he bought the french bank with around $11000000.00. that $1000000000.00. sorry. and then investor wise, the leading the ones leading the pack, the rock as per usual, black rock is always,
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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 20 companies that are currently developing new and 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 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
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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 that at the end of the day support has continued unabated in such a case, it cases, it hasn't even increased. for example, hsbc. then feedback about what both top supporters in 2020 of, to 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 improvements 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,
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many of the top financial institutions that they will commit a $130.00 trillion dollars of their capsule, their own capital to help economies transferred 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 spacing 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
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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 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 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
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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 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 jody. a coal field in india is 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 the daughter to use a toilet the ground. he often caves in the cause of the fires. 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
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a site like that. julia is india's most lucrative coal field, but also the sight of one of its biggest environmental disasters on the ground fires were 1st detected in 1916 and abandoned mines, which went decommissioned properly. more recently, 2 decades of unrestrained open cost 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 really, it's just realizing and for that we need power. more and more power is needed for the end. 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
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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 job 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 there. 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 jody because the government has provided proper accommodation elsewhere. as india's electricity demand grows with its economy,
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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 companies operating in the global call industry. now the asian development bank plans to buy coal plants in asia and shut them down over the next 10 to 15 years. is that part of the answer to our climate change challenge? well, i'm joined by catalina head and brand. ron deny in the head of for such at carbon track a 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 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
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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, could precisely be a crystallization of what we have quite as strong as the risks. and by buying these coal plants, are we not rewarding financial institutions for the bad decisions that made in the past. clearly a carbon truck or we don't, st. luke's somebody else buying these plants when resolves the climate problem. the reality is we, 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're looking at is some form of an orderly. why don't we find that most important,
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that the wind on happens in an orderly fashion so that you do not get massive disruption risk? so in the sense, patches agreement, as well as probably a slightly more orderly wind down than an 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 the wrong the biggest use and with regard 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,
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the energy transition will be cheaper if you execute it now and put in place orderly or do the transition plans and phase changes. because also otherwise, you will get it disorderly wind down, you will get much more volatility and the cost would 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, it's obviously quite to had 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 it has done so by incentivizing renewables. and by putting a carbon price in and doug has really let now to the market pushing codo out of the system. and the, the carbon types have been one of the most successful tools to get that transition
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on the way. the difficulty of course, is those are the richer developed countries you're talking about in developing countries. it's much more of a challenge we heard from india 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 we're still going through a phenomenon of incredibly strong energy and electricity. it's monstrous. so actually filling that was renewable. it's great opportunity. and a lot of these countries actually home to raise resource space. so they have a natural advantage putting the transition into place. so if it is to pounds,
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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 result space in many countries to even have the manufacturing base that is required. whereas you may be importing coal, you may be running ineffective, that's expensive to run. but you don't having to subsidize remark, distorting regulate rate system. and it is all of you. but the most successful thing, lot 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. because ultimately it will be just, it will be cheaper for the entire spectrum of society. many thanks for your port
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kathrina, helen brown, thornton a, in the head of research at common tracker. thank you very much bye. and that is all sorry for this way. get in touch with us by tracing may apps mullins, i need undo, use the hash, sag a j c t c wednesday, or drop us a name out counting the cost al jazeera dot net is our address on this move 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 as there is, ah, the climate emergency is upon us, but why have government left? it's so late to act. we've allowed climate change to get out of control. people empower investigates why so little has been done a systemic,
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freaked requires systemic change. and asked what further in action could meet the extent now the colonized by 20 big none of them have a syrian how to do it. crisis, what crisis own al jazeera? after years of over gracing the damage caused the precious gross, lance of chilling is being reversed with one of the world's biggest ever 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 threats. and that's why you're high for re wilding patagonia on al jazeera. you know, you can watch out to see her english streaming light on like youtube channel plus thousands of all programs. award winning documentaries. and in depth news reports.
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subscribe to youtube dot com forward slash al jazeera english ah . good anastasio nation attempts in iraq. the prime ministers house is targeted by and all drone, but he's on halt ah hello. money inside this is out. is there a line from doe was to coming up on the i bonds.


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