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tv   [untitled]    November 11, 2021 2:30am-3:01am AST

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cap jose was say, the local ab renewable energy companies must really reverse in the brain tree and that we see around that the rest of the case while there's still a long way to go. these islands a well on the road to carbon neutrality, wind and tide, a driving a size make change, giving the rest of the world a glimpse of things to come. nick clark al jazeera, the oak re islands, scotland ah half past the all these other top stories, china and the u. s. of promised to work together more closely to combat climate change. in spite of their differences, both pledged to speed up emissions reductions to meet the goals of the powers climate agreements. years climate envoy, john kerry says cooperation is key to getting the job done. the united states and china are releasing a joint declaration which lays out how we will limit warming on this
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planet, and how together will take action here at the cop. as well as in the 1st cub. present. biden had a conversation with president she a number of weeks ago in which both of the leaders express their hopes that despite areas of real difference and we know there are, we could cooperate on the climate crisis. he was president joe biden says his infrastructure economic plan is the fixed to the countries soaring inflation. you date his reveal prices have risen 6.2 percent in the past year, which is the biggest spike and 30 years. glorious, says the european union is provoking a refugee and migrant standoff as an excuse to impose new sanctions. about 2000 people are stuck in freezing conditions. on the border with poland or 70 dr. is working to the world food program have been detained by ethiopian authorities,
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un humanitarian sources, say they were arrested during government rates targeting ethnic ticket ions. a day earlier, 16 u. n. workers were detained in the capitol. dozens of protests as have been arrested in georgia as the child of former president because successfully continues . he's been on hunger strike and has been transferred to a military hospital prisoner far. he said he won't be allowed to attend his trial. relatives of an afghan family killed in a u. s. stone. strike say this to waiting for justice. the attack and cobble in august killed an aid worker and his family including 7 children, a panic and later said it would pay compensation. but a watchdog ruled while the attack was a mistake, didn't actually break any laws. and that is the look of your headlines on al jazeera. we are back with more news. after counting the cost, get him over. frank
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assessments is or case likely to change biking behavior at all. it's not going to change their behavior. they are going to continue to do what they do and in depth analysis of the dates, global headlines inside story on our jazeera, ah, hello, i'm money side. this is counting the cost on al jazeera. you will look at the world of business and economics this week. the take warms at why the pace of the rest, the planet, 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,
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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 plans to mine. and as india deepens its reliance on coal were at the sight of an underground fire that can burning for more than a 100 years destroying thousands of homes and making the area on inhabitable many of the towns residence. 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 organization 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 billions of dollars into new production?
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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, 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. saving a super time car through their own climate change commitments. there are $599.00 will in gas feels in the arctic $222.00, a currently in production. 39 on the development and 238 have been discovered in the next 5 years ought take oil and gas production is expected to increase by 20 percent. take a look at this map. 20 plus oil companies that are developing new oil and gas
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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. america has kanaka phillips is expected to increase production levels by 36 percent by 2030 and the spot 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 been 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, salt child's electric cars and wind turbines. the farm is worried about radioactive dust and waste water trying to block these mining projects. al jazeera is
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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 had 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 sight of an old uranium mine. it's long been decommissioned. but now international mining companies want to dig deep again. the rock we see 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 read up an a record that within this area alone, there are one and a half 1000000 tons of rare with minerals,
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with another 26000000 tons at a site nearby. and all of that combined is enough to supply the wealth total need, a rare earth minerals for a 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 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 a mining company involved, although they didn't attend the most recent want us much higher degree and 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 course concern among local
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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 a future government might reverse that as a de draws to a close more sheep being rounded up, the farmers have grave concerns about the impact of toxic waste on the land. in more ways, the sheep thrive on the water will be poisoned and the sea will be pause and then we will be post it. i will never accept the mining sick. we love the cold 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
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part of greenland. and as the ice sheet melts, making more mining sites accessible. interest in greenland rich resources will only increase. right? let's get some analysis i'm joined by alex, missouri, a fossil free finance campaigner, reclaimed finance. alex is the principal author the latest report on oil drilling in the arctic alex towards 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 projects and not to ramp up production in the arctic by 20 percent in the next 5
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years. and things could get even worse, because in total we counted that there are an extra $200.00 or so oil and gas bills that i yet to be extracted. and in total, this would be enough to burn 22 percent of our global cub and 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, definitely what i would call the object paradox and a very good example if 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 bows, oxygen to become carbon neutral,
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they are pledging to stuff up 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 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 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 bonds in the making. explain to me the geographic definition a little more clearly because it's, it's all about the definition of the artic and how they're using that to the advantage. so the big problem we have is that there is no set definition of the arctic right? there are no clear boundaries to the arctic, and this has been used by financial players to their advantage,
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to sort of pick and choose what scope of the arctic they choose. to protect, so called protection, and we tested more than 13 definitions that the object used by different banks invested and ensures in their artic policies which go 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 and, and good news. 3rd, 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. the broader one that encompasses all of the arctic ecosystems. well, that leaves us very nicely to do some naming and shaming which financial institutions investors in the arctic a heavily invest than what is their exposure. can you talk through some of the big players? yes,
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so we differentiate banks and investors bank wise in total we counted $314000000000.00 in financial support from around $100.00 banks to our tick companies, 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 a p. morgan chase typically for example, has been supporting gas prom, which is a major player in the optic, 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, a 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, and 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
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$11000000.00. $1000000.00. sorry. and then invest wise the leading, the ones leading the pack, the 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 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 isn't effective and designed to be ineffective. that's what i was saying
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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 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 improvements this week, of course was called 26. the global climate conference in glasgow and we have had
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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 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 we start facing and stating 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, every year, every month. and this is unacceptable. as you said earlier, the,
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the international energy agency has been very clear that if we want to stay below 1.5 degree, 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 day before have 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 it had before banks to actually commit to agree in a future. alex mazin a really good to talk to your fossil free finance campaign at reclaim finance. thank he. thank you. i. but in call 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,
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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 traveled to the georgia coal mine in jock hands when underground fire husband, 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 jacqueline 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 a pit while taking the daughter to use the toilet the ground. he often caves in the
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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 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 the 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 been 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,
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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 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 is the 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?
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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, environmental a 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 head and brand, rhonda and i 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 proposition, but clearly this illustrates what we have been saying for quite some time it
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highlight stranding risk. so strong the assets of 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 their lifetime, could precisely be a crystallization of what we have quite as strong as that 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 think somebody else buying these plants will resolve the climate problem. the reality is we, you really have to shut them down because otherwise you have another owner keeping potentially operating them. but in this case the pulses given us that the getting
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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 the sense, patches agreement is that the steel is probably a slightly more orderly wind 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 you can then 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 their biggest shoes with regard to jobs, answers and communities. but you also have to keep in mind that by now,
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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 or do the transition plans and phase changes. because also otherwise you will get a disorderly wind down. you will get much more volatility and the cost would ultimately be much, much higher in financial time as well as climate times. 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
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a carbon price in and doug has really let now to the market pushing co out of the system and be a carbon types have 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 at monsters. so actually feeling that was renewable. it's great opportunity. and
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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, 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 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 done having to subsidize remark. it distorts, regulates 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
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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 kathrina, helen brown, thornton, a, in the head of for such common tracker. thank you very much bye. and that is all sorry for this way. get in touch with us by tracing me apps, molly, inside and do use the hash tag a j ctc 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 serra dot com slash ccc, that will take you straight to our page, which has entire episodes for you 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. that he's on out as there is. ah
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ah. sure that is pursuing prosperity that influence on the global stage. when i, when ac investigates what this means for one of its closest neighbors, i want on out you 0 need from the shoals of the red sea storage, a clean, more time to close the problem and co manager the major. but in jordan this team, a fema climate change to the peaks of the himalayas, where water conservation looks like this dazzling solutions to cite the world's most precious resource. in the next episode of africa, we look at what is being done to send the wards high toys on al jazeera
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ah, holding the powerful to account. as we examined the u. s. his role in the world on al jazeera, ah, possible foreign relations between china in the us, the planets to largest produces of emissions announced their joint plan to tackle climate change. ah, i'm come all santa maria here in doug. how this is the world news from al jazeera. you, as president admits consumer prices are too high and pins his hopes on an infrastructure bill to count to the biggest jump in inflation and 30 years. as a hopeless situation on the bill. rous poland border is 1000.


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