to be behind closed doors, making similar praise to the g 20 leaders when they meet that virtual meeting, which comes with 2 weeks before that big summit in rome. james, as ever many thanks, james bayes are diplomatic editor there. let's just up some the headlines for you as we rapidly approach 1630 ah, top story, something that the un secretary general touched on in that news conference in new york results from iraq's parliamentary election are being released more than 6000000 people took part in the vote on sunday, the turnout 41 percent, that's the lowest sadam. hussein was toppled in 2003 at taliban delegations in doha . they'd be meeting u. s. and e. u officials, afghanistan's acting foreign minister, spoke about a new phase in his country's relationship with the world. he said he believes that full implementation of the dough. her agreement with the us can help afghanistan get back on track. the most methodical with

a new chapter of the positive relationship with the world was opened. the door agreement in february 2020 between afghanistan and the united states of america is defined as good relationships. i believe that the full implementation of the doha agreement between us and the u. s. can tackle any problems. that is why it is important that both parties remain committed to the doha agreements. we want positive relationships with the whole world. we believe that such a balance international relations can save afghanistan from instability. at the same time, the rocky prime minister says i source finance chief has been captured, must offer alchemy, says iraqis, security forces captured sammy just seem outside iraq's borders without giving further details. just seen was a deputy to the former. i sole leader abaca albert daddy. he died in 2019 june. is he, as president case said, has approved a new government nearly 3 months after he fired the last one, the prime minister. nigella boulden, who was appointed by said last month,

said the administration's main priority will be to tackle corruption. the to grey people's liberation front, says ethiopian government troops of launch coordinated attacks using heavy artillery tanks and fighter jets has been no immediate comment from ethiopian government. a trial has begun for those accused of involvement. the assassination of burkina faso is revolutionary leader, thomas sanker, prosecutor se 14 people were complicit in the murder, including the former president. please con priori. sanker had been president for 4 years when he was shot dead in 1987. a large fry has been extinguished at an oil facility in southern lebanon, a storage tank containing fuel delivered by the army court fire. it was meant to help restart the plant near the city of sidon. nearly $250000.00 leases of gas was burnt off. last one use whenever you wanted on the website al jazeera dot com is the address up next on this channel, counting the cost. we'll have another 30 minutes of well news for you. in

a little under 30 minutes. ah, i hello, i'm sammy's aiden. this is counting the cost on al jazeera, your look at the world of business in economics. this week. china needs more call to power. it's homes and industry as it faces its 1st blackouts in a decade. the world attempts to reduce its reliance on coal. will the bank ski the big windows? also this week when is a digital currency knots and e currency?

venezuela launches the digital bolivar in another attempt to revive its worthless currency. back to the 1970s as energy prices saw inflation rises and the economy slows is thanks, lation about to make an unwelcome return. china is in the grid of a power crunch. a shortage of coal new tougher emission standards and rising demand from industry have all contributed to push coal prices to record highs. that triggered power blackouts in some parts of the country. and india has warned it only has enough coal for full days. more than half of india's power plants are on a lot for outages after searching electricity demand. despite calls to slow global warming, our dependence on coal is only increasing, especially in china and asia. today,

the counts for almost 40 percent of all electricity generation, billions of dollars are still being committed to new projects. that may be about to all change. there is an initiative that could be unveiled at the cop $26.00 climate conference meeting in glasgow next month. the asian development bank and u. k. ensure of prudential are working on plans to buy coal power plants in asia and shut them down long before they come to the end of their lives. china's president, she jing ping pledge to n funding coal projects overseas. that could affect $54.00 megawatts of planned projects, which could save the world 3 months of global emissions. but these houses scarce, and this only applies to overseas investments. china has been the biggest funder of coal plants, investing $45000000000.00 since 2014. japan is the 2nd biggest with $20000000000.00. now we mentioned that because it's the biggest shareholder of the

asian development bank, along with the united states. the a, b, b is finance, $42500000000.00 of all types of power projects. since 2009. it's new plan to buy coal plants is likely to cost around a $120000000000.00, which the big scheme of things isn't. much rich nations was supposed to be contributing a $100000000000.00 a year to poor countries to mitigate the impact of climate change. right now, china has set aside its new emissions market and told local authorities to find the coal to power. electricity generation from mcbride explains the province is in china's northeast or suffering. some of the countries worst power cuts with cities plunged into darkness lasting hours. don't you? can't you? it was completely dark. i can say nothing to her because the power is cut from everything on it that only we vehicles drove past it or could you see light all

around? 2 thirds of provinces are now effected. it's due in part to the rising cost of coal, which means it's harder for power plants to make a profit. so they're producing less electricity. that's affecting economic output with some analysts predicting a slow a growth rate this year. china's older, more energy hungry industries are being hurt the hardest, but the country is leadership is on a drive to transform to a greener, more energy efficient society. and for that, it needs to move away from its reliance on coal. gradually air pollution has been reducing in china's major cities and even china's neighbors. like south korea have been seeing more blue skies, arlene, but president, shin ping, as he outlined to the recent un general assembly, once china to become carbon neutral by 2060. he sat ambitious targets for provincial governments to reduce carbon emissions,

adding to the pressure to cut back on burning coal. are now where there's really tightened environmental regulation or in the background of carbon emission reduction. and there is a strong incentive for local governments to shut down power plants and also occur on the coal production. and that's why we get here trying to strike the balance between environmental ambitions and economic growth with the energy demands of the winter months. just ahead, rob mcbride, al jazeera hong kong. right, let's get some analysis now on dependence on coal and the initiative from the asian development bank. joining us from paris fire, skype is lucy pinson, the executive director at reclaim finance. good to have you with us. so what do you make of the asian development bank plans to buy a coal fired power plants across asia? so we're, that is, there is a new magine see through phase road from the core sector. we have very little time,

according to climate science. most of the core plan for coal, mine needs to be shut down by 730, and all of them needs to be shut down by 2040. so i'll just leave a message. challenge are thousands of calling from the queue of around the world, including televisions in asia and challenges. huge because we need to plan for the foundation of the worker, but also given a lot of a cleaner or tentative renewable energy particular and we believe a public schema could be interesting in order to facilitate these things out. a waiver we need to pay the much attention to the dieters we need are we not just bio from companies putting entrusted to without putting couldn't isa me fits what? asian development bank as the mine, it's not good. i walked. all right, so given what you said, do you think this plan of purchasing cow,

coal power plants is going to actually help countries move towards meeting that green transition initiative? you talking about challenge kula again at the conditions, the bio ease only for companies that commit to the building new planes and that we could meet also to pills as our core plans. you know that even renewable energy. and unfortunately, we see that they some taishan for companies, you go from the corsica to the gas sake sales. and unfortunately, we new gas is a full issue that needs to be made in the ground and gas ease. and it's a large through the mix on emissions that are 20 increasing in the past year. and so i p c b, bowls that has been property. she's somewhere clearly sure that if we don't manage

our emissions of meeting we, i'm not going to make it. and be able to meet you roaming at $1.00. so the 2 conditions really need to be made. the company needs to be forced to stop expanding and building new plans, but they also need to commit to bring to renew it, building energy and know too much what i'm, what is the likelihood of those 2 conditions being met? what do you think is going to happen? the conditions will be made eve. i mean try stitches a scheme to bio of these plants. put these 2 conditions on the table and it's not happening yet. so it's have cesar engines, even up men banks to only buy gold plans from companies that we could meet to do 0 to can the sentence ok, now i want to share this and i'm sure you know these numbers, but in january 20,

214488 institutional investors, which of course includes pension funds, banks often well, funds and so on. while they all held investments, totaling $1.00 trillion dollars and companies operating along the thermal cold value chain. right. the world's largest institutional investor in the call industry is of course, the u. s. mutual fund company vanguard. we keep that in mind. u. s. invest is collectively account for 58 percent of institutional investments in the global coal industry. now, with holdings of $81000000000.00 investors from japan account for the 2nd highest share of institutional investments in the cold industry. so if you keep all of this in mind and keep mind as well, that the biggest shareholders of the atp all the u. s. and japan does this thought

to look like the u. s. and japan is using the ab be to cover their institutional investors. well, i guess you could say bad investments. hoshal that was worrying john got boss as ethan teach in stitch on thinks of responsibility. an attorney commit to scope for financing the development of floor plans abroad. we have also seen in the last week china, which has made a big commitment to self developing new coal plants abroad in a waiver. we are also waiting for trying not to take the same middleman had home, and to make sure that its commitment does apply to plans and projects that are already in the pipeline. for, for sure, we can see a lot of inconsistencies from the thir run companies when it comes to closing and exiting from the core 6. so in order to meet the climate play, jeez, now, what about all the talk from financial institutions about the 0 net 0 goals?

is that just rhetoric? when you keep in mind that they're still providing finance to call, right. so they're providing finance to call and unfortunately we, we can see that there is a big discrepancy between the pages taken by private financial and sons. you mentioned vein gown, but we couldn't for me mention black rock which is the 2nd biggest invest in the corporate world. and which of the many more call policy, which is covering only 17 percent of the, of the call industry and which is apply to lead on a 3rd of the process from the management and according to the core police to which is a tool available online which i'm alive, who sees that? i've been at the seed by hundreds of financial institutions on the course sector. we can see that andre, the financial institutions don't have any corporate to see. and that we can today

didn't find more than 260 financial institution with a cold policy. only 25 of these policies are 20, robust enough in order to prevent the expansion of the call sector and 40 phase owed. and we, we can see the inconsistencies viewed in from many finance wanted to shouldn't. but including from the u. k. banks, which are under the spotlight because of cob, 20 sequences coming. and unfortunately, we can see that none of the new k bangs barclay us, your plan has a 2015 will be coating the policy. actually, they are pulled. i need 56 billions of our financing to companies that are listed on the global call exits the between october 2018 in both the winning twin team. so

we'd really in janesville or the private financial and each some bonding with the biggest asset managers mentioned black got mentioned and the u. k. banks to respond to the climate imagine. and i mean do what it takes to meet the needs you will page. all right, thanks so much for making that point. lucy penson there. angel. aah! venezuela introduced a new currency. the digital boulevard with 6 fewer zeros than the previous one. the move makes the currency more manageable after years of hyperinflation. more than 50 countries have been down. this re denomination road since world war 2. the most significant re denomination in history occurred in hungary and 1946, when the pango was changed to the forrent with an exchange rate of 400 oak tilley

until one. now if you're trying to think one is a knock cillian, while it's a one followed by 27 zero's. more recently, zimbabwe read denominated its currency 3 times between 20062009 with inflation hitting nearly 80000000000 per cent. the country cut 12 zeros off the value of this embargo a dollar. and one more example, chronic inflation in turkey between 197-2005 resulted in the depreciation of the lira. similarly, venezuela's year on year inflation is 1743 percent. according to the venezuelan finance observatory. but the new digital currency may be misleading because according to the financial times, the digital currency is no different to any other currency. the confusion was enough to spark a crypto currency rally according to chain alesis. venezuela has the 7th highest

take up of crypto currencies and is not being used for speculation, but for remittances in everyday use. it nam has the highest level of crypto adoption. many countries are thinking about rolling out digital currencies for the caribbean is leaving the world with the deployment of digital currencies. the bahamas has the sand dollar and the eastern caribbean central bank launched. d cash . let's bring in august now. kimberly growl, a director of research a chain alesis inc. good to have you with us. so kimberly, they're a full team countries which are currently piloting central bank digital currencies including china. but why have caribbean nations been the 1st to actually launch theirs? we are seeing that central bank, digital currencies are seeing increased interests throughout the world. and i think that's because there is a lot of benefits that they can pose, that they can offer. they cut down on fraud and corruption and they can reduce

theft didn't, especially in places that rely heavily on cash. and there's also opportunities where they can kind of make banking a little bit easier across the board for this and bank to population. and when it comes to the caribbean, we could only really speculate as to why they're being such leaders in this space. i know we recently just finished a report that looked at crypto currency adoption at every country and actually the caribbean didn't stand out in any real regard in that, in general crypto currency adoption compared to other regions. the, the, the most adoption actually happened in the dominican republic, which ranked 51st on our global crypto currency adoption index. so we know it's probably not related to crypto currency adoption, but i do think from what i've heard that there is a strong desire to modernize the payment infrastructure throughout the caribbean in order to effectively transact with people on these people on different islands. and

especially since most of the country, a lot of the countries, there's lot of different disconnected islands and they already are already relying on cash that it can make things just more logistically difficult. and so i think that it's seen as an opportunity to kind of overcome some of those problems are cool. now the, we talking about the dos to venezuela. launch, the petro, that seems to have sank though any doctor on the up take. they're data that we've seen on when it comes to petro app is we've actually seen the number of people visiting this site steadily declining. and so it's, it's the main number that we're looking at right now. whereas there was a peak of 7000000 users in when, after launch in 2019, now we're looking at around a couple of a 100000 or so the average monthly people going to visit, you know, the patch, her up site. so, and this is kind of static,

continuing to steadily decline over the past 12 months. so i think that your, i'm what you propose that the question is, is probably somewhat true. she would be a little bit surprised to see vietnam, india, the top of the adults as of crypto. you know, many people around the world was associate those countries with good, strong economic growth while people going digital there with their money. i think that there's um, not one story to tell. one of the things that we've learned from the crypto guarantee report is that every country has a different set of. so social, political arm, economic reasons that are underpinning us adoption. and so india, vietnam are actually very different stories we saw in india. there was a lot of defy activity and a large and a lot of the transfers were extremely large. and then when we went in to talk to people about this data, we heard a lot about home office investments are high net worth individuals. busy busy are

really taking part in, in the crypto currency ecosystem. and then when you go to vietnam, we're seeing more peer to peer market activity. we're seeing and we know about a, a strong remittance hub in, in vietnam. so we think that we think that growth has actually been consistent for them throughout the year and relative to all of their social circumstances, they're doing well, but they're actually thriving for different reasons. what impact do you think though china's band might have on crypto currencies? we've been a little bit surprised to see them so far. my guess you could say the tokens of taking them in their stride so far bands are nothing now, especially in china and our previous bands have been somewhat sporadically enforced . resulting in the facts on deck, going to be somewhat short lived, as we've probably seen in the past few weeks. and just to know it though, i think countries around the world are taking up these discussions on how they want

to interact with digital currencies. and what's interesting and how they want to go about doing this. so i think people will be looking to some of these major events to see the impact more generally. all right, thanks so much. been good talking to you. thank you. i'll gas, coal and food prices, a soaring adding to rising inflation. supply chain disruption is leading to factory closures, which is impacting economic growth together, rising inflation and slowing growth or stagflation spells trouble. it's reawakening fears which last surfaced in the 19 seventy's when an oil price shock, decimated, growth, then inflation and interest rates ran into double digits. unemployment, sword, and economic growth struggled for traction. the global economy is facing other head winds, including a warning from the us treasury secretary, janet yellen, the world's biggest economy would fall into recession if congress fails to raise

the debt ceiling. that would royal the $22.00 trillion dollar u. s. government. that market should the government default on its debt. and in china, once china's biggest property developer ever grande's wrestling with more than $300000000000.00 in liabilities over grande's possible collapse, has triggered worries about contagion risks to the property sector in the world's 2nd largest economy. let's get some analysis now from 9 i slam. he's the chief markets analyst that avid trade joined us now live from london. so should we be concerned about stagflation name, or is this just the storm in a tea cup? but thanks for having me lick. i think with respect to inflation, central banks has made their position very clear that this is nothing by just a transfer factor. and they believe that inflation bill full at perhaps a q one of 2022. but if we look at the overall supply supply

chain and the pressure coming from the price is because of the bottleneck which is created because of the constraint on the supply chain. that is a concern. and we believe the central banks should react. and don't really think this is only a transitory issue because this could actually hurt the economy if it continues to rise at a pace that we have seen in the past few quarters or in the past few months. so, you know, i totally agree with the central banks and they say, hey, inflation is just temporary, not well for the time being. yes, but i think given where we are for in terms of a economy in terms of the moment data, i think there is a qualm among investor that he s inflation should start coming down. now, if it doesn't, then there is a serious problem with a global economy. and you mentioned that the supply chain bottle next,

one of the world's biggest global port operators devised the will. warning about that. does this suggest to factories might slow or even stop production? not only because of energy shortages, but to meet low a consumer demand. i think that the key element over here is energy shortage, which is very much slowing down the production of course corona virus has disturbed the entire supply. and that will take time, but we don't necessarily think that it is going to take 2 years for that production to come back to the pre kona virus level. we believe that by the end of q 2 in 2022, we should see a fairly, very good reaction on the supply chain. and then these constraints should start mitigating by that period. let's talk about another self inflicted crisis. the u. s . that ceiling, which could have a huge impact, not only on the 22 trillion

u. s. government that market, but also on jobs. you think it's time the us got rid of the law limiting borrowing . if a drama that we have seen many times previously, if you look at the history, 88 times a u. s. has increased. that same. and every time it is the last minute, if the u. s. d falls, that's a master issue for the usa economy, forest rating, forest growth, or it's g d p. and we believe that in u. s. want to for i think that and as always, the decision is going to the last minute. and now we have started to see some signs of eating off from this year, the members where they are ready to give some concession to the by the administration. or let's talk about a ground that seems like in selling parts of its business to trying shop its finances. but with debts running into all 300000000000 tenant, pull it off. i think best of all, it is essential for me to mention that it is

a very healthy sign that p b and c isn't really interfering with chinese government isn't really interfering, it is left team. price fine is on value given what the debt levels are with respect to the company. but at the same time, it is essential for the go and the b. c, and other authorities to support and not let this one turn into a domino effect. because imagine the smaller businesses, the medium sized businesses associated and the impact of this particular event on them. we have already started to see i squeeze on the small and medium sized businesses because what is taking place with our brand? all right, name ass. i'm from london ness. good talking to you. pleasure. and i saw show for this way, club is more for you online at al serra dot com slash ctc. that'll take you straight to our page, which has entire episodes for you. the catch up on, on sammy's a dan from the counting. the cost came here. thanks for joining us. the news and al

jazeera is next in the country with an abundance of results for our and want indonesia, his firms. for me, we moved pool to grow and fraud. we balance for green economy, blue economy, and the digital economy with the new job creation law, indonesia is progressively ensuring the policy reform to create quality jobs, investment. let be part linda. this is growth and progress in indonesia. now, with casa one of the fastest growing nations in the world, one

a cut of needed to open and develop it into national shipping companies to become a key, middle east. and huh. trade and money, skilfully, mcdowell, 3 key areas of development. oh, filling a promise of connecting the world, connecting the future. wanted cato cutters, gateway to whoa trade? ah, i urged do world to take action and inject liquidity into the afghan economy. a desperate appeal from the un secretary general as a humanitarian crisis impacts half of afghanistan's population. ah, well again, peter, i'll be here and do how you are watching al jazeera,

also coming up. soon as he is president chi you seed on bales and you government. but gives no hints about loosening his divisive power.