comes after the new york times reported, he used racist misogynistic and homophobic language and e mails. he said to have mocked the drafting of a gay player and the high ring of women referees brewton also reportedly denounced players who protested against racial injustice. lava is bubbling up inside the crater of another active volcano. this time in hawaii, the kilo wire volcano and why's big island, began erupting late last month. officials say the laveries no immediate threat to populated areas. ah, and let's take you through some of the headlines here in al jazeera, now un secretary general antonio gutierrez. she is asking nations to urgently inject cash into afghanistan's economy. the countries in the midst of a humanitarian crisis that's already affecting half the population. already before

the taliban take over the norquist, afghanistan's for a child economy, which has been kept afloat by foreign aid over the past 20 years, suffered from the impact of drought and coverage. right now with s, it's frozen and development. 8 post the economy is breaking down, banks are closing, and the social services such as l scared have been suspended in many places. north korea's leader came german, says his country's weapons development is an act of self defense. he says the build up is necessary to face hostile policies from the united states and increasing military forces in south korea. the 2 careers have been in an accelerating arms race with both sides testing, short range, ballistic missiles, and other hardware. preliminary election results in the wrong point to a strong out come for the party of shia cleric mach fed. asada. former prime minister, northern america looked said to have the 2nd largest vote amongst she are parties,

a car bomb or the market place in northern syria is killed at least 5 people. it targeted afrin, which is under turkish banks, opposition control turkish fraser, and throw jobs over to the one says he's determined to eliminate threats in syria. any t o purity, gray people's aberration front says government troops of launch coordinated attacks on all sides. the rebels say heavy artillery tanks, fighter jets and drones are being used against them. the offensive was launched last week, but appears to be intensify. astrazeneca says it's cove it 19 antibodies, drug helps reduce the risk of disease or death in patients. the treatment reduce the risk of death by 50 percent in patients who had been symptomatic for up to 7 days. the news continues after counting the costs stay with us. ah, how many nukes is to many nukes america has in many ways driven the arms race for

parties are much more like the british portage down to them. there are fewer regulations to own a tiger than there are its own as on how can this be happening? your weekly take on us politics and society, and that's the bottom line with hello, i'm sam is a dime. this is counting the cost on al jazeera, your look at the world of business in economics. this week. china needs more coal 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, not an e currency. venezuela launches the digital boulevard in another attempt to revive

its worthless currency. back to the 1970s as energy prices saw inflation rises and the economy slows. is stagflation about to make an unwelcome return. china is in the grip 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's triggered power blackouts in some parts of the country. and india has warned, it only has enough coal for 4 days more than half of india's power plants are on alert 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 by ends of all electricity generation. billions of dollars

are still being committed to new projects. that may be about all change. there is an initiative that could be unveiled at the comp $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 ging ping pledge to end funding coal projects overseas. that could affect $54.00 megawatts of planned projects, which could save the world 3 months of global emissions. but details is 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. b a, b, b as 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 100 $1000000000.00 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, comes from everything on it that only we vehicles drove past it or could you see light all around? 2 thirds of provinces are now affected. it's to impart 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 she jin ping, as he outlined to the recent un general assembly. once china to become carbon neutral by 2060, he set ambitious targets for provincial governments to reduce carbon emissions, adding to the pressure to cut back on burning coal are now with this really

tightened environmental regulation are 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, executive director at reclaim finance. good. 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 free road from the core sector. we 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 message. chuck turns out thousands of coding for secure around the world, including televisions in asia and challenges. huge because we need to plan for the foundation of the worker, but also gives you more 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 and condition a 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're talking about challenge cooler again at the foundation side, bio ease only for companies that commit to building new core planes and that we could meet also to pills as our core plans. you know, that you know, renewable energy. and unfortunately, we see that they some taishan for companies, you go from the corsica to the gas, say sales, and unfortunately we new gas is a full issue that needs to be made in the ground. and the gas is fully large through the meter and emissions that are 20 increasing in the past year. and i p c. b. bowls that has been probably, she's somewhere clearly sure that if we don't manage our emissions of meeting we,

i'm not gonna 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 breathe, renew in building energy and know what i'm, what is the likelihood of those 2 conditions being meant? 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 sense 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. investors 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 a, the p, all the u. s. and japan does this thought to look like the u. s. and japan is using the 80 b 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 core plans abroad. we have also seen in the last week china, which has made a big commitment to self developing new call plants abroad. 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 surrounding countries 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 on to sons. you mentioned vain god, but we couldn't from me mention black rock, which was 2nd biggest invest in the core power. and which was very minimal or 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 corporate niecy to which is a tool available online, which i'm alive. who sees that i've been paid by hundreds of financial institutions on the course sector. we can see that andre, the financial institutions don't have any corporate c and e, we can today then defy more than 260 financial

institution with a cold policy. only 25 of these policies are actually robust enough in order to prevent the expansion of the call 6 her and 40 a vote. and we, we can see the inconsistencies huge in from many financial sense, but including from the u. k. banks, which are under the spotlight because of cub 20 sequences coming. and unfortunately we can see that none of the new k bangs barclay says your plan has a 22 t. the will be coating the policy. actually they are pulled. i need 56 billions of thought are financing to companies that are listed on the global call exactly, between october 2018 and both the winning twin team. so we'd really in janesville or the private financial and each some farting with the biggest us, if managers mentioned black road they got mentioned as well. and the u. k. banks to

respond to the climate. imagine and i mean do what it takes to meet the needs you page. right. thanks so much for making that point. lucy. pinson 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 $400.00 oak tilly until one. now if you're trying to think one is a knock cillian, while it's a one followed by 27 zeros. 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 the zimbabwe 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, there are 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 on banked 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 doth of venezuela launch, the petro, that seems to have sank though, any daughter 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 $100000.00 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 at the question is, is probably somewhat true. should be

a little bit surprised to see via ma'am india the top of the adults as of crypto. you know, many people around the world was associate. those countries were good, strong economic growth, while people going digital there with their money. i think that there's 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 this adoption and so indian 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 and really taking part in, in the crypto current 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. well, i 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 fax 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. all 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 source. thank flash and 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 jaelyn, 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 a storm in a tea cup? but thanks for having me lick, i think with respect to inflation central biases 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 was just

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 pass 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 it, 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 bottlenecks, one of the world's biggest global port operators devised the world. 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 mitigated 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 . it's 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 bottom administration. or let's talk about a ground that seems like it's selling parts of its business to trying shop its finances. but with debts running into all 300000000000, can it pull it off? i think best of all, it is essential for me to mention that it is a very healthy sign, but 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 smallest medium sized businesses because what is taking place with every brand? right now, my son from london, this good talking to you. pleasure. and i saw the show for this week, but there's more for you online at al serra dot com slash c t. c. that'll take you straight to our page, which has entire episodes view. the catch up on. i'm sammy's, a dan from the counting the cost team here, thanks for joining us and use an al jazeera is next

france once had a vast empire spanning several continents. but by the 1940s, the french were forced to confront reality and demands for independence. in the 1st part of a documentary series, al jazeera looks at how the colonial unrest grew. conflict to no jury up and full scale war and indo china blood and tears french. the colonization on al jazeera in germany's capital. there is a barber, like no other, adequate a tooth to have him form. i mocked or struck prostitute. ah, but as his city changes, he's moving with and going on the road. the stories we don't often hear told by the people who lived in the master barbara of berlin. it is europe anal 0

ah al jazeera where ever you. oh, i'm sammy's a diamond doll. how a little cut the head lines he anal jazeera, un secretary general, antonia good savage is asking nations to urgently in jagged cash into afghanistan's economy. the countries in the midst of a humanitarian crisis that's already affecting half the population of garage praised the efforts of agencies, but says it's not enough on diplomatic as a james bay's reports.