optimistic vision of the future, especially in inclusive vision of the future. the new private space race is now well under way. it may be funded by what some c as a billionaires boys club with bays us. richard branson, an e long mosque all jockeying for domination. but his hope, the final frontier may now be one step closer for the rest of us and the galico al jazeera. ah, this is our designer. these are the top stories, rushes president is denying his country is behind an energy shortage in europe saying moscow is standing by to help natural gas prices have skyrocketed the use as people are going to need support as the continent heads into winter, a man's used a bow and arrow to kill 5 people and injure several others in norway. it happened in the town of kong, spoke south west of the capital are slow, a suspect has been arrested. police are investigating whether the act with the

attack was an act of terrorism. or there's a mirror later, the arrested person is a man, and that's all i can say about the person suspected. in this case, he's been taken to prison. there has been a now will continue to be a large police presence overnight. there are many crime scenes. the perpetrator operated over a large area. these places have been secured by police and not being searched by the crime scene. officials and fighters in northern to grier. so they are facing increasing air and ground attacks by ethiopians. military fighting is taking place on a number of fronts, including neighboring regions for i, mister abbey armored was sworn in for a new 5 year term last week. they are secretary of state, says the bible ministration will go ahead with its plan to reopen the consulate and occupied east jerusalem. even though israel is against it until he bring conserves the move aims to deepen ties with the palestinians. the taliban says a block on billions of dollars in international funds is undermining security in

afghanistan, it's acting foreign ministers is meeting us and european envoys and hotter and says banks need to operate freely in order for people to be paid. is growing concerned about the humanitarian crisis. must many of afghanistan's foreign assets have been frozen. spain by minister has gone back to the island of la palmer as residents continue to flee a volcanic eruption. but there were sanchez called for patients wanting. there's no sign, the volcanic activity will end any time soon. the scientists are concerned, the cognitive year, her adoption is getting worse. with 64 seismic movements recorded on tuesday. emergency services ordered another 800 people to evacuate their homes this week. as rivers of lava continue to flow. those are the headlines that is, continues here on al jazeera, after counting the cost good by ah, how many nukes is too many nukes america has in many ways driven the arms race for

parties are much more like the british parties down to the, there are fewer regulations to own a tiger than there are its own a dod. 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 dan. 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 banks be the big windows? also of 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 sore, inflation rises, and the economy slows is thankful lation 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 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 tens 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 you came shore. a 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 jane 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 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. 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 this new emissions market and told local authorities to find the call to power electricity generation. but mcbride explains the provinces in china's northeast are suffering. some of the countries worst. power cuts with cities plunged into darkness lasting hours to re you catch it. it was completely dark. i can see nothing because the power from everything that only we vehicle drove past. could you see lights all around 2 thirds of provinces and now effected its 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 growth rate this year. china is older, more energy hungry industries are being hurt the hardest, but the country is leadership is on the 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 had been reducing in china's major cities and even china's neighbors. like south korea, have been seeing more blue skies. arly president g, g, and 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. and now we're really tightened the environmental regulation in the background of carbon emission reduction on

there is a strong incentive for local governments to shut down power plants and also curve the coal production. and that's why we got 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 up coal fired power plants across asia? so we're, that is, there is a new magine see to free road from the course 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 coding for us to choose the run the world, including televisions in asia and challenges. huge because we need to plan for the foundation of the worker, but also given up on the 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 very much attention to the dieters we need are we not just bio from companies putting entrusted to without putting couldn't isa. and the fits what the asian development bank as the mine, it's not good. i walked. all right, so given what you said, 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

a cooler again at the conditions that bio ease only for companies that commit to the 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 sake sales. and unfortunately, we new gas is a full issue that needs to remain in the ground and gas ease for large through the meter and emissions that are 20 increasing in the past year. and the i p c. b. bowls that has been probably, she's somewhere clearly sure that if we don't manage all the emissions of meeting we, i'm not going to make it and be aboard truly miserable,

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 career plans, but they also need to commit to bring to renew in building energy and know too much from what i'm what is the likelihood of those 2 conditions being met? what do you think is going to happen? the completion will be made if that means try to show the scheme to bio the slant. put these 2 conditions on the table. it's not happening yet, so it's cesar engine. you can up men, banks to only buy gold plans from companies that who could meet to to do these to come 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, bank sovereign, while funds and so on, while they all held investments, totaling $1.00 trillion dollars in companies operating along the thermal coal 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. us investors collectively account for 58 percent of institutional investments in the global coal industry. now, with holdings, if $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 in mind as well, that the biggest shareholders of the a v p r, the u. s. and japan. does this thought to look like the u. s. and japan is using the, the to cover their institutional investors. i guess you could say bad investments for sure that the very engine both teach in station thanks

a responsibility and opportunity to meet, to financing the development of course, plans abroad. we also seen in the last week time which has made a big commitment to stop developing new plans and broad a waiver. we are also waiting for try not the same for meet them at home. and to make sure that the commitment does apply to plans and projects that are already in the pump line, for for sure, we can see a lot of inconsistencies from the thir run 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 still providing finance to call, right. so they are providing finance to call and unfortunately we,

we can see that there is a big discrepancy between the native pages taken by private financial. and you mentioned vein gown, but we couldn't from me mention black rock, which is the 2nd biggest invest in the core power sake. 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 corporate, easy to achieve the tool available online, which i'm alive for to see that i've been up to speed by hundreds of financial citizens on the course. so we can see that andre, the financial institutions don't have any corporate to see. and that we can today. and then to 5 more than 260 financial peterson with

a cold policy, only 25 of these policies are 20 rule this enough in order to prevent the expansion of the call sector and as to 40 phase owed. and we, we can see the inconsistencies viewed in from many final editions, but including from the u. k. banks, which are under port lied because of cub 26 receive call me. and unfortunately, we can see the none of the new k bangs barclay said your planned upside or has 22 t, the rubies coatings, the policy actually, they are pool by the 56 billions of thought are financing to companies that are listed on the global court executive between october 2018 for both the winning twin team. so we'd be in janesville or the private financial and each some starting with the biggest us it's managers and mentioned black then got mentioned and the u. k.

banks to respond to the climate. imagine an art training do what it takes to meet the needs you will page. right. thanks so much for making that point . lucy pinson their ankle. i found it's way that introduced a new currency. the digital bobby fall with 6 few as 0 than the previous one. the move makes the currency more manageable after years of hyperinflation. more than 50 countries have been down. this read the nomination road since world war 2. the most significant re denomination in history occurred and hungry and 946. when the pango was changed to the current with an exchange rate of $400.00 ox killian to one. now if you're trying to think, what is a knock trillion while it's a one followed by 27 zero's more recently than bob way read denominated its

currency 3 times between 20062009 with inflation hitting nearly 80000000000 percent. the country caught 12 zeros off the value of this in bob way dollar. and one more example, chronic inflation in turkey between 970 and 2005 resulted in the depreciation of the lira. similarly, venezuela's year on the 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 novices. venezuela has the 7th highest take up of crypto currencies and it's not being used to speculation, but for remittances. and everyday use. it now has the highest level of crypto

adoption. many countries are thinking about rolling out digital currencies for the caribbean is leading the world with the deployment of digital currencies. the bahamas has the sand dollar and the eastern caribbean central bank launched the 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 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. mellow is talking about with the off the 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 petra 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. should be a little bit surprised to see viet,

ma'am india the top of the adopters 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 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 indiana 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 gross 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 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 best. 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 source. thank flash and spells trouble. it's reawakening fears. which last surfaced in the 19 seventy's when an oil price shocked, 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, one's china's biggest property developer ever grande's wrestling with more than $300000000000.00 in liabilities. ever. 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 name i slam. he's the chief markets analyst that as a trade joins us now live from london. so should we be concerned about time, flesh name, or is this just a storm in a tea cup? but thanks for having me. lake, i think with respect to inflation central vices made that position very clear that this is nothing but just a transition factor. and they believe that inflation bill fall at perhaps at a q $12022.00. 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,

it can stand and we believe the central banks should react and didn't, don't really think this is one of the a transitory issue because they 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 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 in terms of a economy in terms of face nomic data, i think there is a qualm among the master that he, yes, inflation should start coming down. now, if it doesn't, then there is a serious problem on a global economy. and you mentioned that the supply chain bottlenecks, one of the world's biggest global port operators device d, p 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 elementary here is energy shortage, which is very much slowing down the production on. of course, kona virus has this stamped the entire supply chain and that will take time. but we don't necessarily think that it is going to take 2 years for the production to come back to the pre wire cycle. we believe that by the end of q 2 in 2022, we should see fairly, very good reaction on the supply chain. and then these constrains shoot spots mitigated by that period. this talk about another self inflicted crisis, the us debt ceiling, which could have a huge impact. not only on the 22 trillion u. s. government debt 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 year has increased that ceiling. and every time it is the last minute. if the u. s. d falls, that's a master issue by the us economy far as rating price grows or it's g p. and we believe that u. s. 124, i think as always, that decision is grades last minute. and now we have started to see some signs of ease, you know, from the g of members, where they are ready to get some concessions or to buy the restriction. alright, let's talk about ever grande's. seems like it's selling parts of its business to try me shore off its finances. but with debts running into 300000000000 can pull it off. i think best for it is essential for me to mention that it is very healthy spine, bat p b and c isn't really interfering with friends. government isn't reiney interfering in that team. price. find his own value given what the debt level for the respect

to the company. but at the same time, it is essential for the go. see another authorities to support and not lead this one tiny to a domino effect. because imagine the small businesses, the medium sized businesses associated on 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, now, my son from london ness good talking to you. pleasure. and i saw show for this wake, but there's more for you online about to sarah dot com slash c t. c. that'll take you straight to our page, which has entire episodes for you to catch up on. on sammy's a dan from the accounting, the cost came here. thanks for joining us. the news on al jazeera is next. ah

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