may be in the future, i will give the demand for more power will mean burning record amounts of colon coming years. more air pollution almost inevitable. leading residents with little choice, but to write it out. then basra, the just 0 this game. but does told from indian easiest volcanic eruption has risen to 22 with many more injured and others still missing the body of a 13 year old boys. one of the latest to be recovered from the ash and mud fed. the volcanic activity of rain on java has hampered such efforts, crumpled roofs of houses, the smouldering landscape. ah, 7 o'clock with headlines here on out 0 and the united states is announced. the diplomatic boycott paintings. winter olympics accusing china of genocide in the treatment of mister weakest. american athletes will still be able to compete in the games. china described move as a political manipulation. pretty small on china's ranch. well, not

a total surprise from the aging. this has been discussed for some weeks now, and china's foreign ministry on monday actually addressed the possibility of the u . s. announcing a diplomatic boy called accusing washington of political grandstanding political manipulation. and they said that this move went against the spirit of the games. chinese state media equally has released some, some articles and statements saying that this is an attempt by the us to contain china's rise at this was reflective of a cold war mentality. and this will no doubt escalate the tensions between the 2 countries which have been frosty for some years. so that because president has again, criticize sweeping travel buttons imposed on his country because of the micro variance . speaking at a security for incentive goal, so really oppose also cues, western governments of fading to deliver code 1900 vaccines that they had promised to the african continent. a growing number of school students in south korea have tested positive cov 19 since returning to class. last month,

lily 1500 students tested positive and so alone last week and the number of critically ill current virus patience has hit a record high new york city will soon make code 19 vaccinations, compulsory for all workers in the private sector. it is the most sweeping measure of any state or large u. s. city leaders of nato allies, united states, u. k, france, germany and italy of held a joint phone call about ukraine. the statement says they agreed that a united front is needed to confront what seen as russian who still a t. i build up of russian forces on the border has raised fears of a possible invasion, which the criminal denies will be the top focus of a video called between vladimir putin and joe biden on tuesday. all right. yep. that lines more news coming up right after counting the cost of a gynecologist working as a volunteer in areas of conflict. he's not only

a skilful doctor, but he's also known for his time delivering babies and treating women who medical services are limited. you're truly a doctor of humanity and hope to see the world. what was the doctor? medical mission, syria, him in southern turkey. dr. with hold on now to sierra ah hello, i'm kim, i'll santa maria. this is counting the cost on al jazeera, your weekly look at the world of business and economics this week. oh me, christ. does it ever seem to end another new karone of ours variance, forcing governments to impose travel bands just as economies we're starting to recover the explore watts impact on the con,

good have on the health of the global economy. also the sweet green hydrogen haled is the clean energy of the future, but cannot really help and the use of fossil fuels and start to dekalb and eyes economies. and when sport and money collide, you get a fierce bidding walk. my billionaires and broadcast is abetting heavily on the world's richest sport cricket in india. so just when you thought things might be getting back to normal, if a normal now is and along comes a new variant of coven 19 throwing everything into disarray. again, a big part of the discussion is whether it's the variance or the fear of the variant which is unsettled things so much. but on, in kron is a reminder of just how much our economic normalcy relies on the course of this pandemic. here's what we know about the new varied festival scientist trying to understand more about it after it was officially labeled by the world health organization as a variant of concern. and given that name on the con,

the general consensus is that on the cons, mutations could make it more infectious and perhaps less responsive to vaccines. was 1st detective in south africa and later identified in some parts of europe. the u. s. japan, israel, and now many other countries as well. and then came the reaction and it was fast. borders was suddenly closed off to passenger travel from southern african countries, which brought a lot of anger, especially of south africa, failed to done the right thing in alerting the well to the new very to the 1st place. oil prices fell more than 10 percent as soon as the very was detected, stock markets took a hit to and are expected to face. weeks of uncertainty is invested closely. what for updates on our maker on? so, what comes next? largely depends on what scientists discover and how quickly they do so. so what all this means is that we're back into the realms of one step forward to step back. in fact, we arguably already were before the current emerged, consumer demand was rising, it was good economies reopened. people were back out shopping regularly,

particularly with the end of year holidays approaching. but keeping up with that demand was already a problem. there were a lot of backlogs in the global supply chain and codes and manufacturing hubs, which made a good old fashioned bottleneck was flowing everything dumb. also prices have been soaring. inflation rates have increased in many parts of the world. in fact, in september, in the united states, inflation was 5.4 percent, which was the highest in 13 years. and the travel industry, well, it was starting to recover from its pandemic losses, but the knee jerk reaction to close borders and restrict international travel means the airlines and hospitality industry are in uncertain territory again. and so the focus and this is part of understanding this new variance is now on how effective our current bank seems, will be against omicron. drug makers have given mixed information on that so far. 5, the buy and take us out beat about protecting against the via coven? madonna's not so sure. and of course, there's still the problem of the huge disparities in vaccination rates around the

globe. estimated around 2 percent of people in low income countries have received even just their 1st coven 19 shot. so let's try to get some answers in london. gregor o and is with us. he is the director and chief economist at the strategic advisory group, global counsel. greg, thanks for your time. a little bit of retrospect, 1st of all, now that we've had a bit of time since the crime variant was 1st announced, what do you make of those market? an oil reactions that we saw? i mean, oil fell off the cliff pretty quickly. markets were all over the shelf as well. i mean, is that just the uncertainty, the fact that we just didn't know what we were really dealing with? yeah, i mean, we had a few days to begin to get our head round epidemiology of a kron let alone the economic impact of it. so i think at the moment, you know, the economic impact is really a highly uncertain and it will be at least a few weeks before we know how big a deal it is in terms of its public health consequences. and therefore,

what sort of impact may have economically markets reacting in a perfectly natural way in those circumstances at the tile that reflect the i'm starting to see as if it is about balance, isn't it? i'm talking about the idea of, of looking off people's help. obviously, but of locked downs and travel restrictions and all these hard to think. you would hope, by this stage of the pandemic that we would have learnt how this works now. and that may be immediate shut down lockdown like that are the best way to go. i think i think governments around the world have learned an incredible amounts about the right way to introduce public house measures how to communicate them, what the economic impact is likely to be and how to calibrate the response appropriately and different circumstances. i mean, it's complicated by politics making a mistake about that. politics gets in the way of good policy making. sometimes i

think what we've seen so far in response to alma tron is your government's sort of the most restrictive measures that we've seen so far have been on the travel, sacked sort of thing. that makes sense. but governments are also really sort of, i think the really carefully focused on the messaging around on the tron. i think the wording about some of the behavioral pass and that is why the messaging has been quite nuanced at so far. and i think we continue to see that until we get hard evidence of what the public health implications of it are. and therefore we begin to see what sort of restrictions may or may not be required by governance. let's vote some other elements and then supply chain problems. inflation has well, even if on the wrong turns out to be not as bad as we think there's still a number of other things which, which are holding the economies back. yeah, so the supply chain problems remain quite severe. the cussing, you know,

considerable logistical problems in a number of different sectors. and at the same time, if you think about what the impact of cobit has been on, on demand shifted mind that we from services and towards the goods sector. and then on top of that, we tied labor shortages in some markets for reasons that are still being debated. now all of this is putting pressure on, i think, gives prices in particular goods, price inflation has been much more much higher than the consumer services inflation and a number of different markets. and i'm trying to is going to add to that, you know, probably for a couple of reasons for 1st of all, because central banks are expecting a rebalancing of demand away from goods what services will be delayed. and secondly,

we could actually see, you know, some more disruption to specific nodes and complex supply chains that's going to exacerbate problems bear. and i think all of that means that it's just going to take more time for the knots and supply chains to become disentangled. so this combination of supply chain disruption, feeding into inflation, i think, is going to, is going to cause headaches, a central bank for some time to come in. this may and then to take a step back, even from the supply chain that the supply itself, the manufacturing. they were already some limitations. again, coven related on manufacturing helps places like china, for example. is that a concern that the stuff won't be there? or as you've said, maybe there's going to be this rebalance away from goods and back to what services will. so, i mean, obviously supply chain disruption feeds into the destruction of manufacturing processes. we've seen that impact thing most dramatically on,

on those manufacturing sectors that are most sensitive to supply chain disruption. so the ultimate functioning sector and destruction to semi conductor supply sector has been particularly badly affected. i think china is interesting for a number of reasons. one is china, you know, just putting on the trying to, i'm sorry, china, china has a challenge in the months ahead, which is hard to exit from the pandemic. if at some point, you know, the world does exit from at least this phase of the pandemic check, trying to get a 0 cover policy at the moment. how you exit from that begins to open up trying to the rest of the world in terms of foreign tribe on the rest of it that's. it's not clear how that to happen. and i think on the truck might delete the moment the time and difficult decisions need to be taken. but it will actually make those decisions even more difficult when eventually do need to be taken. because this sort of a client community of the chinese population will be back at lower and the public

health challenges greater. so you know, manufacturing destruction and china. i'd suspect we may not have seen the last, or even perhaps the most severe elements of that as part of this pandemic, griego, and great to talk to you. thank you so much for your time today. you are very welcome. ah, that so climate now and as the global crisis escalates the world is banking on green energy to reduce greenhouse gas emissions. thing is wind turbines and solar panels can't clean up everything and our cars, trucks, plains, they all require a lot more energy than those sources can provide. that some say they could be a silver bullet in the form of hydrogen, earth's most abundant ellamin and it's a clean burner. there are in fact 3 types gray hydrogen is extracted from natural gas. so it's the most commonly used form of hydrogen, but it emits

a lot of carbon dioxide. so that's not great. if you capture carbon dioxide though and store it safely, it's called blue hydrogen. so that sounds better, but it emits a lot of methane, which is also not great. and so green hydrogen that is generated by splitting the 2 components of water, oxygen and hydrogen with an electric current that's powered fully by renewable sources. so given that simple chemistry involved green hydrogen could really help us reach 0 emissions. that is the point where we remove as much greenhouse a gas from the atmosphere as we emit. meeting the ambitious plans being made for green hydrogen domains building a whole new industry. there isn't enough renewable energy to produce large amounts of green hydrogen in many places. the machines used to carry out that they told us this process are expensive and the gas could cost up to almost 5 dollars the kilogram to make when really it needs to be below a dollar to be competitive. that said, we are seeing some movement. the european union is among the biggest invested in

green hydrogen. it's planning to build equipment capable of generating 40 gigawatts of renewable electricity into hydrogen. by the year 2030, the united states, saudi arabia, china, and south africa are also exploring ways to produce it. according to bank of america, the whole hydrogen market is expected to be with 11 trillion dollars. by the year 2050. but already there are companies trying to get more hydrogen energy out there . one of them is the striding mining company for to scoot metals group, which has plans to produce $15000000.00 tons a year of green hydrogen. and 10 years from now and a very place to say, the chairman of for to skew andrew farces with us now from sidney. thank you for your time mr. forest. we've just done a little bit of an explainer for our view is about the different types of of hydrogen, the green, the blue and the gray. it seems that at the moment most of it is is gray. and that's not great because if it's a polluting element and blue is not great on that front either. so is there any

point in going down those paths? should we just be focusing solely on the green? i think we should focus solely on green, blue and grey, have really had that day in the sun grey flukes about 15 times per unit carbon than it ever produces hydrogen blue. we don't know if it's much better. we think it's probably about 12 to 16, but what we do now is most blue will come from maintained o l n g, as it's cold in the popular sent. but ellen, geez, just made time. that's $80.00 to $90.00 times more dangerous is a global warming agent than carpet so. so we're worried about global warming. we've moved straight away from gray. we wouldn't touch blue and we'd go grained grain will be abundant. we can see it very clearly. i've done this before. built huge companies of projects from scratch by can see this very clearly. this is going to happen. i've got

a feeling that green is expensive. you find anything is expensive at the start. hm . luckily, most of your consumers, they're not gonna buy the 12000. you're still a microwave. when it 1st came out, they'll probably end up buying the $100.00 microwave, which is much, much better than the 1st one, which came out a lot like the computer. it, it will, will be initially expensive, but that's going to come more at our cost by the time we're really in production in the late $20.00 twenty's. this will be as competitive as any fuel out there with one great difference. you will not be polluting the planet you will not be harming the future of your planet or your kids. so let's talk about what you've got plans for. we mentioned the numbers before. i think it was 15000000 a year by, by 10 years from now, and also this plan to build what would be the world's largest electrolyzer if i'm saying that correctly. ah, tell us a little bit about that and what that will actually mean in an,

in an output sense. like what we will get out of that. in theory. we have great hardship projects now all over the world. ah, ah, in every major precinct of our little planet, we're prepared though to be very confident as good as guarantee the 15000000 tons from our own country. we not best. there's a huge upside with every other country africa, the middle east, latin america, europe, etc. but from our own country week, we can, we can be assured of it. so the 1st $15000000.00 tons is likely to come from australia with then top up surprised, greater woods. 50000000 tons. now specifically i can share with you that that tonnage is on. it's way good. good to hear. my very simple question for the day is and forgive my ignorance. is it like oil and gas? can you ship it? is it, is it? is it cost effective as well to move it around? right now you would container. i think, i mean, any, any highway you drive down,

you'll probably be passing a great ammonia or grain hydrogen trucks. i, it's very common. we've been sending it up into space. 50 is sending it across the the oceans would be contained initially, but we're going up tend to, in the common year for grain, hydrogen ships in green ammonia ships with all the major shipping plies. we know that green hutch and perspective they're going to correct that. not just like they, they correct the may say o l n j not so we know it's going to be done. but in any event, to the well shipping industry or all those, you need ammonia that 15000000 tons would supply, sending to 80000000 tons of great ammonia, which will power the shipping industry. huge power, coal fired power plants, which you can drop by 50 percent, immediately replace it with great ammonia. so there's a huge demand already for those harsh and molecules as ammonia. but we won't stop

there where to turn to also ship our customer caution, because they made green hodgen as well as great ammonia. so you're doing all this at a, at a corporate level. and as you said, you've, you've built previous things from scratch before. how important is that the government get on board now? the european union is one which is said very much. yes, we are committed to this idea. is the strategy and government are there others out there? i think it's absolutely critical. governments get on board. there's no, i was powerful enough now and the major plan supposed flat rate will never cut this . it's just not sustainable. you need a fully sustainable therefore business like approach to the end of global warming, a approach which is so large that it can actually bring their warming of our planet to an end over time. that will need to be sustaining that that is, of course, the power of business, the power of comments that empowerment will only happen if the governments get on board. you cannot watch ahead and say, well, business will fix everything because actually businesses like mine got into this

business is like mine must get us out. same. i mean, we were all focused on cop 26, not long ago that this is the kind of thing which governments could easily get behind. because if we, as you said, you're looking for actual solutions, then well it there and, and not ready to go. but the planning is already come out, this is a practical implementable solution for the wells, energy and grain energy product requirements can be fertilized, they can, they steal, it can be made, it can do my bill or the can to fix plot. we just need to get in behind rein hodgen . people have sent me all look has been around for a while. i remind them that it took a 100 years for the steam engine to actually get into a train which revolutionize transport. yes, hodge. and it has been around for a while, but now it's day has come and why not? it's the most abundant element in the universe. it will never run out. we make it with great energy, only, not anything to do with carbonite pills. we make it with great energy. we now have

a permanent supply of pollution, brief feel we owe that to ourselves, the or that to our planet, and we are that to i kid and your 1st great to talk to you and good luck with things. thank you, come out. finally this week, my favorite sport cricket. and if i'd been any good at it, when i was younger than now in 2021, i'd be part of something huge, especially in india, where it is without question, the most popular sport. and now the richest, the indian premier league now has an estimated brand value of $6800000000.00 that attracts millions of view as worldwide. and so broadcast is a bidding high for the rights to stream the matches. after 2 franchises was sold for a combined $1700000000.00, the new broadcast contract starts in 2023. it covers the following 5 years and is expected to bring the indian cricket board up to $5000000000.00. even facebook stone, it's had in the ring, especially with the i p. i'll expand into a 10 team season next year with 74 matches that

a 74 opportunities to make some megan money. look at this from duff and phelps, a financial consultancy, which produces an i p l. brand valuation report each year. the broadcasting fees per match last year were in the realm of $8000000.00. not that much less than both the english premier league football and american major league baseball and higher than the german football league, the bundle slager and the n b a. it's all ridiculous amounts of money, quite frankly. so we've got simon chadwick with us to help understand it. simon is the director of the center for your asian sport industry is joining us from commentary in the u. k. simon. good to say you as always, can i make a grand sweeping statement to start with and say that sport is not about sport any more? it's about not just money, it's about broadcasting, right? this is the center of it all. i think school is about a lot of things, not just about sport money, but about politics as well. and it's interesting because we, we, we talk about broadcasting and i think increasingly we need to talk less about

broadcasting and more about content generation. and, and that really is where i sport is, i think, beginning to, to boom, not just cricket. but i think across the world in so many ways because essentially fur fur over the top platforms like netflix, for example, for amazon and many others. sport is a way of filling schedules it to where filling air time it's. we're generating content for, for people to access on their, on their tv, on their mobile devices, on the, on their tablets and so forth. and, and so there is an intense optimism and, and, and a great deal of speculation about the financial windfalls that the future will bring on. so i think we're doing is we're seeing not just traditional media companies and broadcast is entering the industry. but lots of new places as well, because i think there is this view the over the next 10 years. so what we're going to see is a sport being really one of the main drivers of the development of these over the top platforms. okay, so for talking about content,

if we talk about the i p l as content, what is it that might fit attractive? obviously, it's cricket, it's the best players in the world. it's india where there's a huge audience. anyway. how is it all packaged up into something which is becoming so attractive and that broadcast is want to pay so much for? i think one of the things you gotta keep in mind is, is the broadcasters over the top platforms and, and others who are involved in, in any sport, need to know that the sport is going to be watched, that it's popular that people will buy what's on offer the, the crucial thing about india is it will very soon be the biggest country in the world. what we've also seen in india is going about 101015 years is really quite daring and courageous development of the game that i think in many ways has changed the world beyond a change cricket beyond recognition across the world over the last decade and not is this the short form on game because many of us time impoverished, you know, we really busy lives. we got kids to look after. we've got jobs to, to,

to go to. we've got other things to do. so we need our sport bundled up into, to really easily consumable bits. and what i p l has done is, is to provide us with something that is very easy to consume, that really retains the essence of what good sport is all about, which is uncertainty of outcome. so there isn't the domination by just one team. there are several teams always that can win, and that leads to a product that is engaging. it's exciting people. i draw drama from it. they say it is tense. and so in that way it's, it's a great product. it's easy to sell and people are engaging with it. the other side of things where the i, p l is concerned, is not just the, the broadcast side, but the actual teams there are going to be 2 new franchises and is a lot of money being thrown around to get the licenses for those. i believe even the glades, the family who are in manchester united have shown some interest as well. is this the other sort of side of it that, you know, if he's got lot of money, then owning a team is,

is kind of the new thing or an important thing. one of the things about the global market for sport is, is that there is a lot of sports and there is increasingly a lot of competition. and so if you want to either improve or even just maintain your position in the industry, you, you have to spend to survive, you have to invest new technology, new formats, you have to enter new markets and, and so on and so forth. and i think again that's what we're seeing, but i, i think, certainly in terms of the glazes, this is a very interesting move and, and for the glazes themselves, they are sports entrepreneurs. they spend money buying clubs and franchises around the world. so i, in one sense their investment or their attempted investment into the i, p l is testament to the power of the i p l in the commercial returns that can be achieved. but i think the other thing about the glazes is ace that clearly they're from the united states and, and what we now beginning to see in the united states is radia. they said

that something bubbling up as quick as simmering in the us. and, and what we're seeing is, is investment within the united states in cricket, in the creation of leagues, and the creation of competitions. and this for me is a really, really significant move because the u. s. remains the largest market for sport in the world, may be somewhere between 30 and 40 percent of global industry size. so there's money there from tv, from sponsors, from audiences and so forth. but crucially, i think in the united states, we also have a very large indian das bra. and what i sense is it's the indian diaspora in the united states that is really driving this forward at the moment. cricket in america who would have ever thought i simon chevy. always a pleasure talking to you. thank you. thank you. and that is i sorry for this week, but i wanna know what you think, what you want to say on the show in the future. 3, her dear me up, come all a. if you're us we can use the hash tag, ha cdc or if emails more, your thing counting the cost of al jazeera dot net is our address,

and we'll see you online at al serra dot com slash cdc. that'll take you straight to our page, which has individual reports, links and entire episodes for you to catch up on that that is it for this edition of counting the cost on come al santa maria, the whole team. thanks for joining us. the news on al jazeera is next step beyond the comfort zone. we're assumptions or challenge traveled to the ends of the earth and further experienced the unimaginable of the people who live. it was a probably the most extreme situation i've been involved in how quickly things contract award winning documentaries that also perceptions witness on a just the euro teaching. no, you can watch out as they were english streaming live on like teaching channels,

plus thousands of off programs. award winning documentaries, and in depth news reports. subscribe to youtube dot com, forward slash al jazeera english ah mclaughlin dough. with the top stories here on al jazeera, citing what it called human rights atrocities and genocide. the united states is a dance diplomatic boycott of china's winter olympics. it means no american government officials will attend, but there won't be an impact on athletes heading to the games. katia lopez, adrien as israel political tensions between the us and china, now playing out and next year's winter olympics and beijing, you as president joe biden said for weeks he was considering a diplomatic boycott of the games over china's human rights record.