felt by the british government targeting russians in the wake of the russian invasion of ukraine. ned as be nothing stated that a wrong which would fail sanctions at this point, but they save him stepping away. it's trying to sort of create a distance between himself and the club, insert the decision making, at least, ah, hello, you're watching over to 0. these are the top stories this, our russian forces are stepping up. there are souls on the ukrainian capital that explosions have been heard across the city all night. and the oil depot on the outskirts of the capital is on fire and keeps. 3000000 residents have been told to take shelter. western nations are uniting to cripple rushes economy. certain russian banks are to be bought for main special finance system. roches central bank, which holds reserves with $600000000000.00,

is being targeted. we commit to ensuring that a certain number of russian banks are removed from swift. this will ensure that these banks are disconnected from the international financial system and hom, their ability to operate globally swiftness, the world's dominant global enter bank payment system. cutting banks off will stop them from conducting most of their financial transactions worldwide and effectively block russian exports and imports. mal friendship. president manuel mac crohn has it condemned a plan change in bel russian law? that would allow russia nuclear weapons to be hosted on its territory a referendum. that's why they expected to pass is being held over the weekend. because has asked bello roost president, alexander lucas shank. it to demand the withdrawal of russian troops from day soil

. more european countries ascending weapons and fuel to help you crane to defend itself. germany has pledged 1000 anti tank weapons and 500 surface to air missiles netherlands also promised to send missiles to ukraine in forces. and more than 100000 people have crossed from ukraine into poland. also is expecting to help as many as 5000000 people in the weeks ahead. but crowds at checkpoints so large, it could take people 3 days to be processed. some refugees say they've been mistreated. those are the headlines i'm emily, angling. the news continues. he, on al jazeera, after counting the cost, stay with us. talk to al jazeera. we also do you believe that the french open invasion of ukraine is currently the biggest threat to international peace and security? we listen, we are focusing so much on the humanitarian crisis that we forget the long term development we meet with global news makers. i'm talk about the store restock

matter on al jazeera, i hello, i'm money inside. this is counting the cost on al jazeera, your weekly look at the wells of business and economics this week, limping from $1.00 debt crisis to another argentina, towns to the international monetary funk, to restructure 44000000000 dollar bailouts. bots, r i m f, loans, a financial rescue, or do they have nations in desperate need? also, this week the financial institutions accused of stealing the climate crisis. and the reports as banks have channeled $1.00 trillion dollars to cold, alone since 2019. so we'll lend us ever quit the industry

and global warming is threatening napoleon, drinking water security. the south asian country is known for its heavy rainfall, but precipitation is faltering. so how a pharmacy tackling the 1st for irrigation ah, argentina is latin america's 3rd largest economy. but during the past 70 years and has endured one financial crisis off to another, one of the main problems is it's board too much money to cover its own public spending. that's included loans from the international monetary fund, which it hasn't been able to pay by most of the time. but again, it's now looking to tango with the i m f. the government reached an initial agreement with the international monetary fund to refine us more than $40000000000.00 in debt last month. the deal aimed to revamp a $57000000000.00 loan deal, agreed back in 2018,

which argentina cannot repay. and it would give the country at least 4 and a half years grace period before starting to pay back its debt. but the government would have to be slowly reducing its fiscal deficit and cutting the central banks, financing of the treasury. but many people in argentina oppose the deal. they say austerity measures imposed on the country by the i m. f, have led to increased poverty. inflation is at over 50 percent, and many people can't afford to buy even basic goods. the central bank raised borrowing cost to 42.5 percent more than 2 weeks ago. it's 2nd rate hike this year in an attempt to bring down the cost of living. teresa book reports from when as aires. oh, it's a culinary hot spot in the central market of when a site is and people here pride themselves in cooking the best spanish or

b as in the city. but with the countries inflation rate at 50 percent. but the seattle lydia liada says she has to make a next re for each month to keep the business going out of container a sequel margin. tina is a disorganized country, but we learn to serve the situation. it's a constant challenge, the learning experience. our products are very good quality, i don't want to reduce our quality. so what i do is try to sell as much as i can. so again, in quantity and don't have to increase the price as much. the government has been trying to regulate the rising prices with controls and other economic measures, but it has not succeeded. inflation has been a problem for argentines, for decades, and that's why people implement strategies to protect their income in this market. for example, waters need once a month to agree on the price of certain cuts and they promote those prices in car voice like this $1.00. the problem we're told is that this month the price of fif went up around 7 percent. so now they have to change this cardboard once again, jose luis, hello,

nat owns able to shop. since epidemic beef consumption has dropped significantly, and he still trying to recover from the economic impact. oh is the beef culture in argentina is huge with barbecues, every weekend. what we see is people not eating as much be flagged before, and they are eating pork and she can instinct ah, inflation for it is the government to guarantee that salaries and pensions increase to keep up with a constant rising prices. protest like this one show, it does not always work. argentine and international monetary fund are in financial talks to negotiate more than 40000000000 in debt to target inflation. but economy say the fight to control rising price is won't be seen or break or argentina. there are several factors that have an impact on inflation. that's why it's so difficult to tackle, and that's there is an integrity plan that attacks all those causes of inflation like a monster with a 1000 heads. argentines have gotten used to living with inflation,

and many have found ways to survive it, but it's a vicious cycle that has heard the countries chances of achieving long lasting economic growth. there is, i will as a feeder when a fight is to discuss all of this on join now by humana. blanca research director and head of america's risk insights at various maple cross. she joined me from analisia in spain. thank you so much for your time. now. the principal job of the i m f is to bail out indebted nations. so why are so many people in argentina against the i m f? well, i mean, i think we need to take a historical perspective for that right? argentina is nearing to dust and agreements with the i m f and the country is still stuck in, you know, cycles of boom and boss. so there's a lot of concerned, you know, lack of trust that an agreement with the i m f a will actually deliver the results it's expected to deliver. now interestingly, the most recent polls show that

a small majority of people suggest over 50 percent. actually want to reach an agreement. the question comes about what's in the detail of that agreement and that's where people. busy are a bit more concerned. okay, we'll talk about the diesel in, in a sec. but what's interesting is the, i'm f itself has criticize the deal and made with argentina back in 2018 when christine, the god was the head of that body. what does that tell us? well, i mean, let's just put it this way, right? this is the largest lending facility that the m f has extended to a country, right? argentina loan. and so it's not only argentina's problem, it's about, you know, the i m s, credibility and about the credibility of it's due diligence and how we decided to land. and of course, there's been a lot of criticism about political interest at the time, right. and i, so i think the i m s own criticism. all it's itself, criticism has to do with that,

right? recognizing that it also had a duty to make sure it was lending to a country that would be able to pay it back eventually. so in lysis or all that, what do you make of this current renegotiate to deal with the i m f? is it going to be more palatable to argentinians? well, i mean, this is the problem, right? we don't really have the details quite yet. and what we have seen so far means that pain is on the way. the reality is that pain will be on the way for the argentine economy regardless of what happens. an agreement with the i m f could be less painful than the alternative of having no agreement and going into a default in march, which is the alternative that argentina was looking at, right? because that would actually mean a currency crisis. you know, it would mean also higher inflation, which the country is already breaking, you know, records on. and it would also mean the economy would go back into

a contraction, right? instead of growth. so the agreement with the i, m f is, is needed, right? and politically, in the country, it is very controversial. and so the pay the past will be painful. the question now is, what degree of pain will argentina have to undergo over the coming years? and is it able to cope with that pain, socially and politically? much at the country's debt burden is inherited from the previous government is argentina's problem political? well, i think i can see the problem is structural right because that, that is inherited from the previous government, which took out that to pay, that inherited from the government. the for that, and we can make that chain going back to the 19 seventy's when the last military dictatorship. right? so the main problem for the country is that it, it implements government policies and not state policies, right? and so structurally, when there's a change in government, there tends to be a sudden change in regulations,

in rules and policies. and we don't see like we see in other countries in latin america, particularly you know, other emerging markets and america that have overcome that challenge over the past 2 decades. and have decided that certain economic principles are state policies and do not change overnight when there is an election. right. so i think argentina now has yet again, the challenge of overcoming the swings in policy that characterize the country. and if it doesn't do it, then we will probably be talking again in about 2 or 3 years time about the argent time restructure with the i m f and private bondholders. so fundamentally what you're saying is argentina is in a financial black hole and has been for a long time and it doesn't look like boring from the i mass is helping solve is problems long term. so what is the real fix? well, the real fix would be, for example, if, if i put it in the terms of

a family right, argentina spends more than it makes. right. and it does that every year. one of the 1st things that we'll need to do is actually start living to its means, right? and to do that, cutting energy subsidies will be the top priority. because 90 percent of the countries fiscal deficit stems from the government actually subsidizing energy. and this is, you know, it's quite interesting because argentina sitting on one of the world's largest gas reserves, yet this year it's important gas during the summer months. mind you were currently in the summer in the southern hemisphere, their inputs in gas to be able to generate energy for industry. so come winter and you have a larger deficit in gas that you're importing. more in, this is draining hard currency. these are the structural things that aren't intended to resolve and resolve them for good, right? and this is not going to be easy, it's going to be painful and it's going to be

a regulatory challenge that the administration will have to overcome during the current year. and do you think the current administration is up to it? well, i think that coalition has a very, a very difficult situation at the moment, right. there's infighting within the coalition. so a president fernandez wants to deliver an agreement because the alternative is dire for his administration and his potential reelection bid. but his vice president, christina pearson, early it's a fraction of the condition that is out of man's and to say publicly that this is of any deal with the i, m f is about to you and that they're not willing to cut on energy subsidies at the rate that the country needs and that they would like to be able to continue spending on social programs by expanding the monetary base. that's just simply not sustainable. so i'd expect that at some point this year latest of the meaning of 2023. we will see

a breakup of the current rolling coalition in argentina ahead of next year's general election. so what happens now to the current deal on the table with the m f? will it just go through as it is and, and doesn't matter that the i math has such a bad reputation with the people of argentina? well, i think there's 2 parts to that, right? first, that needs to go to congress. and there it is likely to go through, but as i said, not without significant tensions within the ruling clinician, i'm with the opposition saying that, you know, they're open to look into the details of the agreement and supporting a sustainable agreement so long as it is supported. by the entire ruling coalition, and this is the key factor, because no matter what happens with this deal, this isn't a re payment plan that is going to be resolved in the next 2 years. so whoever is the next government, be it the current correlation or the opposition, they will need to be in agreement that they will maintain the terms of this

agreement. the 2nd part is, you know, the, the, the country is already experiencing a slow down of the economic recovery. argentina's economy is not going to recover to prevent that make levels until the latter part of this decade. if it reaches pre pandemic levels, then the countries looking at 2 last decades back to back at the moment. so for people, you know, the i m f agreement. it's more of a theoretical debate. it has to do a lot with purchasing power, how inflation is hitting them, and that will be the key challenge for the government. jimenez blanco, research direct and had if america's risk insights at various maple cross. thank you so much for your time. thank you. ah, coal is still considered the worst alita of all fossil fuels and getting rid of it is crucial to combating global warming and climate change. but money speaks louder than words and a new study by $28.00 non governmental agencies found that major banks pouring vast

sums of money into the coal industry is the 1st update since the cold $26.00 climate conference was held in glasgow last year. oh gov alden, reclaimed finance alongside author and geo say financial institutions channelled walden, $1.00 trillion dollars to the coal industry between january of 2019 and of them, but of 2021. more than 80 percent of the funding came from 6 countries, only. they all, the us, china, japan, india, canada, and the united kingdom. barclays and city group are among the top 10 highest lenders to over 1000 firms involved in the coal supply chain. bank of china, bank of america and japanese firms took all the top 3 spots. the india is also say only 12 banks accounted for almost half of the total, $363000000000.00 in loans to the call industry in the same period. now

10 of the so called dessie doesn't lenders are members of the u. n's net 0 banking alliance. and industry lead initiative committed to aligning their portfolios with net 0 emissions by 2050. and the report says, underwriting now accounts for the biggest share of funding for coal clients. the process raises investment or capital companies by issuing bonds or shares on their behalf and selling them to investors. the engineers also blame investors for keeping fossil fuel projects afloat. they say at least $5000.00 companies own combine holdings of more than $1.00 trillion dollars in the coal industry campaign to say there were such should be considered a benchmark to assess the promises made at cop $26.00 major coal dependent nations pledged at the un talks for the 1st time to phase down on coal fired power

generations and inefficient subsidies for fossil fuels. the amendment of the pat terminology to face down rather than face out has raised concerns amongst campaigners it would create a loophole to delay climate action. but it's not just cold receiving lots of cash. europe's biggest banks of pumping money into new oil and gas production. despite those pledges to reduce emissions analysis by the campaign, group share actions show. the $25.00 banks have provided more than $33000000000.00 in loans and all the financing to at least 50 companies. hsbc put almost $9000000000.00 into new oil and gas in 2021. while barclays put in at least 4 and a half $1000000000.00 deutsche bank loans, almost $6000000000.00. the fossil fuel johns receiving the funding included exxon mobiles shall be pay and saudi romco while the banks have insisted they all committed to working with their customers to achieve

a transition towards low carbon economy. while all giant exxon mobil has said that the international energy agency and the u. n's, inter governmental panel on climate change agree that significant investments in oil and gas is still needed for you to 2050, even in a net 0 scenario. net 0, of course, refers to stay in which the greenhouse gases go into the atmosphere are balanced by the removal out of the atmosphere. let's discuss this further with the market strategist and former economist at city. great. mark fulton, who's also the chair of the research council of the carbon tracker and founding partner of energy transition advises. he joins us from new south wales in australia . thank you for your time, sir. who are the biggest finance is when it comes to investment in coal and other carbon intensive fossil fuels. but essentially, i think if we take cole, i think it's important to step up a level and look at the countries involved as

a very good piece of work by the global energy monitor gem that points out that really it's the chinese lead the financing world followed by the u. s. in fact is important source of financing followed by japan, south korea, india, and indeed russia is on the list that charl on bell loan, stay on the list. but essentially those countries are the source countries. china being very critical to that. and i think again, if you look even higher up behind that, why is that? where is, where are the planned? coal fired stations still coming? so if we look at what's planned out there and pre constructions, they call it was about 280 gigawatts of coal. still planned, and that's on a base of 2100. so it's 10 percent existing culture that's, that's a lot. so this is, that is way too sorry to interrupt you. so this is cole plants waiting to be financed. does that mean an increase in funder?

well, as i say, what it is is co plan side of the plan, pre permit to don't permit that cold. and eventually, some of those way before fighting financing, a lot of them will get, we'll get cancelled in on few because they just don't make sense. but some are thinking, financing at the moment, for sure, and the different stages of that buy thing again, within the financing, i mentioned those countries, it's important to realize that 70 percent of financing comes from government based entities and state bank of very significant, particularly in asia, and particularly in china, so while it's right to concentrate on potentially funding coming from the private sector and finance markets, you've got to remember a lot of this is coming from governments themselves and they are cross funding. now the very important announcement came from china. the call where they said they would get out of fan and coal stations outside of china that is considered

significant and could not 40 gigawatts of that 280 number. so we'll have to wait and see how it plays out. but that's a useful announcement. one of the arguments we often hear is that investment in fossil fuels is still needed on tail countries make that transition to something a bit healthier? is that true? well, i mean, i think it depends on your so called scenario. so i don't get too technical, but so we're talking now let's wide and beyond cold oil and gas as well. fossil fuels. and let's talk about the, the, the majors for pushing in the world, which is to get to a 1.5, a c outcome in by. and that means net 0 by 2050. that's the big focus. some people want to get there in quite a hurry, so they want to look at these scenarios which essentially mean, if you want to do that, no new coal fod stations, a tool from today finish. oh that 200 has to disappear and no in fact,

no orland gas exploration, you need to sort of fraud a lot back. i need you. now that is the $1.00. i worked with a group that is commissioned by the u. n. p r. i and we look at something called didn't eligible policy response, and we look at for costing what we think might happen as well as what would be required to get to $1.00. and we think we can for cost say something like $1.00, which is what the call might be. might the outcome the might have been a weird, full cost that before the call. and in that, when it's a start throttling back on coal, certainly no new coal from 2025 on woods is very small window. and we would be say, be very careful how much you do. and then on oil and gas, the final window here is the oil and gas oil demand peaks, we think in the next 2 to 3 years and following that is going to rapidly run off. so there's not a lot of room even on this sort of not on the so stringent $1.00 outcomes,

even at $1.00, there's not that much room for new investment in oil and gas. the saw i'm but not a lot. very interesting to get your thoughts, mark fulton chaff, the research council, the carbon tracker and founding partner energy transition, advisors. thank you for your time. thank you. water gas. the in the power is just one example of how the climate crisis could pose an existential threat. the south asian nation has one of the heaviest rainfall in the world along the dry spells the, causing a serious drinking water shortage. well, now farm is coming up with simple bob, effective ways to harvest the rain during monsoon season. zane bus are all the has more from central nepal. nepal is always been one of the rainiest countries in the world, giving it lush, green, rolling foothills, the hallmark of the himalayas. it's certainly not the kind of place you might think is suffering a water security crisis, oddly alive, dead used to me,

lloyd indian city, long beauteous, and, and well, now what is ebony high into it? he didn't fall in sanderson that will let go inside that on that is go through is a, i don't know that miss you have leslie studies of groundwater. it only rains for part of the year and the pulse terrain can turn baron quickly. but just outside cut, monteux routinely ranked is one of the most polluted cities in the world is a regeneration success story. this thriving forest wasn't here 2 decades ago. now, scientists use it to study how best to collect and keep the most basic element with ring collection systems like this one tank can hold enough water for a family of 5 for up to a month. and ponts cut into the sides of steep hills, have the power to bring dry wells back to life in rural villages, applying these designs is saving farms and lives. at 1st glance, it looks like any other hill side in this part of nepal. but what's happening here

is local farming communities using simple methods to solve a complex environmental problem. earthquakes and man made roads change the way rain moves down hill. at the mouth of this underground, well her num, alarm i explained how changes to terrain stop the flow of groundwater and left this life, giving natural spring totally dry in rural nepal. wells like this are the primary source of water for drinking and domestic use. building terrorist ponds to collect and carefully piped the water to both crops and holmes has saved villagers from uprooting their entire lives. yeah, finding that way i'm live, there was no water here. we ship to go very fun. a look for other water salt is much of a, but we are happy devota started to come here again. the water is collecting slowly and gradually reviving, go and living scientists and farmers in the policy. the

world around them is changing faster than it has to. but roads can't be on built and there is no taking back the weather, altering greenhouse gases in the air. so all they can do now is their best to adapt to their altered ecosystem. is in basra, the algebra bucklin, the bessie nepal. that is all sorry for the wait, but i want to know what you think and what you want to say on the sweet o d m a money sign on. if you're twisting them, please use the hash tag a j c t c, or it's a male moria things counting the cost out there a dot net address on this not movie you online, or how does there a dot com slash cdc that will take you straight to our page, which has individual reports, links and episodes to catch up on that is that this edition on counter nickel, i'm money site and the whole team. thanks for joining us. beneath on algebra

i dictatorships, to democracies, activists to corporations, control of the message is crucial. oil companies have become very good at recognizing ways to phrase what they want you to hear. we care about the environment you do to you should buy our oil beard for public opinion or profit. once you make people afraid, you can use that to justify stripping away basic civil liberties. the listening post examined the vested interest behind the content you consume on al jazeera. for some, a robot is a mechanical law or even that self driving train at the airport. but android today can be dearly humanoid robots, like me, will be everywhere, al jazeera documentary, to lift the lid on the weird and wonderful world of robots that learn. think for you and even trust. i feel like i'm alive, but i know i on the machine,

origins of the species owner to see ah large explosions in ukraine's capital cave residents rush to bunk is as rush as steps up. it's military advance. ah, hello, i'm emily anguish this is al jazeera live from doha. also coming up we will stop protein from using his war chest. western allies switch play a gray to cat some russian bangs from an international payments is.