in the living world and meets the businesses balancing the books by making the planet as important as profit. bab, he's had traumatic change for society. are we going to collapse? or are we going to rise business critical on al jazeera except $1000000.00 money, long drink operation for coal. marsha is bigger than the company with financial institutions, regulators and governance complicit. i'm always offering with it. right. i've described that in a 4 part series. al jazeera investigative unit goes under cover the southern africa, pittsburgh. we can fill it 90 percent, who is dylan? once it's recalling, it's perfectly brandon, good part for on al jazeera. ah, i'm carry johnson and i are the top stories now on al jazeera sh people in sudan, the have endured a 2nd day of fierce fighting between the army and the countries biggest

paramilitary force. earlier on sunday they had a brief respite from the fall and steering a 3 hour humanitarian pause. of fighting between the army and the rapids support forces began on saturday. medical sources say at least 97 people have been killed and hundreds injured since then. the violence was sparked by disagreement over the paramilitary groups integration into the military as part of the transition to civilian rule. if morgan has more from the capital, there has been intense air strikes and it's not clear which locations are heads. but people living in the northern part of the capitol reported a fighter jets flying overhead several airstrikes, and also heavy artillery being heard. the same thing can be said in the southern parts of the country and there is intense fighting in the areas around the army headquarters and the airport. so obviously there's still a struggle for control of those 2 vital locations. we can see smoke rising from the

vicinity of the army headquarters. it's not clear which of the structures have been head when it reads no block of nations is planning to send the presidents of kenya, south sudan, and g booty to mediate incident. the inter governmental authority on development or eguard says the leaders will be heading there soon as possible. the african union has also called for an end to hostilities. it's chairman will also be going to cartoon to discuss an immediate cease fire. and the arab league has held an emergency meeting to discuss the situation or the news. now g 7. foreign ministers have reaffirmed their commitment to supporting ukraine. the holding talks in the japanese resort town, they also vow to continue imposing strict sanctions on russia. rob mcbride has more from carries all japan has been a real cheerleader for these sanctions amongst other countries in the asia pacific region. also talking about ways of stopping russia from getting around those

sanctions. and also as stopping, getting weapons from a 3rd countries. there is a, a real fear there are claims that north korea has been supplying weapons to russia, though north korea denies that at the rock, an ongoing concerns that eventually china might supply weapons to russia. so they've been talking about ways of keeping russia isolated. there's also been strong condemnation of russia's deployment of nuclear missiles to bella roofs, and also about the ongoing nuclear rhetoric from vladimir putin. china says it's willing to have close strategic communications with the russian military. the pledge came from beijing's defense minister at lee shank food, who met russian president vladimir putin on sunday. it follows a state visit to russia by chinese present. she jim ping. last month gunmen in northern burkina. faso have killed at least 40 members of the country. secuity forces, soldiers and civil in volunteers are among the dead. the king of faso has been

battling armed groups linked to al qaeda and i. so for years, the violence which triggered to military coups last year has killed more than 10000 people and displaced 2000000 more. for people have been killed in a shooting at a teenagers birthday party in the us state of alabama. ah, the prayer vigil has been held for victims in the town of danville. 28 people were injured in the attack. local media say one of those killed was a high school football player, would come to celebrate his sister's 16th birthday based. a court in iran has sentence 10 members of its air defense forces to prison for the downing of ukrainian passenger plane 3 years ago. 176 people on board died when it runs revolutionary. god shot the aircraft down over to iran. victims families denounced the trial is a sham and the final curtain has come down on your production on the phantom of the

opera longest running show with broadway history musical around for 35 years, gross and one point $4000000000.00 in sales proposed to andrew lloyd webber dedicated performance is late. so these are the headlines next, it's the bottom line with hi, i'm steve clements, i have a question for all of our lives. the dollar has been the king of currencies around the world, but it's not about to change. let's get to the bottom line. ah, what's happening to the almighty us dollar for decades. it was the reserve currency of the international oil trade, which propped up its value and its demand from albania to zambia. but now,

more and more countries are making deals to trade, oil and other currencies as an alternative to the dollar. and that raises questions about the current world order, which is one by the united states period. china might be leading the way in the d. dollarization efforts, but more and more countries are jumping on that bandwagon like russia, brazil, and saudi arabia, how nation's trade in oil and gas has helped keep the dollar a petro dollar at the top of the heap. the recent ships mean that america and the dollar being downgraded as the world creates alternatives. today we're speaking with someone who really knows how our world's economy works. and the important role of oil in all of this is daniel year. again, the vice chairman of s and p global historian and pulitzer prize winning author of several books, but most recently, the new map energy climate and the clash of nations. but in this, you foretold really the ukraine crisis. you for told what the world needed to worry

about by way of various squeezes on oil and gas that could come either through climate policies or from russia, weapon, ising energy, as you look at it. now, what's the situation? well, i think if you look at it, now of course you are seeing all these trends unfold and i think know, and i mean, i did see a war coming over russia and west over ukraine. didn't see it as something that would go on for over a year, and i don't think anybody did. latimer put and certainly did not. he thought it'd be over 5 days. and his troops brought their dress uniforms for victory parade. there were a number of big themes, the new map, clearly the other associates, if it goes to what you're talking about, about the dollar is the fact that the u. s. in china have moved from when i called in the new map, the w t. o consensus, we're all in it together. we're all in globalization to this incredibly, increasingly sharp great power competition and around the world when i talk to the world leaders in different continents, they all say,

we don't want to have to choose between one side or the other, but that's where we are now. so where does this go? because i think the way you just frame that is really interesting because you end up with a very divided world and you end up with europe in the united states in one camp, maybe japan, you end up with other parts of the world that may have you know, india hedging its bets, russia and china tying up is that a world where the transit atlantic relationship has enough room to run. but its transatlantic relationship has become a lot more important, especially since this, this war started. and one of the things, one of the many miscalculations that latimer potent made was he assumed that nato would fall apart. that high gas, natural gas prices would cause political change in europe. it's had the opposite effect. what he's done is he's really re verified nato. and the world is increasingly starkly divided in a way that we wouldn't have thought about 3 or 4 or 5 years ago. so what does this

do to things like the dollar and also china's role? i've been wondering for a while, you know, russia used to be a geo strategic threat to china. and china used to look at the united states as a nation. it cooperated with, but sometimes was rivals with but it wasn't in intense rivalry. and now you look at it where russia and china coming together has huge implications for the world, given the fact this fact that soon china will be the largest economy in the world. and it's buying, although let me say that there is now some debate. and we, we all kind of assume the world bank, everybody said by 2028, china's archer. so down in china, the population issues productivity. it may not be, but it still may be what's going to be a big, big way. but if the chinese and by the way, so the key thing is for many countries around the world and developing world, china is their most important market in latin america. i've heard of from the president of one of the country latin america said we have a strategic relationship with united states. but by the way,

china's our most important market mean if you go to area after you know all around the world, you hear that whether it's southeast asia, whether it's africa, whether it's latin america, whether it's even many nations in europe. but i guess the question is, if china and russia oil producers begin to look at, because you've taught me more than anyone else, that oil undergirds, the value, the reserve currency value of the dollar. and the question is whether that is he roading, as china begins to do deals where oil and energy can be traded in other currencies . and they bring in the saudis to do that. and that reserve currency status of the dollar erodes as you get baskets of other are we anywhere near seeing the reserve currency that status of the dollar? well, i think we're seeing the word you used erosion, i think is the right word. and in fact, one of the former secretary treasury is war and that if you use sanctions to much, it creates and if it is to find alternatives, even crypto is it alternative? the dollar,

but it really what brought it home to me was one of the things i write about the new map is the media i've observed in moscow between president she, she paying and present potent and putting said to she's using, i apologize to you. i've kept up till 4, i am talking and she's, you're paying replies. it's ok. we never have enough time to talk about. one of the main things they clearly talk about is, is changing the international order in which the u. s. and the us dollar plays this central role, they want a different kind of world oil world order. and in this case, of course, as a result of the war, i think russia is actually, can get into is no longer going to be an energy super power. but it will increasingly be a dependency of china. and i think the really interesting thing is that i'm going to probably get a lot of negative mail for this is when you think about having the reserve currency status of the dollar, or you've got a, you know, trans national, public good, which the united states, as the anchor of it means bad guys deal do deals in your currency. it means that

doug's and criminal gangs and you know, bad people out there use your currency because that's the currency for everyone. once you begin sanctioning or blocking or using the switch system to undermine transactions, isn't it logical that those players and go and try and find alternate? yeah, they haven't tremendous impetus to do it now. so far, i think if you see barrels of oil priced in bond, it's still refers back to a dollar price at this point. it isn't it, it isn't like you've entered a separate universe. it's still not a fully honest. yeah, yeah, a placement of yeah. and it, because it's a bolick message, but it's still anchored in the dollar. and if you really think about this whole world economies, it's world war 2. what is enabled globalization which enabled all these connections that have made, you know, you can come across possible. it's dollars been a bedrock for one of the things has begun to emerge. as we've seen, chinese diplomacy take flight and i was in the middle east. i think i was talking

to you. and when i was over there, news broke, that the foreign minister, who used to be ambassador of china, the united states, had broker to deal between iran and saudi arabia. we've also seen just recently french president macaroni in beijing, basically saying we're not that fully aligned with united states on issues like taiwan, what's going on? well, i think what we've seen is that china is now become an assertive power or in global diplomacy. and although initially people will say in a book, the saudis have strong interest for some kind of stabilization, because yemen in the houses and those attacks on saudi facilities on saudi cities is deeply to stabilizing. so i think they had an interest. rams. economic position is so bad, but it is that they had an issue, but the fact that china could claim to have done it. that's

a pretty powerful message. and of course, it's a complicated message because there's one country that the u. s. is very much arrayed against in the middle east is of course around. but we're going to get into the 2nd. but, you know, there, you know, china also signed a 25 year deal with iran called the strategic cooperation agreement. so we're looking, are we looking at a structural shift there of essentially the anti western axis, but i wouldn't go that far because i think yes, in terms of russia, obviously in terms ran, the thing that gets overlooked in all the discussions is how integrated the u. s and chinese economies bench are even as we talk about people talk about re shoring or friends shoring moving supply chains. these to economies are so interconnected. sometimes i think the leaders and the political leaders don't realize how connected they are and how fundamental that is to the globe. i mean, china is america's largest trading partner. yeah, i think we do more than $700000000000.00 trade each year. so it is enormously that

you never hear that in washington. you know that just and there's a stance i was in a meeting not so long ago where i heard people say, well, move all the supply, change much more complicated than that. i mean, we have 2 really big trading partners. one is china, of course, the others, canada. but that the chinese one part just everything. it doesn't run without it. now, you know, saudi arabia, history and behavior better than anyone. i know. and you know, the realities of what they can do in terms of well production. they've just decided to cut another 1000000 barrels of oil production. and how familiar, how was it half, excuse me for that. but i think when you got to the top of the thing, when you change it, when you look at the, the direction things are going. i'm just interested in whether saudi arabia at this point is beginning to feel its muscles coming back in terms of being a global power. dictating the price of, of the united states and hedging its bets on a relationship with president biden's white house. that it may not like too much. i

think it's true. i mean, saudi arabia is in a different position today. clearly it's going through a big program of economic reform. and when you're there, you can see it sort of unfolding in front of your eyes. obviously there's a lot of oil revenues flowing in the country that have been deployed and a lot of different ways. and i think saudi arabia sees itself is not only a regional power, but is a global power. and certainly a global economic power. and there's a degree of confidence there that has come with a new generation plane such a decisive role in the country. did the us mismanage that relationship? did joe biden mismanage that relationship? i wouldn't want to judge it raising. i mean, the saudis, you know, different pockets of saudi arabia gave jerry cushion or a $2000000000.00 fund to play with. that doesn't look like that. affection has been, you know, transferred. i think the relationships are not, as you know, that relationship has gone up and down over time. i think it is been stressed. i

think the united states needs to look very carefully at the region and, and that relationship with saudi arabia is going to become more important in the world economy. and so i think that there is a need to have a better understanding. but saudi arabia's in a different place today than it was in the past. and it, it sees itself as a global player and the way it did not in the past. and you think that this is going to consolidate further. i know there's a bricks meeting coming up this summer to sort of look at potentially bringing in new members to opec, you know, adding, expanding that group or their geostrategic consequences that would flow from those developments. i think so. i think and remember russia still continues to be a charter member, the bricks. i think it's important that one of the things that i think there's been left out of the discussion here in this country is an understanding of the perspectives of the global south on these global issues on how the u. s. phrases them and also on the issues of energy. and again,

the global south looks to you know, trying to main market. the very interesting country is the position of india, which on the one hand is india and china have their own very big historic rivalry. and competition, and i've been exchanging a bullets, but india is also hedging. it's bad. so i think you use that word before in terms of its relationship with russia, because it does not. it does not want to see russia get too close to china. so there are other games being played that the u. s. is actually part of right now. dan, you know, we're having a very heavy discussion, full of foreign policy and economic policy and oil and energy. but if you read your book to me, what so wonderful about it is that it reads for me like a netflix series, if you will, maybe in a series that it's full of vignettes, of unusual moments people stories of how they impacted this exchanges between individuals. that is full of serendipity, that

a certain things did happen. we would not be in the place where, where we are, and i give you a great example. give me an example. i love the story. i mean, that's the thing. as, as somebody who writes history, you know, there's a tendency to think everything is preordained at night, but actually history is full of accents. for instance, a lunch in los angeles and a fish restaurant in 19082311 mosque having made a lot of money with pay pal is having lunch with a young electric fanatic, almost at one called fanatic but enthusiast named j. b struggle who wants to get him to do an electric airplane and buses. i'm not interested in that. it has electric cars. so i'm interested in that. that becomes tesla. and a few years ago, ilan musket, if that lunch hadn't occurred, there might not have been a tesla, and we not might not be seen all the automakers in the world hustling to develop electric cars. and you know, if that lunch hadn't been there, history might have been different. well,

it raises the question for me of what other vignettes and moments you're storing up that we may not see because, you know, i know the new book is out now but, but these most, we're looking at cobol, lithium, geo, strategic competition, oil and energy. the dollar, whether or not we we look at these kind of highbrow issues too seriously that there are really interesting questions down below about i don't know, chinese pride or russian sense of humiliation which i you know, driving things in new. but germany giving up it's nuclear. i mean, i'm just wondering if there are other well that we should be aware. yeah. well the ones that i'm, i'm really interested you mentioned minerals, copper and so forth. coke cope. i'm really quite obsessed with that right now, because there's this notion that in 25 years, we can do an energy transition from an economy that the 80 percent hydrocarbons to one that sort of is net 0. and it's going to require an enormous amount of minerals and people haven't really looked at the amount of minerals that are necessary. so

we are company s and p global. did this 8 months study on it and so much respected the new addition of the new map. and you know, an electric cars, 2 and a half times more copper than a traditional car. i mean, things like that that people are not thinking. you add it up and you say, wait a 2nd, the world's going to be a lot more focused. not only on big oil, it's going to start thinking about big shuffles, about mine in a lot more than it has in the past. well, i mean, i think raise the interesting question about energy transitions because you talk about the history of them. and actually history transitions are not neat and clean, right? you know, oil may have come along and knocked out cold, but we still use a lot of coal. in fact, it's more in demand than ever before. oil over to coal in the 1960 s. today, the world uses 3 times as much coal and last year was the highest cold consumption in the history of the world. so how does this look like when you're kind of moving towards a mineral focused, i guess would be a strategic race, which, you know,

what kind of the next great race if you will, in that arena? how is, how are the great powers as well in that, that is, that's a crucial question. because over here you have net 0, gotta get all these minerals for over here. you a great power competition us in china. they come together because china because no uses half the world's copper has built up the, an inordinately strong position in all these minerals in mining and processing 80 percent of solar panels, 80 percent of lithium ion batteries. and you know, now if you look, they see the squeeze coming before i think the other i great day, i think they initially did it because they were trying to assure that they had the, the raw materials they needed for their rapid economic development. but i think it's now taken on this very much a strategic concept for them. and if you look at this inflation reduction act in united states, it's also compete with china act net 0 policies which are coming down

the pike fast and furious, and they are, you, you hear them talked about. you talk about climate movements as actually mattering . and is there a point where the net 0 policies come along and create shocks of their own and hard choices when it comes to policy? because the people behind net 0 policies see a different race, which is the world burning up and running, hotter and hotter, and not being able to maintain this. so i'm just interested in your insights. well, what looks to me like a collision? yeah, i think there, i mean, i think there are 4 things to think about energy transition. one is what we start at the beginning. return of energy security. sorry. now europe 2 years ago didn't want us l n g. now u. s l n g liquified natural gas, along with elegy from other countries, including gutter and australia, is a fundamental fundament now of foundation of european energy security. the 2nd thing is just the scale of change in $100.00 trillion dollar economy. how quickly 3rd, and we kind of alluded to it, is this north south,

a new new north south divide on issues of climate and energy and forced the minerals thing. so i think they're all there. so i think it's important to be realistic about this. and least some economists say, if you try and push the 2050 goals into 2032, rapidly, you will have to use your phrase economic shocks. what happens with the global south, which is another part of this equation which often gets neglected? i think they feel neglected. and as they're growing, one of my obsessions is where is tomorrow's rising global middle class going to be? it's really not that terms of net additions to problem real class or not in the transit atlantic relationship there. and all these other populations are shredded that, that don't have the same economics of energy as the developed world has. so here's a, you wanted anecdote. i was chairing a seminar with african energy ministers. and they were complaining about their inability to get financed from european banks. to develop things like natural gas

pipelines, so they don't have to, women don't have to spend 2 hours a day gathering wood. they don't have indoor air pollution, which kills people and so forth. and the energy minister, i think, was from senegal. she said, you know, they've taken away the finance, she said it's like they've taken away the ladder. what do they expect us to do? jump or fly? and i think that's a very strong message from the south that they have different priorities as, as the former energy petroleum minister of india said, there's not an energy transition. their energy transition is plural. because if you're india, you have a very different thing and energy transition for you is going from burning board to using natural gas for cooking. you know, when you find that right now the bite administration's energy policies realistic when it comes to these energy trade offs with, with climate goals. i've noticed that he's, you know, tried to put to marks down on preserving vast areas of forest while opening up

areas to oil development and what not that you would not have thought of joe biden would have done. where is joe biden on? i think it's, i think they're, they're feeling the pressure is coming from different directions. one, they came in with a very strong climate objective. right. from the day he was in the oval office on the 1st day to the fact that you think john kerry likes job biden's energy policy. well, i think you, john kerry is even to say, well, you can still use natural gas if you abate the carbon. so i think there's an evolution there and they looked at it and i think they also saw that in fact, energy security, falling off the agenda in the united states because of the shell revolution. it came back and measured in terms of high prices. and so i think we've also had them encouraging domestic domestic energy production. so i think it's been complicated for them to how to put these to positions, energy security and energy and energy transition together. i would not have

expected france a key partner recently hosted with a state dinner here in washington to be the one to throw the 1st big crack in that with regards to china's place in the world. well i think that obviously europe looks at china differently as an a very important market. mcroy has always had, you know, he was one who thought well, i can persuade pollutant, you know, not to go to war or to stop it. and i think he's trying to, you know, in a sort of, charles to go away, have an independent french foreign policy. but he's also part of the, you and he's part of nato. i imagined there was some pretty strong back channel communication about messaging there. and of course, the president of the e u was a law with, with him. and she was left out some of the very important meetings because she's taken a different line on china. so i think if you're looking to the future, steve, clearly the most important and the most dangerous issue is this great power competition. and how particularly china in the united states manage it to avoid

conflict. and you know, i write about the dangers of south trying to see which people are not much focused on. obviously, taiwan. i think that, that, that's going to be the dominating geo political issue. and it's going to take real estate craft to manage it. well, with that, daniel juergen, vice chairman of s and p global economic historian, and most recently author of the new map energy climate and the class of nations read it. it's fantastic, thanks so much for being with us. thank you, steve. so what's the bottom line? it seems the united states has finally reached the tipping point of how foreign sanctions can go for decades has been waging or threatening financial warfare on dozens of countries that don't follow its rules. summer invading other countries and summer, committing human rights violations, summer running transnational criminal operations. but whatever the reasons, more and more nations are now working hard to make sure the united states can't simply shut them down, just like that. so they're looking for new ways to trade and currencies beyond the dollar, which will eventually weaken the greenback as the undisputed reserve currency of

the world. ironically, the sanctions that were built and preserve americans power might be actually weakening it. it's a long way from happening and the dollar is still king, but the toe was in the door. some folks will say, yea, finally, an end to american to have poxy and imperialism. but it also comes with the whole world of pain and instability until the chaos eventually gives way to some other new world order. and that the bottom line, the unflinching questions is war. with lowanda, imminent rigorous debate, people are dying because of lack of treatment. black labs don't really matter in the police will join me mark on my hill upfront. what, how does it imagine a mosque without pres? oh, without a family country. without people,

people, without that country. imagine fasting without ifta, rooftop without gatherings imagined compassion without action. imagine ramadan. without giving me millions of refugees are still up rooted from their homes struggling to afford even their basic needs. now imagine what your donation can do. every gift counts, hulu. i'm carry johnston de la, the top stories on al jazeera. there's been more fighting between rival forces in sudan.