from our business desk puts that question to the taiwanese environment minister who was in asked today as. that's coming up shortly you're watching news a live from but in don't forget you can or visit get the latest news and information a round the clock on our website that's obvious dot com and of course you can follow us on facebook as well as on twitter the seventy w. hen humphrey would be with you shortly. united against climate change. big challenges for the twenty third u.n. climate conference in bali. our nations working to meet their paris agreement targets cop twenty three this week on the w.'s.

beat the germans new and surprising new specks of noise and culture in germany. us american keep music takes a look at germany this increasing use of their traditions every day lives and language i can just come out of my lungs and so on and young good. looking guy a d w dot com the german. at . the day of reckoning for venezuela's economy the cash strapped country holds crucial meetings with its creditors but might it be felt on its towering debt paul by the end all of the day. and taiwan might not be part of the cop twenty three tours currently underway in bonn but the country says it will stick to the paris

agreement anyway the country's environment minister joins me in the studio. this is your business update on how the home free and good to have you with us crunch time for venezuela a year foreign ministers have approved economic sanctions on the cash strapped country including an arms now the e.u. said in a statement that the measures can be reversed depending on how president will do it reacts to the moms for more democracy the country's already feeling the heat with c. major meetings on the agenda the first in the capital caracas focusing on restructuring the country's crippling day the second a meeting of bondholders in new york that could result in an official announced. the country has defaulted on that debt we're talking about a debt pile from the government currently amounting to one hundred and fifty billion dollars certainly a thorn in the side of the socialist leadership now last week the country's state

owned oil company p t v s a reportedly made a crucial one point one billion payment on that bond however it was overdue that triggered fears that defaults could follow venezuela as one of the world's largest export is of oil but plummeting oil prices and mismanagement have crippled the country inflation has skyrocketed as a result is currently at a staggering seven hundred and twenty percent in the crisis has spread to all sectors of the economy one in four people and now without a job and food and medical shortages have become the norm in the country a bank note that symbolizes the magnitude of venezuela's economic crisis. this month the country's president unveiled the one hundred thousand dollars bill it's worth about two dollars. a year ago the one hundred dollar of our bill was the country's largest but inflation has skyrocketed the only thing growing in venezuela

these days some jest is the number of zeros on the bank notes everything else like food and medical supplies continues to shrink lack of hard currency has left the government unable to pay for imports the country's debt has become unsustainable president nicolas maduro is hoping to convince foreign creditors of his proposals for restructuring it. i don't know but i tell the investors of the world the holders of venezuelan debt i have the moral to summon them on of them but you need to correct and begin a process of refinancing. and renegotiation of the external debt. he hopes creditors will extend repayment deadlines lower interest rates and even agree to cancel debt altogether if no arrangement can be reached the country faces bankruptcy cutting it off from financial markets and unable to borrow more money meanwhile for ordinary venezuelans the suffering continues. japanese technology

giant softbank is to invest billions of dollars in the ride sharing the details of the deal have not yet been released but reports suggest softbank is hoping to acquire a fourteen percent stake in that move will clear the way for the right holding service to sell stock to the public before the end of the twenty nineteen let's talk to our financial correspondent in frankfurt about this now gentle dumas alone of course in but is one of the most valuable tech companies in the world we know that but it's also plagued by scandal so why would soft bank want it well soft bank in itself is a bit of an interesting case it's not exactly a household name but it's best known in japan as a telecoms provider but soft bank has a very deep pocket and an eye to the world it wants to become a global leader in tech it's looking up and down the value chain and all famously it's guided by a three hundred year plan very unusual in the fast moving world of business and

a bit of a hard sell for investors but of course the show that they take the long view on things and their investment in hooper shows that they believe that ride sharing will continue to play a big role in the future of consumer mobility now we see more evidence of this and there are other investments mainly in reverse rivals like d.d. and like crowd so that's also unusual investing in rival companies but it goes to show how convinced they are by this model marginal thanks and speak to you again throughout the day. a top twenty three climate conference taking place in bonn is entering into its second week the countries meeting are coming up with the room book to implement the paris climate accord to keep their warming within two degrees celcius now one of the countries not at the table is taiwan is not a member of the united nations but it is experiencing climate change so how is it planning planning up its and yanked. severe storms and flooding most recently in october this year alone taiwan has been battered by extreme weather

events many experts see this is a sign of climate change in action in response the government wants to boost renewable energy generation capacity is being ramped up in wind and solar power production until now these renewables have only played a minor role in taiwan's energy mix so there's much catching up to do. by twenty twenty five the government wants solar energy to supply ten percent of the country's electricity needs. wind energy is slated to cover five percent of demand and it's hoped hydropower biomass and geothermal energy will take taiwan's green energy share to twenty percent to game is to phase out the country's nuclear power stations the focus of constant protests. since japan's fukushima plant meltdown taiwanese have lost their faith in nuclear. but eighty percent of taiwan's electricity would continue to come from fossil fuels in particular imported coal.

so reducing greenhouse gas emissions will remain a major challenge time once but capita c o two emissions are extremely high. and joining me now in the studio is taiwan's minister of the environment mr yuan thank you very much thank you for joining us thank you now all eyes are on call twenty three currently underway in bonn at the moment taiwan is not a signatory to the paris agreement it's not a member of the united two lemons eighty percent of your power is made up from fossil fuels what are you doing about it yeah so in order to comply with the paris agreement of prison time when in an inaugural speech say we are going to join the fight and challenge in the climate change so first we are going to restructure the whole energy mix we are going to cut down the coal energy from forty five point five percent to thirty percent by twenty twenty five so. we are going

to increase the green energy from five percent to twenty percent and we would also increase the natural gas from twenty percent to fifty percent so by replacing the call with the nature guess we can cut down about forty percent i want to going to cut it together forty percent of the carbon dioxide let me just pick you up and not them because green energy sheriffs are doing the math says around twenty percent natural gas is still a fossil fuel there so is this just not a distraction from more renewable energy in a way yes but from the the level the extent of the emission of the carbon dioxide it does decrease reduced by forty percent compared to the coal it all you have so many coal demonstration just a few days ago right here in bonn and boy yeah you know me so executives the same you are going to face all of the nuclear energy by twenty twenty two we close with

twenty twenty five. you see the demonstration it's like the same so we're going to face off by twenty twenty five so this is a transition period but we are determined to comply with the present cream and we're doing everything we can you are determined that you are not a signatory to the paris we have said about that so that means that in some ways you're not part of the rulebook it's currently being drawn up so how then do you make sure the industry in taiwan don't switch to renewable do you offer them incentives can you police that yeah because we're also you know industrialize a state we reckon i'm a fire in trade in. germany in asia and some twenty one twenty two or wide semiconductor is quite vibrant industry you know paula. sun sun sun power you know. plate is also very important so we're going to introduce this

a cap and trade system by twenty twenty how about work because it we are going to issue the. renewable energy certificate to those who comply with the emission standards. so then they can use this certificate. trade in you know. a target. in the future in this emission trading system they can trade in a cap and trade you know into this international carbon market system i'm sure you're well aware of the fact minister of course that renewable energy is one thing it doesn't always equate to energy efficiency taiwan is currently the world's twenty second largest economy what effect will switching to renewables have on you economic standing are you concerned about that or so we have to have good dialogue with industry and we are going to provide this renewed. energy by by

location for example in central taiwan is good in wind power with industry tried to use the kind of. power in the area so you would improve the efficiency by cutting down the loss of energy because the transportation and that is the price i own the. demand side we're also going to introduce this kind of smart grid system so you can more efficiently. use the energy that you've produced ok mr lee taiwan's minister of the environment pleasure to have you with us here on d.w. thank you you thank. that's it you're up to date with the latest from the world of business for more follow us on twitter and to school business.

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