weiss with learning like global ideas. we will show you how climate change and environmental conservation is taking shape around the world and how we can all make a difference. knowledge grows through sharing. download it now for free. ah ah ah ah, it's been said that the 1st casualty of war is the truth. getting a clear picture of exactly what is happening in ukraine is far from straight forward. but it's increasingly clear that acts of barbarism are being carried out as part of conflict. that need never have begun, and the knock on effects of that conflict of being felt all over the world. welcome

to this addition of made steve to be his business magazine where this week we'll get to the truth about the economic toll of putin's war. now at the moment, russian tanks crossed its borders. ukraine was plunged into crisis. arguably, the biggest loss to its economy has been the loss of people. more than 4000000 ukrainians are thought to have fled their homes bound for the relative safety of neighboring nations. the vast majority of them are women and children, men of fighting age are unable to leave. they are expected to stay, to defend their country. and they are united in a common cause. and knowing they have the backing of their compatriots at home and abroad is a cause that's driving ukrainian men all over the world to return to their homeland . and that's having knock on effects for the countries they leave. marty christian sca reports from the polish city of lag nita,

a construction site in poland. the war in ukraine casts a long shadow, saw it off. she has a thumb over with her one yet. lyrically. it's like all the ukrainians who have been working in poland for a while. i'm wondering if i shouldn't go back to ukraine to hell. what god, this is a philosophy of over what you thought i, your swan. regina just goal was on. that was all started. she still died, but i have a wife and child a big. what is the corner accident financials of 5 years to go and leaving them alone in a foreign country doesn't feel right off my bliss. i gwinnett, most of the construction workers here from ukraine. they're asking themselves the same question as not been able to ukrainian workers play a huge role in poland, construction industry for harold logical. this one or the company might struggle with new contract if we lose worker. so bunch of the of thought them the money,

the more men go, the fewer workers will have for our next project as well. and i have always up to nautical. this one's almost finished. fortunately for the site manager, and i will go back to the got thought of miguel m c. it's all ok here are some of you to them. but colleagues have told me that they've lost up to 40 percent of their workers. nothing after about projects that should be starting up now have had to be delayed because some contractors don't have the people that would love my hopelessly had to cut him on the grounds with them or not the freshman people from your rush on the path and it's not the only problem hampering the construction industry that could upset jolla, yaki is materials have risen in cost by an average of 20 to 30 percent since the war began. hawaii here, but the prices of some materials such as steel,

have risen even more steeply as austin uncle bye, as much as a 150 per cent. it's getting a lot more expensive and how about of them? problems in the logistic sector caused by the war are also contributing to the spiraling costs. over 30 percent of truck drivers working in poland are ukrainian. alexander found a neck heads up a transport company. he's also ukranian and is doing what he can to keep his drivers in the u. plus the warren, like the rare, stylish of the one ukraine has resulted in a shortage of ukrainian drivers. mama, as opposed to the bovine, they are lads, have gone back to defend their country. latter corp ikea. there were even the ones who are still here are considering heading over her, but for now this we've been able to keep them here. but it's a week ago, but i saw her a red square fear to me, it's almost impossible to get anywhere in ukraine anyway. now that the cities are

being shelled, those are mass the ranks from us that saw it as well during ship order, but the line them should the ukrainian shot drivers. it's an unbearable situation. jonathan, i can't eat him. oh, i can't drink logins every time i go in a shop way. i think about my children and my parents going hungry. you all a pilot says at the store itself. i can't eat a bite to thought. what if i tried to go there? i wouldn't get anywhere to die yet. i literally wouldn't get anywhere brought a new toyota. yeah. there's nothing i can do. it's hopeless when you i just don't know what to do with this poor this. yeah. i don't care about earning money. so i pray to god the go all survive. that's all that matters. yes. well, you sure it is sure his family sends him films of what's happening at home

was you couldn't without put over ordered the cardo change. we'll add song polish companies are leaders within the international and european road, haulage sector, or few the modalities we uncertain, the people all this road hollywood suffer, effects will be felt across the e. you probably the passport for years barbara, for that up. what will your base gave? another example of how the war in ukraine is impacting europe and its economy. the war has also taken its toll on ukraine's currency. the trib near was never a major focus for the attention of traders. but since the russian invasion international banks would all have nothing to do with it,

that in turn just puts another obstacle in the way of the ukrainians who have fled their country. all of a sudden their money has become much more difficult to spend. his maximilian from mouth, with the facts even with pockets full of cash, millions of ukrainians who fled were effectively destitute. although the ukrainian national currency, the riv nia is considered stable. it became practically worthless abroad when the war broke out. banks throughout europe were refusing to exchange them, but y ukraine has switched to a war economy mode. that means the national currency can no longer be traded. currency traders would have to take the roof near bills to the ukrainian central bank in the war zone in order to exchange them for dollars or euro's. at the moment, no one can take a risk like that. that's why the central bank is recommending cashless payments.

but the e u is currently arranging for each referent key to exchange a maximum of 10000 rib mia for 300 euros. almost own leash currency, suffered to valuation in tough times. only the us dollar, the euro, and the swiss franc seemed to be crisis resistant. in contrast to the rib nia they are in demand world wide. gold can also provide a secure alternative. well, as we've already been seeing, the impacts of the war can be felt. well beyond ukraine itself, even in the fields of european farm as well, fertilizer, often imported from ukraine has become much harder to get hold of the knock on the fact is that with lower yields, the food these farmers produce is becoming more expensive. as anyone who's been to a gym and supermarket recently, can tell you, feed security is something we've long taken for granted. was that a mistake?

sunflower oil sold out the warren ukraine is exacerbating supply problems and germans are panic. buying raw materials are unavailable, supply chains don't work like they used to. hundreds of supermarket items have become more expensive. oh, it's yeah, mcleana. i only get a small pension. i have to be really careful. now. coupla, which i used to throw everything into the car to walk. now i really look at it, squeezing my wallet, and i got a half hour. i must admit, i've already stashed a bit away. for the busy class, it's crazy that people are already starting to hoard food. i said label smith. prices are also rising for farmer phillips kindly. he now pays 4 times more for his fertilizer than a year ago. more and more farmer simply cannot afford it. harvest yields could suffer and shortages could result. wheat prices have already doubled. high prices might not sound so bad, but if our costs keep rocketing like this,

we will need to charge higher prices just to cover our costs or just to be where we were a year or $2.00 ago. the farmers not just burdened by fertilizer prices. diesel prices have doubled and his tractors and machines use 30000 liters a year. prices costs everything is changing quickly and is unpredictable. one wrong move could mean bankruptcy. the only hide is guy. there's a lot of uncertainty right now, making the right decisions is a challenge like, when's the right time to sell? whence the right time to buy something you can easily miscalculate haggle un crying, brings neighbor farmer yona shoulds. a ne hoff sees another problem. even the greatest liquidity doesn't help if the most important products are unavailable, possible alpha to stuff what's really noticeable is that fertilizers in particular are hard to come by. anyone who didn't pre order is having real problems in ukraine and russia are no longer delivering fertilizers. that's why the warehouse is advising. ellen,

a dealer in eastern germany are almost empty. combo y'all's really slides quite possible that they will be beyond farmer who doesn't get anything. yells did. and so the prices will probably keep rising. but hoarding food is not necessary, says this supermarket manager as get vocally, can there really is enough to go around with mcgloid? shopper should ask themselves if they really need that sunflower oil or do they already have some really good football and isn't one bottle enough? the either we're only adding to the problem if we start hoarding again, i'm from vida to homestead. price increases will hit low income earners the hardest . they will be forced to consider more carefully what they can afford. at the same time as rushes oligarchs have been having their assets seized. ordinary russian shoppers have seen their options dramatically reduced as a result of the war. many western brands have pulled their products from russian shelves and shut their russian stores. the big boy carts,

his breathing popular in the west, almost 3 quarters of germans think businesses a right to pull out of russia, recording to a survey by the newspaper did site. however, despite hundreds of firms doing just that, there are others who are staying put images of the russian shelling of civilian targets in ukraine have shocked the world. many countries are attempting to put a stop to russian aggression by imposing sanctions targeting the country's economy . but despite those sanctions, some trade is continuing. still, many companies are opting to wind down their business activities in russia. among them is danish shipping giant mask source and throw them out for a movie on march. 3rd, we stumped all bookings to st. petersburg and coming in grad,

even for food and medicines. and last week, we decided to terminate our stakes and rushing to ports you go into so all other assets we had in russia, alonda archie will be hot. usually u. s. soil super major. exxon mobil is another one of the around $400.00 companies boycotting russia. sportswear giant addie das has also ceased to operate in russia, forfeiting sales of up to $250000000.00 euros this year, just over one percent of total sales. arguably not a huge sacrifice. it probably wasn't a hard decision for german car make a volkswagen either production at its kalak plant had already been halted due to supply chain issues. but there is mounting pressure on companies continuing to do business in russia. agricultural machinery, manufacturer, cars condemns rushes war but is keeping its russian production sites open. one u. s. economic expert says companies not boycotting russia, belong in

a whole of shame. and by getting public, he is increasing pressure on them. and in that process we wilder or creating a your catalytic effect of saluting the people who are the 1st movers. ready we do not intend to giving confidence to the next group that wanted to, but was looking around for, for pure approval, pure affirmation, and then the shaming of the last group of those who, who were digging in their hills or refusing to make a change that had a huge impact the pressure prompted online retail at amazon and to suspend sales to russia and belarus. many companies are accepting losses to the tune of billions tobacco company, philip morris is forfeiting russian sales with over 3000000000 euros. as his french home improvements chain, la milan o germany's v w as accepting losses of just under 3000000000 euros,

followed by french car make her her no us tech giant, apple, and car maker toyota. other pennies, like german pharmaceuticals and life sciences company by i have not joined the boy cut, it continues to supply medicines and agricultural products, so as not to jeopardize the food supply and the public's health. it says there are several justifications for remaining in russia. says the association of german chambers of industry and commerce. the danger of expropriate, rear taishan is, is really all is possession is, is real. and that's a danger for all the money spent. there also a danger of a personal threats to those people acting. their german companies alone have investments with some 25000000000 euros in russia. so leaving is an

expensive move. the biggest culprit boy, cost in history, is underway. there's no guarantee it went, expect fire. now the thing is with sanctions that can be a 2 way street rushes main leverage to strike back against the west comes from being a major supplier of oil and gas. as increasing fear. the moscow may choose to turn off the taps, leaving many european sectors without major sources of power. that's why governments are desperately seeking fossil fuel alternatives. malta, rover coleman has been looking into one of them. ah, we really have to talk about the big buzzword in the world of energy, hydrogen, hydrogen nitrogen, reaching the wonders of hodgen. it's the magic fuel that can power our cars, trucks, trains, ships, and planes. and the best thing,

any byproduct of consuming nephew is walter. again, and yet it comes with it. this all sounds great. it may be just a little too great. let's take a closer look and see what's behind the hype around hydrogen. to day, almost all the hydrogen we produce is used to make other things like fertilizer or petroleum, but it's never made it big as a fuel. it's just always been easier and cheaper to directly burn fossil fuels instead. but that is changing as the world is slowly waking up to the climate crisis, companies and entire countries are committing to not only reduce emissions, but to reach net 0 that 00 emission this year. this is meredith annex. she's the lead hydrogen analyst at bloomberg. any f, a market research firm, well it, nat geo, everyone has to do something. and that means that you need solutions for areas where electricity is going to struggle to provide the storage shed. and that's

where we see the sweet spot for hydrogen. we can use hydrogen to clean up heavy transports. a study showed that pretty much all container ships going from china to the us could run on hydrogen fuel cells. they might only have to reduce cargo space by some 5 percent or at a refusing stop. while there are no hydrogen powered ships traverse in the oceans, yet there are some promising pilot projects. the same goes for aviation. in 2020, the 1st commercial sized hydrogen powered plain took off. and major aircraft manufacturer abas' is working on 3 hydrogen models that it says might be ready to deploy. as soon as 2035 long hall slides will probably be a challenge. but a new study estimates that even running shorts and medium whole flights of hydrogen could cut aviation emissions by up to a 3rd. this very simple elements can actually solve a very complicated problem. it can help cut emissions and some of our most polluting sectors. so we're going to need

a lot more of the stuff and this is where the whole thing gets a little bit tricky because not all hydrogen is created equal. in fact, that's a whole rainbow of different ways to make the stuff. the vast majority, almost 90 percent of all hydrogen that's produced today is what's called grey hydrogen made from fossil fuels, mainly natural gas making the fuel of the future that supposedly so green is actually a pretty dirty business. if you want to use hydrogen as a clean fuel, we 1st need to clean up its production. and there are 2 main ways to go about this . the 1st one being blue hydrogen blue when we're talking about on blue hydrogen, referring to fossil fuels where carbon cat can store at this means we still make hydrogen from natural gas in a process called the methane reforming. that's does produce c o 2. but instead of letting these emissions escape into the atmosphere produces claim they can catch

them and then store them under grounds or turn them into materials we can use for other purposes. sounds pretty right, right. and it would be, if it worked to hydrogen, actually has a very, very large greenhouse gas quicker. this is robert, how of who co authored a study that made quite a splash and the energy world turned out that the greenhouse gas footprint of, of the blue eyed gen is worse than if you simply burned the natural gas directly for johnston. not nothing, nothing low emissions about it at all. the oil and gas industry often promises to be able to remove around 90 percent of emissions when making blue hydrogen, but the reality looks different. human rights and geo global witness calculated that this blue hydrogen facility and canada run by shell only managers to catch around half the emissions it creates. and this gets even worse when you take into account leaks along the supply chain. while the gases processed and transported

these release methane into the atmosphere, a greenhouse gas that in the short term is more than 80 times more powerful and warming the planets than c o to her. but despite this blue hydrogen made its way into the official hydrogen strategies of major economies, like you came to us, japan and the european union report so that there was some pretty serious lobbying efforts behind that could the director of strategy of, of the oil and gas industry, quite frankly, and again the science doesn't support it, it's pure marketing and it's marketing. the goal it's, it's be frank as to, is to keep sewing fossil fuels to the world while pretending it's, it's going to get better. we wanted to hear what the oil and gas industry had to say about this. so we put these criticisms to the hydrogen council and industry group which counts fossil fuel giants like b, p shell and saudi aramco among at steering members. unfortunately,

they said that didn't find the time to respond. thank you. hi, jan. is a mistake that will cost us a lot easier. this is chris jackson, who founded protean, u k. company that focuses on green hydrogen. but i do believe that waivers, all that is by arguing about it, i think it's about building better projects and better technologies. and that's what we want to do with re punched to make green hydrogen. you simply use renewable energy from sources like wind or solar to power and electrolysis. this produces no emissions, and so you end up with truly clean hydrogen. today only a tiny fraction of hydrogen is green and it's actually still pretty expensive compared to the other forms. but that is set to change for 2 reasons. one electrolyzer are getting cheaper because we're moving to larger projects with more up scaled manufacturing on it. so that's, that's the biggest thing and to prices for renewables have fallen consistently and continued to do so. bloomberg and yet predicts that green hydrogen will be cheaper

than blue hydrogen by around 2030 and cheaper than gray hydrogen by 2050. so as that is problem solved, we just make tons and tons of green hydrogen and then run out and tie economies on it. well, unfortunately, it's not that simple. one big challenge that remains is hydrogen's relatively low energy density. you need about 3 times more space to store the same amount of punch compared to natural gas. so we're likely have to build a lot of new storage facilities, depending on how much hydrogen will actually needs. and how much that's going to be is a tricky question. renewable electricity is still scarce, precious resource, we should use it as effectively as efficiently as we can. hydrogen may not be the best way to do that. i g can be used for everything, but it doesn't mean it should. so the feature is finding the balance between what we use battery and what we use. the hydrogen passenger cars are a great example for this. they can run on hydrogen fuel cells,

but turning electricity into hydrogen, transporting it to refueling stations, pumping it into a fuel cell. to then convert that back to electricity is just not very efficient. about 60 percent of the energy you put in gets lost along the way. alternatively, you could just use the same energy to directly charge a lithium ion battery. that power is an electric motor. here only 20 percent of the energy gets lost with trucks. it's a slightly different story. it was long believe that batteries weren't going to work here to move heavy trucks. unit loads of them which take a valuable cargo space and long charging times and really great for business either . but it seems this technology race isn't over yet. batteries are becoming more powerful and charging times are going down so much. so that's this reason study points towards battery electric trucks dominating the market in the future. ah, i didn't is by no means the silver bullets that will help with everything. but it

does make sense in some cases. so where do we go from here? and we're really at the point at which now a. busy lot of time, a lot of effort, a lot of momentum has been built around hydrogen and 2022 through to 20. 20 sakes are really to years where we now need to demonstrate that momentum is, conversely, it's real assets and real production of bin hygiene. and if we don't see that mistake haven, we're really going to be struggling to hit climate goals over off. so now is the time for hydrogen to prove that it can really get as big as it's hype. and will it help for europe to kick it's addiction? to russian fossil fuel as well. governments here certainly hope so. may all hi think for a swift end to the war and ukraine and a future where ukrainians can return to their homes once more. that's all from this edition of major d. w is business magazine. thank you so much for joining us until next time.

with, [000:00:00;00]

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