also take you to one of germany's most bio diverse regions where people are quite concerned of the government's decision to allow offshore drilling and at the world economic forum and doubles the head of the international energy agency tells the w what it'll take to keep the power running limited time, chris kolber and berlin, welcome to the program. joe biden is on his 1st asia, tor as us presidents, having started his trip on friday in south korea and continue to japan earlier today. president by name's to boost america's economic presence in the region to count or china rising influence in japan. biden has been presenting details of his indo pacific economic framework or i p f. the u. s. is closest allies, japan and south korea are among the founding members now the philippines to singapore, thailand, vietnam, australia, and new zealand are seen as potential members. the i p. f, however, is not

a free trade agreement. it does not aim to live duties and trade barriers. as many people in the united states are concerned about outsourcing american jobs. the goal rather, is to make supply chains more resilient, for instance, to secure the urgently needed resupply of chips. semiconductors that are important for the auto industry infrastructure is another key element. there is a mass of need for new roads, ports and renewable energy projects in the indo pacific region. the biden administration does not want to lose out to china, us belt and road initiative there. now, earlier i asked when see new senior researcher at the keel institute for the world economy to give us her take on the economic considerations of this trip. yeah, the are 2 men economy consideration behind is treat answer. they are strongly linked to each other. the 1st one is to improve the reliability resilience and

security of the supply chain, particularly in the interest of the united states and to reduce the threat of autocratic countries or to the supply stability of strategic goods as such as semiconductors and batteries. so he, the u. s is intensifying his cooperation with partners in this region who share f values with america, and have advanced technology in the area. so the u. s. tries to push more for them to invest in america, to have short and more reliable, and seyfarth supply chains. we can already see 2 such examples during biden's of visits in south korea so far. so one is some, so with a $17000000000.00 investment in bidding and administer semiconductor plant in texas . and another one is for young die with more than $10000000000.00 in american manufacturing, particularly in electric vehicles or battery equipment and robotics and a i. so all of the areas that are really desired by the u. s. and the 3rd 8 con reconsideration behind this trip is to launch and promote the indo pacific

economy framework this evening. or once in this, sir, in no pacific and ami economic framework or the i p f deal is to make supply chains more resilient. isn't likely to do that. yeah. and actually is highly uncertain as to is sir mpeg, eddie and this is also linked to the high uncertainty as to the membership. because as far as i know, although they might be a tough countries in, in the pacific region, which will join the launch event. this evening, in many countries in the reach asked, you're quite skeptical. on the one hand, it's because they still have this kind of experience in mind and what happened and in the pastor as to the t p p. so at the or not so sure whether this time or walk better or with the i p f and on the other hes also because that they don't really

see that the benefits are to these countries. because sir, this time that i p f will not be length that you agree to access and to the u. s. market and tariff cars will not be included either. so they will ask themselves, fall quite strongly or they can really, again, if they join the i p f. but i talked to counter this problem. the u. s. government already interviewed that they might be some flexibility as do own the countries can choose and sign off on the modules they are interested in saw and is my keep the cost of i p f membership lower than the case the when the countries are required to assess all the modules and thus making i, if he ever member she probably acceptable for more countries. bustios are we don't know at the end to which countries with joy, we don't know in which death and to which extent and or if there will be at the end only a limited number of countries will joy the impact or be probably low once earlier

or the hill institute for the role agari. thank you for your thoughts. thank you. and now to some of the other global business stories making news, indonesia, the world's leading paul oil exploring country has lifted an export ban on the vegetable oil to carter says reverse the band due to the current supply and price of cooking oil. and because of the palm, all industries, 70000000 workers, the government hasn't ruled out future export controls. parents across the united states are facing empty shells of baby formula after the country closed its largest plant with concerns of contamination to have a shortage over $31000.00 kiddos. a formula have arrived in the us from germany. the shipment covers around 50 percent of the median german shazlaw shots is looking to senegal to help europe in countries when their dependents off rush and fuel the countries believe to have significant deposits of natural gas. during

a joint news conference with president mackey sounds, shows expressed interest in a gas exploitation project that could bring the 1st barrels by next year. the gym chancellor is heading to new year and south africa. next pledge to face it. germany is in desperate search of natural gas, now is ready to break certain taboos to find it, including drilling off its own coast, including inside the water and see which is known for its rich biodiversity. that's creating mixed emotions among people living there. the w's stephen beardsley, reports from the island of borkam in the north sea. for more than 3 decades, i'll bet, as ackerman has guided school classes and tourists into the title flats here. it's a landscape that stretches across europe's north sea coast and is protected by national parks in denmark,

in germany. it's incredibly rich in flora and fauna. he's unavailable, him. now ackerman is worried about drilling plans as well, doesn't so so, so these are risks that personally make me very, very fearful. these are real fears this, that there would be long lasting damage done to our island foundation to angst it. another time when sea levels are rising, i'm on the now we're digging something out, but the not is just not sustainable. he got the hint was up to swear. in his talk, ball borkam thrives from tourism, which comes because of its nature and not just the title flats but clean expansive beaches. an island population of 5000 can swell to as many as 35000 people during high season. the regional government in hanover had outright rejected drilling. now it supports the project saying that the war has made it necessary. the gas drilling firm one d. s. projects. there are 60000000000 cubic meters of natural gas in the reserve which straddles the dutch porter. the platform will stand 20 kilometers off borkam

and it will avoid nearby national park territory. here in borkam, residents often mentioned the nearby city of groaning in, in the netherlands. that's where extensive gas drilling has led to hundreds of small earthquakes over the years, destabilizing homes and angering the population. those earthquakes were unforeseen . the c e o of the drilling firm says his company has already conducted environmental assessments. and that the comparison with groningen where gas reserves are located directly under the region is unfair. subsidence has been, of course, investigated. and there will be no subsidence underneath the islands or the structures underneath the island because the reservoir doesn't get close to the island. the rest far from where we produce at the gash, residents and borkam also use gas and say they understand that it needs to be affordable. just not why drilling has to happen off their coast. i'm just on knocking on the mainland. they may say, well, sure,

let them drill for gas up the coast of, malcolm wants it to me, but not when you live here in the shore. 20 kilometers may not seem like a big deal, but you can understand the islander to look at this critically and have real misgivings. the dog of course, of the dancing hum. but this time they fear dog, world events are moving faster than they can react to them. the it's a week and i'll get that energy securities all say hot topic and novels were global leaders and the business lead are convening for the world economic forum. this is the 1st time the meeting is being held in person in 2 years. the high power participants are expected to discuss a number of global crises, including the pandemic climate change and the warn ukraine of course, topping the agenda as the wars drastic effect on energy prices, food supply, and food security and supply chains. at the world economic forum, w t w's christy plants and spoke to the head of the international energy agency.

fatty bureau, climate change is obviously a major topic here at double as this week. but also we're seeing very high prices for energy in the short and medium term. what is the solution here? is it new drilling or is it renewables? i think it is immediate crisis to address because the loss of russian oil and gas is a major problem for the several countries, including european countries. v have to bring some oil and gas to the markets. but i prefer that this comes from the sources that we order to have from the existing fields, from shale oil change, guys, which can come to market quickly and go quickly. the biggest risk here is the t v. make lots cane new fossil fuel investments which can look in the a global energy infrastructure and which at the end of the day a will diminish our hopes to reach our climate course. well,

now we're all obviously hoping for a swift and peaceful end to the war in ukraine when the war is over. how should the west re engage with russian fossil fuels? i think it is russia is going to be relegated to it as significant a producer from being one of the largest producer so of the world because russia lost all it is credibility is a reliable energy partner in europe in north america, but also in asia as for so the life will not be easy for russia is an energy exporter. auntie, in my view, divert it should turn. it is back it to russian or youngest, unless i russia a votes to use energy is a political ribbon. dr. fatty, we're all. thank you so much. thank you. gorman's need to take urgent action to

tackle rising inequality him at the coven. 19 crisis says anti poverty charity oxer . soaring energy prices and food inflation are putting pressure on millions of people across the room. while number of billionaires has risen by more than 500 to just under 2700, according to the g o, it says governance should introduce higher taxes for the wealthy and corporations to fight would have caused the global cost of living crisis. that's our show for more checkout website at dw dot com slash business program. the length of yourself is accessible with ah, with

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