head of the world economic forum meeting in denver of warning, not to let the cost of living crisis distract from longer term global risks. this is data of your business on rob walks in berlin. welcome to the program. germany's fossil fuel future brought sharply into focus. dramatic scenes have been beamed around the world as police. claire for testers, from the tiny mining village of lute, sir rat, it's due to be demolished, to make way for the expansion or nearby coal mine village in germany's western industrial heartland. as become a flash point in a long running battle between protest as demanding radical climate change policies and the authorities. the german government wants to phase out cold by 2030, but says it nevertheless, needs the expanded mind there to make up for lost gas supplies. from russia, of banks and other financial institutions will play a crucial role in transforming the economy towards sustainability. yet they

continue to finance fossil fuel projects. the campaign group, one for one. the claims that by 2030 banks world wide will hold an estimated $2.00 trillion dollars in fossil fuel assets. the group says that's a dangerous gamble with tax payer money. one for one is so caught because it wants a new rule imposed on banks for every dollar that they invest in fossil fuels. they have to set aside another dollar to cover their own potential future losses rather than relying on the prospects of a government bailout. no one for one says a collapsing fossil fuel market wouldn't only be expensive in cash terms. it could also cost as many as $3700000.00 jobs on this. let's speak to james vaccaro from the climate safe lending network. great. have you on the program, james? or your support of the idea of one for one on to see what's ultimately the idea of

that is it to make lending to fossil fuel projects too expensive warming. the 1st part, as you sort of said, is that the current way in which a bank lends to anything including fossil fuels, would be to hold back in reserve a certain amount of capital. i guess the risk that that loan is repaid. and what we're sort of sensing is that given how much fossil fuels we have in the system already, we've already got 7 times the amount of reserves that could possibly fit into a safe climate to one and a half degree temperature rise. the adding more to that is going to inevitably mean that they're not going to be able to, to fulfill their whole revenue over the life of the project. so in the same way that the, the global financial crisis happened, you're going to get a sudden crash. and if the banks don't hold the capital themselves,

then that bill gets paid by the taxpayers by, by citizens. i was your understanding of where this enormous figure, 3700000 jobs actually comes from cuz it seems big yet. so i mean, then there's been economic analysis, but obviously in terms of the climate change is being a that the transition we could either kind of prepare for this in a gradual way and start to do the transition. all that there's going to come this point where they can become a very sharp shock, and it's not just fossil fuels, but it's the whole carbon intensive infrastructure. the relies upon fossil fuel every machine, every car, and that, that has ramifications. 3, the whole economy in a way, what we're already seeing in europe is the cost of not 0. the cost of not having transitioned and being able to kind of move the transition faster is going to be the best bet for being able to protect jobs and protect economies. there has seems

to be to prevent fossil fuel projects by targeting the financing of them. but what the energy not be better spent in charging in targeting the energy companies themselves are actually carrying out these products and making that less viable for them. i think that it's not exclusively in terms of finance is being able to kind of recognize though that it is the finance continuing to sort of not differentiate in the right way between the the, the polluting forms of energy and the clean forms of energy which is providing that kind of continued incentive to continuous some of these legacy project. despite the evidence that we know what we need to do in terms of climate. despite the evidence that in terms of new generation renewable energy is cheaper and cleaner than the fossil fuels. and pretty much every economy in the world was there's a push for this bond, for one of us was rule from certain quarters. is there any appetite though for it?

is there any size of any one, any government around the world actually adopting it? so it's currently being debated in the european union and so there's a proposal in the u. k. is a proposal in canada. i think that in many senses, central banks have been studying these issues in terms of how to manage climate risks for some years. and one of the, one of the kind of key insights is that in terms of where climate risk is being produced isn't necessarily always the place where those climate risks are, are showing up. i think that in the same way that you have polluter pays principals in other areas of the economy. people, policy makers, regulators are beginning to look out. well, maybe we need to be able to address the root causes. how do we stop the flow,

especially into some of these expansion projects which the will doesn't need? right, this is about offering is about stopping the products themselves. for the sake of the people who will actually be a fair little garage him. now who can't necessarily control for james? okay, we're at a time to thank you very much for speaking to us. thank now the cost of living, crisis risks undermining the fight against climate change according to the world economic forum ad of this is summer in davos. the organisation says, tackling short term challenges like inflation could come at the expense of dealing with longer term global threats. ah, the cost of living crisis is the biggest risk to the globe over the next 2 years. that's according to the latest survey by the world economic forum. perhaps for many consumers at the reports, findings come as no surprise. prices for everything, keep rising rushes, invasion of agricultural power house ukraine,

caused food and energy costs to skyrocket. supply constrains caused by the pandemic and subsequent locked downs contributed to already high prices. these immediate problems are overshadowing the biggest long term challenges, like climate change. no surprise. so generally, the are all stuck in a crisis mindset and said leads to short term decision making. some may have long term and intended damaging consequences. the grim report comes one week ahead of the world economic forum. the annual meeting, davos, were leaders and executive strategize, tackling these issues, following closely behind the cost of living or the threats of natural disasters. extreme weather events and geo economic confrontation.

it's a lot to discuss in 5 days from the comfort of a swiss alpine village. let's take a look at some of the other global business stories that are making the news. lawyers for f t x have recovered more than $5000000000.00 in liquid assets in their efforts to salvage funds from the bank for crypto exchange. the extent of customer losses, however, is still a known under sound bank. min fried is accused of fraud and could face 115 years in prison. guilty deadlines. expect u. s. flight operations to go back to normal on thursday more than 10000 planes were grounded on wednesday after federal aviation administration, pilots alert system failed. if the officials say preliminary review is traced the problem to a damaged database file, and there's no evidence of a cyber it now google says the growth of its android operating system in india is at risk of stalling in the face of regulation. the u. s. company made

the warning and a supreme court challenge are seen by the reuters news agency. and october indian can competition authorities find google $161000000.00 for exploiting is dominant position with android, which power is 97 percent of smartphones in india. it also ask you to change restrictions on smartphone makers relating to pre installed apps. let's get a better understanding of this story and speak to our correspondence in delhi cherry at carter k. cherry. great, i have you on the program and we want to exactly is it about the way that alphabet operates in india, that regulators seem to object to? well, rob the keys, essentially stems from complains that were a meal made by other good competitors as well as some customers. and it's a, it's a very old case. it's a part of cities of anti trust cases that will faces in india. and it is, it's about how google and it's android system came to dominate the operating system

market. and about 10 years ago it was just about 10 percent. and now it's over 95 percent. now what this case is about, it's about a, what regulators perceive as, as anti competitive tractors, as monopolistic practices. and these are essentially about how google makes it mandatory for original device manufacturers to install the full google suite. the google, the full google folders. we know it's all you have g mail, you have youtube and various other google applications, how it has made it mandatory for mobile manufacturers to install it beforehand. and that, that's something that are regulators have had a problem with. apart from that, the search feature how google searches, the default search feature, then there is the problem of side loading. essentially, laura not allowing other apps to be downloaded on the mobile phones by a play store. these are some of the many issues that are part of this case, rob, what a striking is just how dominant android is when it comes to smartphone operating

systems in india, i was like, you say more than 95 percent of the market. everything in the u. s. apple has about half of the market and android the other half. so how has andre managed to be so dominant in india? that's right, rob. as i said about a decade ago, android was just about 10 percent and there were so many other mobile operating systems that we have simply not forgotten that, oh, they used to be a simeon, they used to be a blackberry. they used to be even a samsung office, but now all of those has have vanished and are 90. 5 percent of the market is controlled by google's android. apple also has a big market share, but is significantly lower as compared to android. why apple has not been able to outsmart android is because of, i believe it's because of the prices are apple. phones are high in phones here in india, and a large number of the people mobile users in the country use a slightly inexpensive mobile phones. and android is,

has now become the dominant operating system on all those mobile phones. eventually, even mobile manufacturers like samsung, that used to have their own operating systems decided to adopt android and give her good bye to their own operating so. so a mix of various factors and largely led by an inexpensive of the prices of the android system as well. as mobile devices that seems to have contributed to android's dominance in the market here. rob. okay. chicago. okay. and delhi for us. thank you very much. we update nozzle from us because i ah ah, with

ah paying for time with time. this is the principal of italy's time banks, whether it's for playing cards, manual labor, or guitar lessons. here, everything has the same value, a person's time, focus on europe. in 90 minutes on d, w to puerto, into the unknown. to day this means flying to a foreign planet. in the 16th century, it meant being a captain and setting sail to discover a route. a race links to military interests,

a race linked to political and military proceed. but also linked to my financial adventure full of hardships, dangers and death. magellan journey around the world starts january 19th, on the nico is in germany to learn german lodge. benita, why not learn with him online? on your mobile and free. easy learning course. pico speak. ah, oh, frankfurt, a lot. international gateway to the best connection, self road and radio located in the out of europe. you are connected to the whole world to experience outstanding shopping and dining offers and drawing our services

all be all a guest at frankfurt. airport city managed by from bought lou 1st. ah ah, this is the w news coming to live from berlin. up. fierce battle is underway for a town in eastern new crate. heavy fighting is reported in solid r as ukrainian forces continue to put up resistance. also on the program, poland offers to supply ukraine with german made leopard types.