Transcripts For ALJAZ Counting 20240703

This is all just here and these are top stories. Now at least 1900 people have died in Eastern Libya, of the storm daniel coast severe flooding. The west effected cities, thoughts weve done enough with thought to say to dams, bus during heavy rainfall. Like china has this update from tripoli. All eyes are on the city of dont know, its been a devastated after these downs collapsed. I mean weve, we seen pictures of entire neighborhoods washed away and the 40s have yet are having finding it very difficult to enter the city. The roads have been blocked off some destroyed due to the floods, so people are extremely worried about their loved ones that remain in the city. International teams continue to search for survivors of moroccos devastating earthquake, which is claims almost 2900. 00 nights. Some survivors are helping to search for missing how many members . So trying the carrying north korean lead that came down the road and is now in russia. Is expected to hold tools for the russian. Preston lackey minutes, hooting. Us diplomats said last week that young young is ready to supply i munition, to russia for use in ukraine. The ferry has capsized in nigeria 28. 00 passengers, including children, have drowned. 100 farmers and their families were being forwarded to the fields and the other side of the new jersey river. When the boat sank, american to search them out, dickie has been rescued from a cave and something to kick off the successful 3 de authoration. He became trapped on a 1000 meters on the ground inside the mocha k last saturday, off the phone. And you know, well those, all the headlines, these continues here and obviously thats off to counting the cost. Respect to generate the street in central concave shows you how devastating the effective russian bombing has to be. I can see where 2 of the bullets hit their about. My head highs. Member demetrius military wanted him dead. The still emmanuel beneath women a property on a road costing out a 0 english crowd recipients in new york festivals through the cost or of the year award for the 7th year running the 11 oclock visit counts of the call. So now to 0 week, you look at the world of business and economics this week, a private save is not just victims. African leaders demand more funding to transform the continent to a clean energy pow house. Also held back by mountains of that african nations demand debt relief to help and lock funds for climate solutions. The plus part is done is a feeling the pinch of power bill and anger as mounting of the impact of strict performs, imposed by the i am at the so a results rich confident that contribute to the least a Global Warming africa news is up to 15 percent of its economic output every year. So the devastating impacts of carbon emissions. And yet the confidence has received only a fraction of the funds needed to help tackle extreme where the africans have long been seen as victims of Climate Change. But natalie does in the region one to transform that narrative and become champions of climate solutions. The 1st Africa Climate summit and kenya theyve demanded, wealthy nations, pay the fisher and invest in the confidence Green Energy Potential African Leaders propose new Global Carbon taxes to Fund Climate Change fraction, billions of dollars with pledge to help reduce Global Warming. And that includes boosting common credits, which a bought by companies to offset their emissions for campaign and say the approach allows large corporations to continue polluting the weld. Well discuss all of that with all gas shortly. But 1st, the kind of government says Climate Change and related effects of overtaking poaching as a main threat to wildlife. A new approach, the Wildlife Conservation is underway in the nation, where people have wild animals living side by side, michael level as this to the, from, from nelson all the right, the drive through lands that all almost unrecognizable compared to just a few years ago. And all of this was an oval, greys dustbowl, locals built fences to keep wild animals of the land. But now thats all changed. The fences have been taken down and animals have been welcomed into a new Conservation Area. The community was facing a free full in loss of land. So when we came in, we had to get rid of 25 kilometers long lines of fences. Its high season for tourist. Many your heading to the nearby mass sign morrow reserve to watch the great hold of be as migration, but very little economic benefit ever flow to local communities. Thats why the Natural Light Conservation Area decided to do things differently. We will worry about approaching those institutional fund, those that funds for to is conservation because and then they will tend to and meditative and we wanted to buy a new yeah. A model that is Community Lead that they want to create one of the longest migration car doors in the region linking by sy mara, to other reserves. And the serengeti. 200 people are working on the project. They say theyre already seeing the benefits of working together. Livingston, thatd be awesome. What would that be us down to the things improved. We put aside money for our childrens education through this refund. One time to hold, especially during the Drought Community members deep into that contributions to help provide food and other basic commodities. Tourists often stop over at the village to sample the traditional way of life. Its hope the national lie initiative can inspire others and make conservation a groceries phenomenon. Mike level for counting the cost. Well, lets take this all a 9 join now from met cape town by carlos lopez whos the chair of the african Employment Foundation and professor at the university of cape town colors. Welcome to the program. A site from conservation to energy transition. All need big finance. Fos, and there are lots of finance places as you know from the, at the Africa Climate summit. The pledges are easy to make it easy to break. What do you think of those commitments and will they be met . You know, most of the cases of promises and brooklyn nations, the induced summits dont have that real meaning. And people have become quite the april critical about the displeasure as uh, the reason is that we have now 14 years of records in terms of promises that have not been met. And i think uh, this the announcements of about 23000000000. 00 for the african climate summit. The are likely to be exactly the same. What we know for sure is that climate financing so far in terms of constitutionality is part of the official development assistance, is part of 8. And what we know, because a destruct by the we c d is that there is a reduction of the a, the envelope in direction of africa, of about 7 percent a year. So what we know is that we are likely to see more of the labeling rather than new money. What about this idea of global tax is carbon taxes. How is that . What does that have any traction . And youll be, its something that has been under discussion for quite some time to gain some traction in the product. Some it for a new financial. Ready packed, and i think the africans are very keen on having some mechanisms that will be more global, more predictable than the kind of pledges that we have seen so far. It looks like uh, in the areas like model time, but our sports and uh, certain logistics and fossil fuel profits, it makes a lot of sense equal penalize, uh polluters. And it will be very much in line with the idea that we have a all calm and responsibilities but differentiated their responsibilities as well. The government responsibilities are basically the fact that we have to save the planet, but we have not to contribute to the problem. The same way and the object ends up being very much in the demanding side for the operations for not having being part of the disaster that we are witnessing right now. And not having being compensated even with access to finance the same terms as the others. Right. Well, one form of compensation being placed on a massive scale as carbon credit at big at the summit. So big potential source of revenue tube is a lot of criticism is the and ga power shift advocate puts the just a wolf in sheeps clothing. I think excuse for police has to keep on polluting. Once you will take was part of a team put together by the secretary general united nations, to look into green washing. And this is one form of green washing that has become quite common. And our report is about integrity and if you look into the integrity that is necessary for a couple of credits and the capital markets, you will go through that. It is possible to repair some of the damage that has been done in terms of reputation for this very good way of contributing to fixing some of the patient difficulties that the africans and other Vulnerable Countries pop out or facing. But in order for us to do the right thing, we really need to make clear that wherever it is going to buy carbon credits is going to do it as part of a package that should include a very strong mitigation efforts. First. And 2nd, we need to make sure that the intermediaries are not going to melt away and not allowing actually the ones that should receive the credit is to have the major advantage of this market. Because right now, what africans are getting for the real carbon credits emitted is basically less than 10 percent. So this is becoming a bit of a colonial, trapped of using a different type of commodities ation. And thats why the angels are up in arms. But i think, you know, were not, were not in a situation where we can just disregard this possibility entirely to all right. Hang on, let me call us cuz i wanna come back to you in a seconds on this bone has recently completed. The task is 1st, that for nature swap, deal with 500000000. 00. The agreements are arranged by the bank of america low as the Interest Rates on the nations debt and prolongs repayment periods and return double, and will spend millions of dollars to wide number, reading, reserve, and strength, and fishing regulation. But a recent queue in the nation has sent invest, scrambling to assess the impacts of the security situation on the contract at back to carlos, chair of the african climate foundation. So that for nature swaps what do you make of them . Are they the way forward . I think we need to see this discussion about that because there is an impression that africans are trapped in that when you fact that the g p ratio is rather low. What the actually conserves is a situation where they pay for whatever they have to the contract. In terms of southern funds at levels of Interest Rates that others cannot even think of between 6 and 15 percent. When countries in europe and america in the United States can actually afford to have the subsidies that will allow them to not really be in a plane level field. And yet, you know, in terms of default in terms of the capacities of africa, we have to generalize the fact that most of the country theyve been quite responsible in the way they have dealt with that southern and responsibilities. You have a few exceptions that have not been able to to meet that or that that, that the targets and thatll be the sheets. But what we have right now is a liquidity presence. And because we have liquidity, prizes, we need money. And one possibility is actually to use that as a way of entering into the climate debate and making sure that we have a type of restructuring that is commensurate with the sort of broken emissions that people are making. And thats why that, for nature makes sense. But i think we are not yet at the scale that is necessary. We are really testing the grounds. We have some sort of pilots galvan being one case. So shells being another. But we are really far from the 1. 4 trillion dollars that the optic has need to address the clement. Yes, its a huge amount of money, isnt it . A huge amount of investment required, but kind of investors be confident of investing in africa when it is a situation is what we see in the bone and elsewhere in west africa going on the keys and conflicts and general mismanagement of investment funds. Well, its a, its a fed, its a fair question to ask whether the investors will be confident with a political situation that is demonstrating instability and new forms of come to station. And its sort of uh, the tools that are very much linked to this new funds of contestation. But what we have to also realize is that probably most of the schools are a result of the vulnerabilities that resulted from defendant may be wanting a crane decline with crisis. So countries are really in the limits of what they can afford in terms of social programs. And did you have these me is actually quite the recall renting the secondly and region. And the most of the owner of africa is also affected by it. So you have a situation where a lot of these countries are really in the edge. And part of this is because they are not being able to access liquidity in international markets. And obviously, if this continues, i expect that well have more and more crews or other forms of contestation. So thats why the questions of the investment have to be turned into something that is bigger. Most structural, we have to address the Global Financial, the governors systems that are not allowing africans to be, uh, you know, treated the same way as the others for this is for renewables. You have investments that are made everyone in the world right now. So there are more than money investments. The best 3 tons on investment according to every knowledge has made, are enough to cut because we have 60 percent of the renewables potential because you know, the, the characteristics of the investments are completely different. And yet, this is where you have least investments, its about 3 percent of the total. Mm. And you, you can repeat this story over and over and come to the conclusion that africans are really in a situation where, you know, we are putting the entire, the entire continental vicious circle. Okay, thats why you know, east the beginning will perform the rest, the kind of standby, because this i want to come back to on somebody youve already alluded to. And that is african lead is urging reform to the Global Financial system that has left african nations paying any 5 times more to borrow money than others. Because external debt raised 5 fold between the 2 102020 the confidence public debt regional my 700000000000. 00 nearly 3 years ago. And 12 percent of that money is owed to chinese lenders. So call us this reform of the Global Financial system, which is spearheaded by the bridge town agenda. Prime minister barbados is not going to come through. Do you think what, how is it gonna shape up . I think the calls for the forward most depends on what the solutions are now. He did buy is different. The process is that these institutions themselves have put in place. I have no doubt that will have some progress. Progress on the capital. I do proceed that will allow for liberating more and more possibilities of multiplying concession all that the with the additional money from the private investors because of the risk some of the investment projects. You have certainly ways of using this, the special throwing bribes, just like the i m f currency that would allow for a multiplication of projects that with address some of the transition requirements, you have also issues of represent activity after the consult asking for an additional seat in the i m f and also model presentation to a bank. So i have no doubt that this reforms are going to see the lights and this year is going to be a commercial year for those reforms. This being said, uh these proposals for them breached um, as good as the they are not enough to address the volume and the scale of the problems that africa facing. Thats why in this article the lab and submits the africans out a bit more of them dishes and theyve put to across a set the number of proposals, particularly your relation to how you deal with fiscal sovereignty. And now youre dealing with the global fisco problems such as the profit, the shifting that is allowing for about 24000000000. 00 a year to leave the company in the shop, release it, financial flows, and the issue of actually contributing for an increase of opportunities within the African Market with the continental free trade that you so this off some responses that compliment just doing what the breach style and what the breath and was easy cushions are putting in place themselves. And you know, its the, its a much more ambitious agenda. The color slip as chair of the african clement foundation. Thank you. Thank you. The now the debt crisis is affecting more than 3000000000 people that soulmates hoff of the worlds population. Thousands of developing nations are forced to spend more money pay interest on that spend on health and education. Many of them are at risk of default practice done needs, moved into 22000000000. 00 to service its data and pay bills next year. The country has secured a 3000000000. 00 deal with the International Monetary fund to avoid a default on this debt. Bought the global lender demanded popular subsidies be flashed as part of the conditions for the bailout package. Petrol and electricity prices have rocketed while the regular, the depreciation of the re p against the dollar has depleted peoples purchasing power. Thousands of traders went on strike last week against the rising cost of living. Lets here, whats the impact of studies, shop owners and people at the same . Yes, sometimes the people have been bearing this for the past 70 years, but now it is reached an unbearable level. May god have mercy on us, otherwise we dont see any hock lookout false. Currencies depreciating against the dollar, it seems like in the future, we will take money in a 2nd to buy bread. There is the issue of our currency as well. That a man goes for electricity, a very high inflation is high to actual prices are going outreach. We are labors, we are daily wages. How can we afford this is very difficult. It was too much prizes of prison. More than 200 percent iron, 50000. 00 rupees a month. And i have received an electricity bill for 26000. 00 rubies. And i can either pay this bill or buy groceries. I also have to pay bills for gas and then have to pay for school fees for my children. And my last month, i have to sell a gold chain belonging to my wife, to pay for my childrens overdue school fees, and what the discounts all of this im joined now from is low. Im a bad, but im a, have you con is a non resident senior fellow at the atlantic council, south asia center, also the chief executive officer at the credit book, financial services. Im a con, welcome to al jazeera. Stop. Tell us more about the impact of the electricity price height on ordinary people. The price high has been disastrous for a lot of houses because theyre not expecting the height to be this much. Uh, the electricity prices have been consistently increasing. I would say they have doubled in less than 3 years, and incomes have not changed accordingly. So obviously electricity and prices continue to make up a significant portion of the household income. No, we must. Spencer, doing that for the inflation over the last one year has been 50 percent. So Household Incomes are disposable income is already fairly suppressed. And when you add to the increasing electricity or utility bills, that just a lot of stress and strain to the process due to this is its been very difficult for how. So its particularly for house orders, which i work on a lifetime. Customers, which may go about 60 percent of the door benedictions in the country. People are releasing the electricity consumption, but theres so much consumption that you can renew at a certain fine. Whats actually happening right now is because the president goes, i mean, be so much deeper, do not have the capacity to be any more. Some people are actually doing the forwarding on their payments are being less. This one of those in higher line bosses are lowered collections as a government is not able to collect bills, but you do support the problems as well as side is be and that comes up and it could be city prizes. It can be some dipping point at the stage. Is it just on the removal of subsidies . Thats to blame here. Its not really the movement of the subsidies subsidies. I was unfairly blamed here. Whats really happened is the government has kept on increasing the taxes off and it puts the price is because the government continues to run. A physical defense advantage has been running. If its been difficult for the last many years, it utilizes electricity bill as a crutch to increase the tax revenue. So even right now, i dont know when investigate data. 30 percent of the data, what i would say 33 percent of the data is just government taxes. So because of the increase in taxes that collect or higher builds, so its not really subsidy, but more in that expectation which isnt hurting the more vulnerable households. More than anyone else and the government has come up with an electricity relief plan, which is being turned on by the i m f. What do you make of belindas conditions . Do you think they could benefit text on the people on the lender here . The items ready claytons mind, it just was a physical surplus upfront. We surplus that the government for revenues are greater than its expensive. It will not specifically talk about electricity bills. What it wants is actually the government to start increasing its revenue. So the government goes with a plan, good. Hey, we gotta do some taxes on that for the best buy, right . Including taxes and other areas that shouldnt be fine as well. So i just feel that the im, if its just me and a skin board in this whole process, but its actually the responsibility of the government to actually increase more direct taxes. Brought them to tax net rather than just taxing the most of what i bought a house or again and again, lots of countries offering loans to pockets done, including china. But is that just leading the country into that trucks . The country is already in the desktop, right . Now as we speak and thats not do external factors or extra little countries, its not going to go into effect as well. Because over the last 12 to 15 months, we havent been able to, to raise a lot of external, dec or dollar. But is there any way . So whats really happening is we just amazing a lot of local then a lot of really denominated debt, which means that a lot of our local expenses are increasing and the same are being co work to that. So we have already in a desktop right now, what is china is actually doing is maybe helping ferguson and review some of the things by restructuring, some of the boards that are the ones providing support as an rendered way. But if i look over the last plug for b must not, im not know externally that has come on the bottom side. If anything, extra, under the day for bodies im, is actually reducing the loss of being month. And thats not good because that we havent gotten any Additional Debt or what they wouldnt need it to be. Bid has been repaired without being refinanced overall. What do you think is a way out of pocket sounds, debt crisis and might things improve off to the election . Do you think the uh, the only way out. Why do we think that that is uh, structural the fundamental question. We did that because expenses are greater than revenue and so theyll be out of this is sanctioning, trying to fix the physical or physical position. We need to review whats on expenses and lots of sports expenditure. The pending is still happening and increase their revenue is once that equation starts to change, the cumulative debt real zoom is grad, really going to go down and we can slowly instead they come up with this crisis. But if we do not stop spending, if it keep on spending, if we keep on running more and more different, eventually be able to reach a point, we would have to keep adding more and more data in the point it gets on sustaining. But if the same, the new, the stock is still continues, this may have worse and the situation, if theres a new government in this document, have a mind, it would be more aggressive in terms of that expectations that would have a clear mandate in belgium producing expenditure so yes, a new government is extremely critical at this juncture because that would have demanded a big more right or more structured on long term decisions. And in dunham government may not have the capacity already been demanded for being such decisions. A great to get your perspective on this. I. Com. Thank you. Thank you. And that is all show for this week. If youd like to comment on anything youve seen, you can swing me and the clock out just please use the hash tag. Acdc, well, just drops an e mail content and costs out is there a dot net is our address. Putting more of you online at ads or adult coma slash cdc . Thatll take you straight to our page, which is individual reports links and indeed into episodes view to catch up on thats it for this edition of kind of the cost on the cloud and the whole team. Thanks for joining us. The news on al jazeera coming right to the the from age limit lumens to major social change, the witness Award Winning films from around one out to 0. The world of frequency shad trading exposed this engine that was basically trading. I couldnt last. 30000000. 00 was a terrifying experience. How lots official intelligence is rates for steaks and rich on the money markets is markets go faster and faster. Were opening up the possibility for an instability, for no money bucks on our last year of how to start experienced one of the worst floods in the countrys history venue. Rule communities are still waiting for help. Hundreds of people on the outskirts of the city of may who had been living under open skies for a year in last years floods. This road behind me, those fields, the entire area that stretches in this direction was completely submerged. Many of the homes and buildings that were destroyed are still rubble. And parts of this district had started the flood once again the on the carriage on the same day while the top stories. Now, in the houses there, at least 1900 people have done right in Eastern Libya of the storm down your costs, severe flooding, west affected cities. Thoughts with dana, with thoughts you say to dams, best in the heavy rain full of china has this update from tricity. All eyes are on the city of dont know, its been a devastated after these downs collab