Transcripts For ALJAZ Counting 20240703

Quite many have been sleeping on the streets. Also, the government won the games. Returning home rescue as a struggling to reach hauled hits. For most harry is the feel of the bottom and that was at the point of taking a water bucket. When the ground started shaking deal, i had to run, feel safe, didnt you have new wall . Correct . On the polar and everything fell on the ground. When i flips the road with my children, when i heard that my neighbor was kept under the rubble of its possible, wed rush and save out shot through what . As the buttons, this car was asleep when the earthquake struck, i could not escape because the following up i was trapped. I was saved by my neighbors who cleared the rubble with the bare hands. Now im living with them in the house because mine was completely destroyed. So it looks the same with a limb to me. I feel sorry for a young child, i saw it today. He was crying because both his aunt and her daughter were trapped under the rubble. We have to be strong to help these people that you cant fail. We have to help each other. And all the news leaders of the worlds richest country is, are in india, is capital new delhi for the g 20 summit. The 55 Member African Union has joined the block as a new permanent member lead, as also agreed on the joint declaration, despite differences on the war and ukraine. Representatives from 15 last and american and kind of in countries agree they failed in the war and drugs, columbia, and president , gustavo petro, is presenting a new drug policy, which will stop the persecution of co, kindly farmers, and focus instead on Drug Trafficking Networks Fund was in greece are beginning to receive, at least 11 people have died and several others are missing. So its easy starting to assess the loss and damage to property. Those, the headlines, the news continues here are now to sierra off to counting the cost. And of course, there is a website how to 0 dot com and were going to have this on to our last washing in asia and africa thatd be day is where id be choosing and editing my own stories and a refugee account with no electricity. And right now were confronting some of the greatest challenges that humanities ever face. And i really believe that the only way we can do that is with compassion, generosity, and compromise. Because thats the only way we can try to solve any of these problems is together. Thats wells is there is so important, we make those connections of the 11 oclock. This is count of the call. So now to 0, we can look at the world of business and economics. This week, clement said he is not just victims, African Leaders, the amount more funding to transform the continent to a clean energy pow house. Also held back by mountains of that african nations demand relief to help and locked funds for climate solutions. Plus partners, dani is a feeling the pinch of pallet bills, and anger is mounting of the impact of strict performs, imposed by the i am at the site. A results rich confident that contributes at the least to global warming, africa loses up to 15 percent of its economic outputs every year to the devastating impacts of compet 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 now leaders in the region one to transform that narrative and become champions of climate solutions. The 1st Africa Climate summit in kenya, theyve demanded, wealthy nations, pay the fisher and invest in the compliments Green Energy Potential African Leaders proposed new Global Carbon taxes to Fund Climate Change action. Millions of dollars will pledge to help reduce global warming, and that includes boosting carbon credits, which a boat buy companies to offset their Emissions Campaign and say the approach allows large corporations to continue polluting the weld. I will discuss all of that with a guy shortly, but 1st, the canyon 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, like a level as this to the elephant nelson or the right drives through lands that are almost unrecognizable compared to just a few years ago. All of this was an over greys dustbowl. Locals built fences to keep wild animals of the land. But now thats all changed. The fences had been taken down and animals had 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 beast migration. But very little economic benefits ever flow to local communities. Thats why the Natural Light Conservation Area decided to do things differently. We will weary about approaching those institutional fund. Those that funds for trans conservation because and then they will tend to amenities 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 the reserves and the serengeti. 200 people are working on the project. They say theyre already seeing the benefits of working together. Livingston, thatd be a lot of work. Would that be us down to the livings improved . We put aside money for our childrens education through this. We Fund One Time to hold, especially during a Drought Community members depend to their 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 nephew lie, initiative can inspire others and make conservation a groceries phenomenon. Mike level for counting the cost. Well, lets take this all 9 join now from that cape town by carlos lopez whos the chair of the african, the Climate Foundation of 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 purchased as you know from the, at the Africa Climate summit, the pages are easy to make it easy to break. What do you think of those commitments and will they be met . You know, most the cases of promises in brooklyn, nations, the induced summits dont have that real meaning and people have become quite the april critical about the display. Just 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 you money. What about this idea of global tax is carbon taxes. How is that . What does that have an attraction and youll be, its something that has been under discussion for quite some time to gain some traction in the probably somebody put 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 i sports and certain logistics and fossil fuel profits. It makes a lot of sense equal penalize polluters. And it will be very much in line with the idea that we have a all calm and responsibilities. But differentiated the 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 africans have been 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 and the same terms as the others. Right. Well, one form of compensation bank pays on a massive scale is carbon credit and big the summit, big potential source of revenue. Youtube is a lot of criticism is the and ga power shift africa puts that just a wolf in sheeps clothing. I think squares for police has to keep on polluting. Once hell 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 conclude 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 Companies 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 coming to dissection. And thats why the n g o is not up in arms, but i think, you know, we not the, we, we are not in a situation where we can just disregard this possibility entirely or all right. Hang on the call us, cuz i wanna come back to you in a seconds on this bone has recently completed off cuz 1st debt 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 2 in the nation has sent investors scrambling to assess the impact of the security situation on the contract at back to carlos, chair of the 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 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 something in funds. Levels of Interest Rates that others cannot even think of between 6 and 15 percent. When countries in europe and america in United States can actually afford to have the subsidies that will allow them to not to 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 they have thought of good send that obligation. But what we have right now is that 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 brooklyn nations 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 give on being one case. So shells being another, but we are really far from the 1. 00 trillion dollars that the opposite because need to address the climate. Yeah. 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, you know, situations like 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 fair, 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 sort of, uh, the codes that are very much linked to this new funds of contestation, but what we have to also realize is that probably most of these schools are a result of the vulnerabilities that resulted from defend them. A could be what a new crane the climate 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 big. Most structural, we have to address the Global Financial, the governors systems that im not allowing africans to be uh, you know, treated the same way as the others for this is for renewables. You have investments. I thought i made everyone in the world right now. So that i more than money investments, the best 3. 00 tons on investment according to every knowledge has made odd enough 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 didnt type on to 19 a vicious circle. Okay . Thats why, you know, used to be me, will provoke the rest, the kind of standby, because this i want to come back to on somebody youve already alluded to. And that is african need 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 202020 the confidence of 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 level financial system, which is spearheaded by the bridge town agenda from mr. Barbados, is gonna come through the bank. Uh hows it gonna shape up . I think the calls for the, for the most, the printed with these additions are now he did by is different processes that these institutions themselves put in place. I have no doubt that well have some progress. Progress on the copy to adequacy that will allow for liberating more and more possibilities of multiplying concession ality with additional money from the private investors. Because you do risk some of the investment projects. You have certainly ways of using this the out of the special growing bribes, just like the i m f currency that would allow for a multiplication of projects that with the address some of the transition requirements, you have also issues over the present activity. Africans are asking for an additional seat in the i m f and also model presentation tools bank. So i have no doubt that this reforms are going to see the lights. And this year is going to be a crucial year for those reforms. This being said, this proposal for a breach stall 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 optical climate submits the africans out a bit more them dishes and theyre put to across a certain number of proposals, particularly your relation to how you deal with fiscal sovereignty. And now youre dealing with the global fisco problem, such as the profit, the shifting that is allowing for about 24000000000. 00 a year to leave the company and 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 yeah, so based off some responses that compliment just doing what the breach style and what the Bretton Woods facing, 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 3000000. 00 people that soulmates hall 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 move in at 22000000000. 00 to service. Its death 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 reco depreciation of the rupee against the dollar has depleted peoples purchasing power. Thousands of traders went on strike last week against the rising cost of living. Lets hear what some practiced on a cell phone is and people at the same, i guess sometimes the chicken people have been bearing this for the past 70 years, but now it has reached an unbearable level. May god have mercy on us, otherwise we dont see any hock lookout for stock 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 as those for electricity, a very high inflation is high to actual prices are going outreach. We are labor as well daily wages. How can we afford this is very difficult. It was too much prizes of prison, more than 200 percent iron, 50000. 00 rou, peace of mind. And i have received an electricity bill for 26000. 00 rupees, 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, for family 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 i might have yukon is a non resident senior fellow at the atlantic council, south asia center, also the chief executive officer at the credit book, the financial services. Im a con. Welcome to al jazeera. First up. Tell us more about the impact of the electricity price hike 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 surprises have been consistently increasing. I would say they have doubled in less than 3 years, and incomes have not changed accordingly. So obviously electricity prices continue to make up a significant portion of the household income. Now we must spencer, go died for the inflation over the last one year has been 50 percent. So Household Incomes are disposable income is already fairly stretched. And when you act about increasing electricity or utility bills, that just a lot of stress and strain the process due to this its, its been very difficult for how so is particularly for house stores, which i, i work on a lifetime. Customers, which may go about 60 percent of the door connections in the country, people of inducing the electricity consumption. But theres so much consumption that you can renew at a certain part. Whats actually happening right now is because it personally both, i mean be so much deeper, do not have the capacity band anymore. So people are actually doing the forwarding on their payments are being less. This one of those in higher line losses are lowered collections as a government is not able to collect business, but youre used to for the problems as well as side is being that the and it could city prices of impatient 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 a subsidy, but i would say, im fairly blamed here. Whats really happened is the government has kept on increasing the taxes off electricity prices because the government continues to run a physical defensive and it 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, in billing, that would investigate data. 30 percent of the data when i went to, to, to 3 percent of the data is just government taxes. So because of the increase in taxes that like to higher bills. So its not really subsidy, but more in that expectation which is hurting the more vulnerable households, more than anyone else. And the government has come up with an electricity relief plan, which is being turned down by the i m f. What do you make of belindas conditions . Do you think they could benefit text on the people . The lender here, the items ready claytons mind. It just was a physical surplus upfront. We surplus that the government for revenues are greater then its expensive. It would not specifically talk about electricity bills, what it was actually to the government to start increasing its revenue. So the government goes with the plan. Good. Hey, we gotta do some taxes on the property but, but right, including taxes and other areas that shouldnt be financed. But i just feel that the im, if its just a, made 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, and then rather than just taxing the most of the house or again and again, lots of countries offering loans to puck is done, including china. But is that just leading the country and to that trusts the country is already in the desktop right now as these b, as thats not due to extra, another 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 raise a lot of extraordinary dec or daughter. But is there any way . So whats really happening is we just have raising a lot of local then a lot of robina nominated that which means that a lot of our local expenses are increasing and the same are being covered 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 the ones providing support as and rendered way. But if i look over the last plug from be must not a lot of external, that has come on the bottom side. If anything, extra under the football game, some is actually reducing the loss of being month. And that is not getting positive. We havent gotten any additional deck or what i wouldnt need it to be. Bid has been repaired without being refinanced overall. What do you think is a way out of pakistans debt crisis and might things improve off to be election . Do you think the uh, the only way out, why do we think that that is uh, structural fundamental question. We did that because expenses are greater than revenue and so theyll be out of date essentially trying those big stuff is kind of our physical position. We need to review whats on expenses and lots of sports expenditure. The funding has to happen and increase the revenue was once that equation starts to change, the cumulative, the real 0 me 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 he keep on spending, if we keep on running more and more different, eventually be able to reach a point. We will have to keep adding more and more data in the point, it gets unsustainable if the same, the new, the stock is still continues. This may have worse and the situation. If theres a new government and mist dr. But have a mind it would be more aggressive in terms of that expectations that would have a clear mandate in belgium. Good using expenditure. So yes, a new government is extremely critical at this juncture. Because back when have the mandate big more right or more structured on long term decisions and in durham, government may not have the capacity already been demanded for being such decisions. 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 it clock out just please use a 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 entire episodes view to catch up on thats it for this edition of kind of the cost on the clock and the whole team. Thanks for joining us. The news on al jazeera, coming right to the the, the world of High Frequency Share Trading exposed side of this engine that was basically trading. I could of last 30000000. 00 was a terrifying experience. How launch efficient intelligence is rates for stakes and risks on the money markets. This markets go past task. Were opening up the possibility for an instability, for no money bunch on which is here. How do states control information the controlling the narrative to dominate thing, the media . How does the narrative improve Public Opinion and enormous . 5, a might not be the most important story about china of today. But thats what the big piece of attention to. How is citizen . Jim listened, replacing the story, the listening post, i fixed the media. We dont cover the news, we cover the way the news is covered in a world where the news never ends. Understanding whats behind the headlines is more important than ever. It takes listening to the people behind the news and to the journalists reporting their stories. Its that intimacy that makes every International Story local at heart. Im only give you that host of the take a daily news podcast powered by the login reporting of elders here. Find us where ever you get your pod cast. The families in morocco spend the 2nd nights on the streets of the fridays house was quite more than 2000 people have died. The son sammy say them, this is ill just say were alive from the how with most special coverage on memorial. Co ask like im doing a home in the Historic Center is not a cache with