Transcripts For ALJAZ Counting The Cost 20221008 : vimarsana

The real fear is what will happen to this area farmland. In the coming years, are you force it . Ill just euro southern spain. Ah, hello again, be had lines on al jazeera, the main bridge, lincoln crimea with mainland russia has been damaged after an explosion. Russia, National Anti Terrorism Committee says it was caused by a truck bomb. How much all has the latest reaction from moscow . First, its seen as an actor war, that those are the words of the, of the speaker of the state. Duma. He said this terrorist talk is an act of war or russia. President Vladimir Putin ordered a, an Investigative Committee to be set up to see into the causes and responsibilities behind this attack. So here, russia, they, that there is no doubt that it is a terrorist act, and that it is an act of war. Ukraine in authority, say they found a large burial site in the eastern town of lima. And the regions governor says its unclear how many bodies it contains. The man was retaken by ukraine in recent days. At least 2 palestinians have been killed and 11 others injured by is really forces in the occupied west bank. They were targeted during and is really rate in the janine refugee camp. Local sources say one of those, the changes, the brother of a member of the Islamic Jihad group, that payment is, is in drama, la with more on the rates. We know that jeanine has been the average sensor of tension. Were talking about more than 114. 00 palestinians who were killed by israel since the beginning of the year in the west bank. And a 3rd of those have been killed in genie. And were also seeing ariel enforcement wouldnt come. So these really res, engineering itself. This is something we havent seen since. The 2nd house in, in is called like years and years ago. But its a lot of tension. Its been that years years the occupied us bags for more than 7 years. Turkey is parliament has been debating and media law proposed by the governing act party and its nationalist allies. The government says the bill will tackle this information, but right group say it will crack down on journalists and critical reporting. Youre up to date, the headlines on al jazeera up next, its counting the cost. Then its the news, our with folly, bye bye. Talk to, ill just 0, we do live limit of again it was sent at bands in by the international community. We listen, we have a huge price for the war against terrorism as going on for money. We meet with global news making and talk about the stories that 910. I use hello and has them seeka. This is counting a cost on i just hear your weekly look at the world of business and economics. This week a big you turn on promise, tax cuts for the top earners in the u. K. But is the British Governments reversal enough to limit the financial damage and has the Prime Minister lost her credibility . Also this week, her kidney and joins a list of destructive and very costly storms is the world spending enough to mitigate or adapt to Climate Change and boeings, Vice President tells us how the companys planes can reduce that carbon footprint. The well, just a few days ago, britains new Prime Minister was confident she would be able to kick start Economic Growth by cutting taxes. Yet the country is still on course for recession. The faced with market terminal and criticism from within her own conservative party list trust was forced to scrap plans to remove the 45 percent top income tax rate. On high honors, the u turn is being seen as a humiliating about face. That leaves trust is Economic Policy and premise ship in crisis. The dean, bob reports from london, i have 3 priority for our economy. Grows, growth and the policy conference. It opens against the backdrop of intense market. On eas, liz trustees pro growth tax cutting many budget, had lead briefly to a slump in the value of the pound, and instantly made thousands of mortgages more expensive. With expectations, the bank of england would have to raise Interest Rates foster. Then at the 11th hour chance in a quasi quartet was told hed have to reverse plunge to scrap the 45 percent income tax rate for top harness. I know the plan would forward only 10 days ago, has caused a little turbulence. I get it. I get it that may well have been nervous. Laughter as the Opposition Labor Party opened up a big a lead in opinion polls delivering the Main Investors in the city of phil, waiting on crucial information, including the assessment already done by the office for budget responsibility. The governments independent economic forecaster. And theres another group of people who might want their say on all of this over in westminster. It was only when the Prime Minister realized she was facing a mutiny from conservative members of parliament over the top tax rate that she ordered the u turn. Crosses position has always been that growth drives things so successfully that you dont need to explain how you fund your tax cuts, because a ha, a lower rate will give a higher yield with more grace. People arent broadly speaking, accepting that at the moment. And theyre looking for an understanding on the government Balance Sheet as to where cuts are going to be made. Of course, any cuts to public spending could prove hugely controversial. The governments refusal to commit to raising welfare payments in line with inflation has prompted open descent from some cabinet members. One think tank says the many budget is regressive. As most of the gaines go to richer households and will struggle to achieve it stated, aim, the tax cuts that the government has proposed arent looking like theyre gonna achieve. The growth targets that the government is, is setting out for itself. It would have to increase great by quite a substantial amount for them to even pay for themselves. And in terms of at the spending cut that automatically going to reduce g d p for, for the u. K. So it looks like the job of selling this new low tax, Economic Vision has really only just started Nadine Barbara for counting the cost london will join us now from london is below half. Hes chief executive of the macro. Hi, thanks for being with us. So why was this so poorly received by the markets and then the subsequent you turn is that going to be enough to calm the markets . Yeah, thats a great question. I mean, what one big reason why the u. K. Many big budget was so poorly received, was number one, the size of the destiny is fairly large, the tax cuts. And then before that there was the Energy Subsidy with the introduction of price caps in the u. K. So the amount of borrowing the u. K. Government is having to do is very large compared to what it had announced in the previous administration. So one was the, the scale of the desk did, but also it was the way the u. K. Was going to fund that deaf fit, which was to issue bonds, but particularly issue bonds at the shorter tanner of the car, the one to the parts of the curve which one particularly liquid. And so they seem to be a lack of chord nation with the Management Office in terms of the way the government would issue bonds. And that really sets a set, a bad tone for the industry markets in u. K. Which over the past week also have experience significant volatility then on the, on the due turn to some extent it does potentially help the administration in so far as it removes one of the politically toxic parts off the mini budget. But at the same time it has, it is huge. And so other parts of the conservative party can smell blood. And so they may challenge other parts of this trust is program which could introduce much more uncertainty about what the government can actually do Going Forward. And will people on the lowest income still pick up the bulk of the, of the costs of the cost and, and what about middle class families . Everything from mortgage to, to food is getting more expensive now and you can absolutely so on balance, the measures are regressive. Which means that people at the lower end will suffer, will get the least amount bent, that will suffer more than people who have more income and not apply to lower economic classes as well as middle class as well. And as you write, you points out the, the thing that were really hit people hard is the increase in interest rate. So peoples mortgage is when they reset their mortgages, most people and you have to go to your fixed Mortgage Rates and many of them will start to reset over the next 612 months theyll be in for shock them. Monthly payments could double or triple even in many, many cases. So this is really quite a big shot to, to the system expects, especially peoples expenses. And the bank of england, this is, is not gonna keep intervening for, for too much longer. They are expected to, to, to raise Interest Rates. But what does all of this mean Going Forward then . Yeah, the bank begins in a tough situation because on the one hand, they had committed to stock buying Government Bonds. But obviously last week they had to buy Government Bond to the people lies the u. K. In straight markets. So thats one chattering they face because theyre having to do things contradicts another policy that same time as you rightly points out they, they have committed to raising Interest Rates to reduce inflation. Now the issue here is that the market so expect them to raise Interest Rates very significantly, up to maybe 5 percent. So even 5 hopson by next year. Thats more than the bank. Said that they are willing to increase in rates by, but inflation is very high in the u. K. Now, of course, because the u. K. Has this angie price cap, that means depletion could come down a bit. But on balance bank, bank big land is in the top situation of having to raise rates at a time where peoples peoples Household Bills are going up. And this, these plans by the British Government have been dubbed truss nomics. And its modeled on reaganomics, which is of course, a reference to the u. S. President s tax cuts in the 1980. The idea being that these tax cuts would create more wealth in the economy and thereby lead to higher tax revenues. Does. Does that work . I mean, has it ever really work . Thats a good question. I mean, theres a big debate around all of this. I mean, in general, it seems like the effects are much weaker than people think. So that will trickle down economics. The, the historic evidence is quite weak that it does work. What does tend to work more so called supply side reforms. And this is something thats part of trust economics, which is to reduce regulations, reduce red, say make it easy for business to operate in the u. K, so that is something that lives proper ministration is engaging in that potentially could be positive in the long run. So there is a silver lining. And all of this, the question is whether she has the will and the buy in from a policy to be able to push through those reforms in the coming few years. So, i mean, you, i know you mentioned the sort of political implications of this has that has the Prime Minister, lost her credibility. You think what, what does this mean for the long term and for the conservative party, i think there has been a big loss of credibility. One basic example is the fact that many of these, these announcements were not discussed with the rest of the cabinet. So the rest of the cabinet are starting to speak against blue cross in public, which is a very bad sign. Public polling shows that lives cross is the least popular, tory leader for in modern times. So shes lost a lot of credibility with the public, but also within her party, said as theres already talk, that there could be another leadership challenge which introduces additional uncertainty. So the next month is gonna be critical for this process to try to get over this negative and tried to stabilize her position. So its a very precarious situation that shes been right now and the next 5 weeks are going to be critical to see whether shell be able to regain a credibility and push through her program. Bill at half ease in london, thanks will be with us. Great, thank you. The, the United States has gone through 332. 00 climate related disasters in the past 40 years that have cost, at least a 1000000000. 00, and theyre happening more often. Now. Hurricane ian is the latest and its estimated that could cost up to a 100000000000. 00 in damage and economic losses. That makes it one of the costly storms in u. S. History. President , jo bidens, recent climate law is providing only 37000000000. 00 a year over a decade. Kristen salumi reports from new york, tallying up the losses from Hurricane Ian has only just begun. Our roof is in the back of the house. For these retirees, seeing the damage to their homes and neighborhood was overwhelming. Theres no words for it. Its like holy cow, what a mess. The south west coast of florida took the brunt of wind and storm surge, but the impact of the heavy rainfall was felt further inland and up the United States. Eastern coast experts say whether storms is one impact of Climate Change. The majority of the cost, as well as the lives lost as a result of hurricanes and tropical cycle, and comes from flooding. It comes from storm surge, it comes from the rainfall. One of the costliest storms in u. S. History superstore. Miss sandy wasnt even a hurricane by the time i got here in new york, and yet here is where did the most damage. 82000000000. 00 and flooding an infrastructure costs some early estimates for hurricane in are approaching that. More than 40000 utility workers were dispatched to florida alone to help restore power. Water mains and roads have also suffered extensive damage. Not to mention bridges. The governor said 800 of them were in need of assessment. President biden declared a disaster in florida paving the way for federal assistance for infrastructure as well as individuals. It me, the federal government provide individual assistance of 37900. 00 for home repairs and other 37900. 00 for loss property for everything from automobile to last wedding with several Health Care Facilities damaged and forced to evacuate Health Impacts and related costs will take years to fully understand and has gone into flash while the human cost remain. Incalculable. Kristen salumi for counting the cost new york, oregon and also knocked out pow across all of cuba and devastated some of the countries most important tobacco farms. Several other nations experienced extreme weather conditions last month, including pockets thong where the worst floods in the countrys history left a 3rd of its people under water. The un secretary general antonia good terrorist accused, the worlds 20 riches countries of not doing enough to stop the planet from overheating and developing countries are calling on rich nations to pay the losses that Climate Change has inflicted on the worlds poorest people. Well, joining us now from munich is dr. Miranda shaw as chair of environmental and Climate Policy at the Technical University of munich. Thanks for being with us, doctor. Let me ask you 1st off, the damage for this is estimated cost up to 100000000000. 00. How is that going to be paid for . Whos going to pay for it . Its a streaming, expensive storm that is going to cost the Insurance Companies as well as private individuals and eventually also the state huge amounts of money. Its, its something that all of us will have to chip into all of these kinds of big storms or storms that need to be paid for by multiple individuals. But the reality is, the money thats money that many people dont pass. And the un secretary general, antonio good parish has said the hurricane he and shows that no economy in the world is, is immune from the climate crisis. Is this 370000000000. 00 that the, the government there is providing under this new climate noise that going to be enough to tackle the problem . Oh, you know, theres so much work that needs to be done with Building Infrastructure in north america, the United States in particular, which just hasnt invested enough, whether its in the electric grid system and bridges and roads. And then a new technologies like the Renewable Energy field or electric automobiles that, that alone is going to require most of that money. And when we look at climate adaptation, the reality that we have rising sea levels that we have storms that are expected to increase in intensity. So what we saw here with, with e n, this is likely to become something thats much more regular, much more often really damaging storms. Theres going to be a lot more money that needs to be invested into rethinking how we build, where we build and bringing nature back in, in order to protect coastlines, better in the past, weve been building, and i say we, i mean all around the world, weve been building right along the coast, weve been building an areas where it requires deforestation taking away the mangrove forests and its up Southeast Asia or in the florida keys, where you see people building on the sandbanks. Its really something that needs to be reconsidered because Climate Change is going to mean were going to have higher sees were going to have more storm surges. Were going to have more intense rainfalls. And this is, unfortunately only the beginning of the, of a really serious problem. Yet lets talk about the National Anti<\/a> Terrorism Committee<\/a> says it was caused by a truck bomb. How much all has the latest reaction from moscow . First, its seen as an actor war, that those are the words of the, of the speaker of the state. Duma. He said this terrorist talk is an act of war or russia. President Vladimir Putin<\/a> ordered a, an Investigative Committee<\/a> to be set up to see into the causes and responsibilities behind this attack. So here, russia, they, that there is no doubt that it is a terrorist act, and that it is an act of war. Ukraine in authority, say they found a large burial site in the eastern town of lima. And the regions governor says its unclear how many bodies it contains. The man was retaken by ukraine in recent days. At least 2 palestinians have been killed and 11 others injured by is really forces in the occupied west bank. They were targeted during and is really rate in the janine refugee camp. Local sources say one of those, the changes, the brother of a member of the Islamic Jihad<\/a> group, that payment is, is in drama, la with more on the rates. We know that jeanine has been the average sensor of tension. Were talking about more than 114. 00 palestinians who were killed by israel since the beginning of the year in the west bank. And a 3rd of those have been killed in genie. And were also seeing ariel enforcement wouldnt come. So these really res, engineering itself. This is something we havent seen since. The 2nd house in, in is called like years and years ago. But its a lot of tension. Its been that years years the occupied us bags for more than 7 years. Turkey is parliament has been debating and media law proposed by the governing act party and its nationalist allies. The government says the bill will tackle this information, but right group say it will crack down on journalists and critical reporting. Youre up to date, the headlines on al jazeera up next, its counting the cost. Then its the news, our with folly, bye bye. Talk to, ill just 0, we do live limit of again it was sent at bands in by the international community. We listen, we have a huge price for the war against terrorism as going on for money. We meet with global news making and talk about the stories that 910. I use hello and has them seeka. This is counting a cost on i just hear your weekly look at the world of business and economics. This week a big you turn on promise, tax cuts for the top earners in the u. K. But is the British Government<\/a>s reversal enough to limit the financial damage and has the Prime Minister<\/a> lost her credibility . Also this week, her kidney and joins a list of destructive and very costly storms is the world spending enough to mitigate or adapt to Climate Change<\/a> and boeings, Vice President<\/a> tells us how the companys planes can reduce that carbon footprint. The well, just a few days ago, britains new Prime Minister<\/a> was confident she would be able to kick start Economic Growth<\/a> by cutting taxes. Yet the country is still on course for recession. The faced with market terminal and criticism from within her own conservative party list trust was forced to scrap plans to remove the 45 percent top income tax rate. On high honors, the u turn is being seen as a humiliating about face. That leaves trust is Economic Policy<\/a> and premise ship in crisis. The dean, bob reports from london, i have 3 priority for our economy. Grows, growth and the policy conference. It opens against the backdrop of intense market. On eas, liz trustees pro growth tax cutting many budget, had lead briefly to a slump in the value of the pound, and instantly made thousands of mortgages more expensive. With expectations, the bank of england would have to raise Interest Rates<\/a> foster. Then at the 11th hour chance in a quasi quartet was told hed have to reverse plunge to scrap the 45 percent income tax rate for top harness. I know the plan would forward only 10 days ago, has caused a little turbulence. I get it. I get it that may well have been nervous. Laughter as the Opposition Labor Party<\/a> opened up a big a lead in opinion polls delivering the Main Investors<\/a> in the city of phil, waiting on crucial information, including the assessment already done by the office for budget responsibility. The governments independent economic forecaster. And theres another group of people who might want their say on all of this over in westminster. It was only when the Prime Minister<\/a> realized she was facing a mutiny from conservative members of parliament over the top tax rate that she ordered the u turn. Crosses position has always been that growth drives things so successfully that you dont need to explain how you fund your tax cuts, because a ha, a lower rate will give a higher yield with more grace. People arent broadly speaking, accepting that at the moment. And theyre looking for an understanding on the government Balance Sheet<\/a> as to where cuts are going to be made. Of course, any cuts to public spending could prove hugely controversial. The governments refusal to commit to raising welfare payments in line with inflation has prompted open descent from some cabinet members. One think tank says the many budget is regressive. As most of the gaines go to richer households and will struggle to achieve it stated, aim, the tax cuts that the government has proposed arent looking like theyre gonna achieve. The growth targets that the government is, is setting out for itself. It would have to increase great by quite a substantial amount for them to even pay for themselves. And in terms of at the spending cut that automatically going to reduce g d p for, for the u. K. So it looks like the job of selling this new low tax, Economic Vision<\/a> has really only just started Nadine Barbara<\/a> for counting the cost london will join us now from london is below half. Hes chief executive of the macro. Hi, thanks for being with us. So why was this so poorly received by the markets and then the subsequent you turn is that going to be enough to calm the markets . Yeah, thats a great question. I mean, what one big reason why the u. K. Many big budget was so poorly received, was number one, the size of the destiny is fairly large, the tax cuts. And then before that there was the Energy Subsidy<\/a> with the introduction of price caps in the u. K. So the amount of borrowing the u. K. Government is having to do is very large compared to what it had announced in the previous administration. So one was the, the scale of the desk did, but also it was the way the u. K. Was going to fund that deaf fit, which was to issue bonds, but particularly issue bonds at the shorter tanner of the car, the one to the parts of the curve which one particularly liquid. And so they seem to be a lack of chord nation with the Management Office<\/a> in terms of the way the government would issue bonds. And that really sets a set, a bad tone for the industry markets in u. K. Which over the past week also have experience significant volatility then on the, on the due turn to some extent it does potentially help the administration in so far as it removes one of the politically toxic parts off the mini budget. But at the same time it has, it is huge. And so other parts of the conservative party can smell blood. And so they may challenge other parts of this trust is program which could introduce much more uncertainty about what the government can actually do Going Forward<\/a>. And will people on the lowest income still pick up the bulk of the, of the costs of the cost and, and what about middle class families . Everything from mortgage to, to food is getting more expensive now and you can absolutely so on balance, the measures are regressive. Which means that people at the lower end will suffer, will get the least amount bent, that will suffer more than people who have more income and not apply to lower economic classes as well as middle class as well. And as you write, you points out the, the thing that were really hit people hard is the increase in interest rate. So peoples mortgage is when they reset their mortgages, most people and you have to go to your fixed Mortgage Rates<\/a> and many of them will start to reset over the next 612 months theyll be in for shock them. Monthly payments could double or triple even in many, many cases. So this is really quite a big shot to, to the system expects, especially peoples expenses. And the bank of england, this is, is not gonna keep intervening for, for too much longer. They are expected to, to, to raise Interest Rates<\/a>. But what does all of this mean Going Forward<\/a> then . Yeah, the bank begins in a tough situation because on the one hand, they had committed to stock buying Government Bond<\/a>s. But obviously last week they had to buy Government Bond<\/a> to the people lies the u. K. In straight markets. So thats one chattering they face because theyre having to do things contradicts another policy that same time as you rightly points out they, they have committed to raising Interest Rates<\/a> to reduce inflation. Now the issue here is that the market so expect them to raise Interest Rates<\/a> very significantly, up to maybe 5 percent. So even 5 hopson by next year. Thats more than the bank. Said that they are willing to increase in rates by, but inflation is very high in the u. K. Now, of course, because the u. K. Has this angie price cap, that means depletion could come down a bit. But on balance bank, bank big land is in the top situation of having to raise rates at a time where peoples peoples Household Bills<\/a> are going up. And this, these plans by the British Government<\/a> have been dubbed truss nomics. And its modeled on reaganomics, which is of course, a reference to the u. S. President s tax cuts in the 1980. The idea being that these tax cuts would create more wealth in the economy and thereby lead to higher tax revenues. Does. Does that work . I mean, has it ever really work . Thats a good question. I mean, theres a big debate around all of this. I mean, in general, it seems like the effects are much weaker than people think. So that will trickle down economics. The, the historic evidence is quite weak that it does work. What does tend to work more so called supply side reforms. And this is something thats part of trust economics, which is to reduce regulations, reduce red, say make it easy for business to operate in the u. K, so that is something that lives proper ministration is engaging in that potentially could be positive in the long run. So there is a silver lining. And all of this, the question is whether she has the will and the buy in from a policy to be able to push through those reforms in the coming few years. So, i mean, you, i know you mentioned the sort of political implications of this has that has the Prime Minister<\/a>, lost her credibility. You think what, what does this mean for the long term and for the conservative party, i think there has been a big loss of credibility. One basic example is the fact that many of these, these announcements were not discussed with the rest of the cabinet. So the rest of the cabinet are starting to speak against blue cross in public, which is a very bad sign. Public polling shows that lives cross is the least popular, tory leader for in modern times. So shes lost a lot of credibility with the public, but also within her party, said as theres already talk, that there could be another leadership challenge which introduces additional uncertainty. So the next month is gonna be critical for this process to try to get over this negative and tried to stabilize her position. So its a very precarious situation that shes been right now and the next 5 weeks are going to be critical to see whether shell be able to regain a credibility and push through her program. Bill at half ease in london, thanks will be with us. Great, thank you. The, the United States<\/a> has gone through 332. 00 climate related disasters in the past 40 years that have cost, at least a 1000000000. 00, and theyre happening more often. Now. Hurricane ian is the latest and its estimated that could cost up to a 100000000000. 00 in damage and economic losses. That makes it one of the costly storms in u. S. History. President , jo bidens, recent climate law is providing only 37000000000. 00 a year over a decade. Kristen salumi reports from new york, tallying up the losses from Hurricane Ian<\/a> has only just begun. Our roof is in the back of the house. For these retirees, seeing the damage to their homes and neighborhood was overwhelming. Theres no words for it. Its like holy cow, what a mess. The south west coast of florida took the brunt of wind and storm surge, but the impact of the heavy rainfall was felt further inland and up the United States<\/a>. Eastern coast experts say whether storms is one impact of Climate Change<\/a>. The majority of the cost, as well as the lives lost as a result of hurricanes and tropical cycle, and comes from flooding. It comes from storm surge, it comes from the rainfall. One of the costliest storms in u. S. History superstore. Miss sandy wasnt even a hurricane by the time i got here in new york, and yet here is where did the most damage. 82000000000. 00 and flooding an infrastructure costs some early estimates for hurricane in are approaching that. More than 40000 utility workers were dispatched to florida alone to help restore power. Water mains and roads have also suffered extensive damage. Not to mention bridges. The governor said 800 of them were in need of assessment. President biden declared a disaster in florida paving the way for federal assistance for infrastructure as well as individuals. It me, the federal government provide individual assistance of 37900. 00 for home repairs and other 37900. 00 for loss property for everything from automobile to last wedding with several Health Care Facilities<\/a> damaged and forced to evacuate Health Impacts<\/a> and related costs will take years to fully understand and has gone into flash while the human cost remain. Incalculable. Kristen salumi for counting the cost new york, oregon and also knocked out pow across all of cuba and devastated some of the countries most important tobacco farms. Several other nations experienced extreme weather conditions last month, including pockets thong where the worst floods in the countrys history left a 3rd of its people under water. The un secretary general antonia good terrorist accused, the worlds 20 riches countries of not doing enough to stop the planet from overheating and developing countries are calling on rich nations to pay the losses that Climate Change<\/a> has inflicted on the worlds poorest people. Well, joining us now from munich is dr. Miranda shaw as chair of environmental and Climate Policy<\/a> at the Technical University<\/a> of munich. Thanks for being with us, doctor. Let me ask you 1st off, the damage for this is estimated cost up to 100000000000. 00. How is that going to be paid for . Whos going to pay for it . Its a streaming, expensive storm that is going to cost the Insurance Companies<\/a> as well as private individuals and eventually also the state huge amounts of money. Its, its something that all of us will have to chip into all of these kinds of big storms or storms that need to be paid for by multiple individuals. But the reality is, the money thats money that many people dont pass. And the un secretary general, antonio good parish has said the hurricane he and shows that no economy in the world is, is immune from the climate crisis. Is this 370000000000. 00 that the, the government there is providing under this new climate noise that going to be enough to tackle the problem . Oh, you know, theres so much work that needs to be done with Building Infrastructure<\/a> in north america, the United States<\/a> in particular, which just hasnt invested enough, whether its in the electric grid system and bridges and roads. And then a new technologies like the Renewable Energy<\/a> field or electric automobiles that, that alone is going to require most of that money. And when we look at climate adaptation, the reality that we have rising sea levels that we have storms that are expected to increase in intensity. So what we saw here with, with e n, this is likely to become something thats much more regular, much more often really damaging storms. Theres going to be a lot more money that needs to be invested into rethinking how we build, where we build and bringing nature back in, in order to protect coastlines, better in the past, weve been building, and i say we, i mean all around the world, weve been building right along the coast, weve been building an areas where it requires deforestation taking away the mangrove forests and its up Southeast Asia<\/a> or in the florida keys, where you see people building on the sandbanks. Its really something that needs to be reconsidered because Climate Change<\/a> is going to mean were going to have higher sees were going to have more storm surges. Were going to have more intense rainfalls. And this is, unfortunately only the beginning of the, of a really serious problem. Yet lets talk about the Energy Crisis<\/a>. The Current Energy<\/a> crisis right now, which is reflecting much of the world and how thats hampering efforts to to, to combat is, is that hampering efforts to combat global china Climate Change<\/a>, or would it perhaps accelerate the transition to Renewable Energy<\/a> . Yes, we really need to wake up and start thinking about how we can we are selves away and rapidly from fossil fuels and build out alternatives. Energy efficiency is still a real potential. Theres still a lot of Energy Saving<\/a> potential, which is the cheapest way to deal with a crisis. But then also to invest in Renewable Energy<\/a>, which are much cheaper than they used to be. You can, you can put photovoltaics on to School Buildings<\/a> on the roof tops offshore. Wind, which provides a fairly steady kind of wind. Were seeing big improvements with heat pumps and the potential to heat and cool with, with using kind of a Geothermal Energy<\/a> system. So theres a lot of potentials here and were seeing booming trends in the industry. But theres a long ways to go. And egypt is pushing for loss or damage. Converse compensation at the top of the un. Im, its somebody agenda is hosting the next climate summit. Do you expect any progress there and will countrys ever live up to this 100000000000 on a pledge on, on adaptation and mitigation . Well, certainly the developing countries that have contributed least to the Climate Change<\/a> problem are the ones that are going to most seriously feel the branch of these extreme storms. You know, whether its the floods or the droughts or extreme temperatures. These are the areas that are also least able to cope with these extremes. And so i think there is something to this question of compensation on dealing with the damages that they are facing. Denmark is actually signed up in the 1st country to pay for some of this damage. So its is setting a new marker for the rest of the world. But we havent seen real problems getting countries to, to actually pay up the commitments have been made politically on paper. But in reality, the funds are only flowing in part. And i think this is an area where we need to rethink also how we cooperate with the developing world. We need to bring in insights from not only the north, but also from the south and thinking about what are the right approaches to adaptation. How can we make sure that Food Security<\/a> is still there or for areas that are being hit by drop or salad is ation of soils. We need to think about how we build differently in developing countries to deal with, with monson rains that are going to become more extreme. Im so theres, theres a lot of work to be done, but also a lot of potential. But its true, the question of whos going to pay for this is very big on the agenda. And unfortunately thats going to be a very difficult challenge to, to get through right now, because were all suffering from the Energy Crisis<\/a> and Opec Oil Embargo<\/a> right now. Obviously the, the russian war and the ukraine is doing crazy things to Energy Prices<\/a> around the world. And in this kind of political context, i fear its going to be a challenging uphill battle in the next car in egypt. Talk to miranda shrier, as in munich, thanks. Will be with us. Thank you so much. Now, commercial air travel is making a come back from the pandemic after months during which it was virtually grounded. Thats led to an increase in demand for new planes to steer the industries recovery. Airplane deliveries and commercial services could be worth more than 10 trillion dollars over the next 20 years. But manufacturers are also under pressure to cut their Carbon Emissions<\/a> to save the planet. I just said, i saw some of been javin spoke with michael, also the Vice President<\/a> of american plane make a boeing. He started by asking about the industries outlook. Well, weve asian as you had a really tough 3 years because of it. But he is coming out globally much faster than people expecting, not starting with local flights and National Flights<\/a> and regional flights. But even interNational Flights<\/a> are picking up really very, very fast. And this part of the world is actually come back faster than many other parts of the world in terms of being back to 2019 capacity. So its quite exciting how that industry is picked up. You are a long term asana. We make a 20 year forward projection, and were pretty much sticking to where it was for covey. So were talking about the well, the doubling, but 240041000 new airplanes being bought over that 20 year period of this industry has a huge future. And the whole of your region is part of that future because its a key part of the world for the russian fleet has been quite big in the past. But if you look for that 20 year period, actually only a 1000 plane, just over 1000 planes, were in the forward look for russia itself. But as soon as the war started, we cut out everything we do in russia. We have quite a bit of ration in russia, and there is nothing that now weve even stopped chosen to stop taking titanium from russia. Not everybody has done boating, decided for good reason that we would not do that. One of the Major Concerns<\/a> about sustainability and sustainable fuel is that it isnt the Silver Bullet<\/a> that people would like to see it. There is an issue with transporting it. There are that many people who are producing it, even when it is being produced. The price is quite high, so the 2050 Carbon Neutrality<\/a> target is it achievable . Is it real and how is going going to help . There are 4 big elements to this. First. The best thing you can do is buy a new play with from whichever company having 25. 00 per in calvin reduction on a plane that replaces no pain. The 2nd thing that were working on is Digital Technology<\/a> to help the fly more efficiently and avoid settling my airport. You thought you can save about 10 percent that way. Of the 3rd, and this is the big new area for us, is to get those fleets flying with sustainable asian fuel and then build that beyond 2050. Were looking at new technologies, electric plains, where does hydrogen fit into this . But that wont change the fleet. Thats coming now its the same will ation fuel which will help do that. And particularly for a place like cuts because here you have very long whole passengers and 80 percent of c o 2 output come from the lung whole flight and we do it ourselves. All the time and you can do it 100 percent in a demonstration. But in practice its not, you know, make because the price is several times higher than conventional fuel. So how do we get that change and its partly scale of production. And youre right, it has to be around the world. I mean, not in every country, but in, in most regions. And each region will have its own way of producing the technology. There is a question of getting scale at a price that works for the industry. And were, were, lets talk about boeing Going Forward<\/a>. How is going going to sustain its growth . Is a gun going to come from technology is going to come from the evaluation sector in the commercial pot, or is it going to be the military hardware and solutions that going provides . I think it all 3 of those. I mean, we roughly 6040 the commercial of a for the, for the defense side of our business, but built into that a big and growing service. So on both commercial and defense side, were helping sustain airplane through the life of the customer, running the plains. First, all of big big growth area. I mean my job is to see how we can become even more global as a company. We already coakley . That will, but i see big growth, for example, in the commercial feel in asia, middle east and a big markets over the next 2020 years. And all of that is growth. Were very excited about it as we come out of probably the 3 hardest years in a vacation history in terms of commercial flights because of it. And that is our show for this week. Remember, you can get in touch with us by treating me as hasnt speaker, and do use the hash tag, ha, ctc. When you do or thompson, email counting the costs that al jazeera dot net is our address. Theres more few online thats just a dot com slash ctc. Thatll take you straight to our page, which has individual report links and its high episodes for you to catch up on that is it for the tradition of counting the cost has them seek it from the whole team here. Thanks for joining us. The news on al jazeera is next the a month with comes back from vacation, cultural tradition, hollywood thing on western libya is home to libby as berber people, the m a z scattered across in a few, some mountains. Our old amazon cities like this one, and then you get a magic original inhabitants of libya. Here in this old city, there is evidence that dates back centuries and got that. He came to power. He showed to everybody, our culture became illegal to name our children music names. He removed our culture from history books, but we preserved our culture and secret younger view played an Important Role<\/a> in the revolution that top a long time. Were wal mart that out there about language. Now, after more than a decade, theyre able to open celebrating their heritage and culture. Although libya has been engulfed in violence and Political Division<\/a> since 2011 the m a z say theyre happy with their new found freedom. 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