Future for the so book lot. But well be all watching with exciting to watch cripple looking forward to ah, a question of the headlines here on al jazeera in the nation president , yoko window says the world is facing extraordinary challenges. He opened the g 20 summit and bali, the one ukraine, soaring global inflation and us tensions with china expected to dominate the 2 day meeting. Our diplomatic editor james baynes is in barley with more of those talks. One of those who has been speaking is not someone whos actually here, and thats president Vladimir Zelinski of ukraine. He was invited, hes participating by video link, were told from those in the whole its been an impassioned and detailed speech. He said it was now time to end russias destructive war and he called for the restoration of peace and respect for the you and child charter in the principle of territorial integrity in ukraine and president s zalinski has visited the recaptured city of her son says its liberation marks the beginning of the end of the war. He said, ukraine is ready for peace with russia. Moscow withdrew its forces from the city on friday. Israel says the United States decision to launch investigation into the killing of al jazeera journalist sharina utley is a grave mistake, adding they would not cooperate. She was shot dead by Israeli Forces in may or carving a raid on jeanine in the off by the west bank. The Republican Party in the u. S. Is on the cost of re taking control of the house of representatives. Theyve secured 217 seats. Are now only one away from flipping the chamber. Vote counting in some parts of the country is still on the way. Meanwhile, the democratic candidate for governor in arizona katy hobbs, has defeated her trump and dos. Rival carry, make a closely fort race between hobbs and lake was one of the most significant in the mid term Election Police in the United States say they have arrested a suspect now university shooting in which 3 members of a Football Team were killed. The gunman attacked a bus returning to the university of virginia from a field trip late on sunday night. The online retailer, amazon is planning to lay off around 10000. 00 employees. Thats according to the new york times. The cuts at amazon are said to be concentrated among the corporate workforce and in its devices organization. So those were the headlines. These continues here now to sierra after counting the cost states, youve been selected enough over flowing with passion, but desperately under resourced trach. National Football Team has never qualified for the africa cup of nations. All the world cup Al Jazeera World asks, what will it take for the squad to find success . Poor wilbur t. V for ever sideline judge football dri. On al jazeera i lay my money inside. This is counting the coastal now desert, your weekly look at the world of business and economics. This week, almost half of all European Investments in china come from germany. The chancellor is on the pressure to cut back on business with beijing. But is this country too dependent on the Chinese Market . Also this week leaches should pay compensation for the damage caused by Climate Change. That is the message from developing nations. At the comp 27. 00 climate summits, bots will rich nations for the bell. While the world moves away from fossil fuels to save the planet, the tiny nation of gayana is balancing an oil boom and its threat to the environment. Ah, the ukraine war, expose the risk of germanys decades long reliance on russian gas. Its been scrambling ever since to reduce that dependency. Now it appears the german chancellor has another problem, members of his government, the opposition and western allies. A worried about the countrys economic dependence on china. All our shots recently went on a controversial visit to beijing, often even more controversial sale of its hamburg Port Terminal to a chinese company. Steadfast and reports from hum beg after rotterdam and antwerp Chinese State company, costco has bought a steak in europe. 3rd largest port hamburg the Chinese Investment in one of the 4 Container Terminals were scaled down from 35 to 24. 9 percent off. The chancellor, all of sholtes came under fire over the deal, but many in germany are still unhappy. I know its very about reform, the one hand they want to become independent from russia and on the other. Theyre given away something so important. I think that this has been a favorite project of chancellor all of shorts, who used to be met and pushes his own interest in not only shoals, his correlation partners who have warned against the deal this concern outside germany to people in brussels, but also in paris. And a lot of other european members, state capitals like there is, there is a lot of frustration and outrage of like, wait, whats germany doing like, why are they Going Forward this . I thought we were supposed to be decreasing our dependencies when were talking about critical infrastructure. And were talking about the nature of chinas political and Economic System and the nature of a company like costco. I think we should be a bit more cautious, especially now in a post russian invasion of ukraine world. The fact that china doesnt allow similar investments in its own ports, has also been an argument against the deal for some nervousness about the chinese think. Here in germany largest container, ford showed you how to come to the matter of fear that mistakes made will be made again, but so far vicious. So vale, hamburg, see it, it would lose competitiveness against other european ports without cost goes, investment the port was already struggling to attract enough business. Sometimes discussions are a bit exaggerated because there is a concern and, and its an understandable concern. What has happened in the ukraine . We take the concerns serious. They are minor from our perspective a instead of what we can win as a society and of course, as an economy like the german ones, but the whole europe as well. But other european nations have accused germany of putting their own interests for us when it comes to china. Steadfast and al jazeera hamper. Lets take a closer look at the numbers. China is germanys biggest trading partner and the value of imported an exported goods, where its more than 242000000000 dollars last year. That is, up by 15 percent from 2020 or than 12 percent of germanys total imports came from china in 2021. The Chemical Company b s f is expected to invest almost 10000000000. 00 in its new plant in south china. By the end of this decade and china made up 40 percent of volkswagens. Well, why deliveries in the 1st 3 quarters of this year. And so was the top market for other or to make as like, daimler and mercedes. Now to discuss all of that time joined from london by klaus vist, the son, his, the chief euro zone economist at pantheon micro economics. Thank you for joining the program, sir. How important is china to germanys economy . Well, i mean is an important part is important, part of germany is economy and its important part of the eurozone economy. And i think the most important thing to mention here is that its in china has become more important over time. Europe has become more integrated with china with especially manufacturing goods, but also in overall capital flow. So china plays a big role. Minutes, not the biggest role chairman, germany trades more with its neighbors in europe, the u. S. U k. If you look at it, sort of in total trade, i think, but still china is a big part and, and therefore im sort of this duplex attentions which is also now along that a west china axis is sort of is a challenge for your and john. But is church is germany dependent on china as because while china tops the rankings of germany trading partners, we also have the United States, france, paul, and other european countries, all representing between 5 and 8 percent of germanys total trade. So it does appear, they are quite diversified when it comes to trade, while they are, im and i, and it would be now be wrong to say that germany is dependent on china in any way. Because of all the stuff that germany trade with china, especially on the input side, that is possible, they will be able to get that from somewhere else at least over time. But that doesnt mean of course that you know, a rupture not relationship wouldnt be economically damage. You know, hes not dependent on china, investor. So how damaging would it be . Well, i think that theres an economic aspect here. I think that as far as the ask that question depends on how quickly, right the, the severance of the economic relationship with russia, for example, in the context, the war happened overnight or its happening very quickly. It seems like in this case with china, its something thats going to be a little bit more slow moving in terms of sort of what the economic relationship between europe in the west and china, its going to look over time. So, so far its not something thats really i think thats an acute. So economic hit if you will. But again, depends on how quickly it happened. Why is the chancellor sholpes going against the rest of his Coalition Partners to continue this love affair with china . Given the obvious risks weve been talking about why i think, i dont know whether germany has a specific love affair with china, germany, to trading nation, to trade with, with, with other countries. Right. I think thats whats happened over the last couple years is that its the us thats moved, right. I mean, the us itself has, as a strong relationship, economic relationship with china over time. And suddenly now its selling the idea that you know where in, in, in an existential conflict with china, of course, it might, that might not be in your interests at this point in time. Of course, europe is part of that western axis, if you will. So europe will have to go along with that in a way. So i think, you know, you have to start a little bit in the middle here in terms of trying to maybe avoid tensions that increase too much. But so in a way, i would call it a love affair. Its just, you know, an attempt to sort of preserve the status quo or not backtrack too much. The, your question is interesting, isnt it . Because i guess you could wonder how this gemini is economic ties with china effect the rest of europe. I mean, why so much concern from europe about so says recent business trip to china . Well, the concern is obviously that if you do, if you make, if economic integration with china increases at this time where the political relationship has changed. And of course there could be a few Political Risk element to this, right . For example, this been a lot of talk about allowing china to invest in german, harper and hamburg, and that could be so maybe 34 years ago. Thats not a problem. But now with the politics change, certainly, you know, that could be a challenge. Weve seen other. Ringback you know, examples of this, especially with the classic example with a little further back, was there always 5 g Infrastructure Investments in europe, where suddenly a lot of countries decided that while i wasnt allowed to do that, even though a couple of years before, you know that wasnt controversial, so i think its, its, its elements like that where suddenly economic projects and relationships that were on controversial suddenly being seen in a different light. And therefore, you know, it becomes controversial when we, when we talk about the German Companies that are exposed to china, all invest in china, do they tend to be certain ones in particular like the Car Manufacturers or is it a range of company . A range of companies, i would say that a big part of german manufacturing has some kind of relationship with china. This one, either they sell into the factory, china, or the import important and manufacturing inputs from china. Right. And as i said before, is part is depending on, on sort of where you are and that value chain and how big your relationship with china, you know, you might be able to, to, to, will increase yourself from that and go somewhere else. So that was difficult to know. So before we see how quickly this moves, we can forget the china itself has had its own economic problems. Its had its very restrictive coded strategies. I thought for some German Companies to adapt to diversify away from china as possible. I think that a lot of western companies have been quite surprised with that with the turn in chinese politics. And so the an economics and sort of post cove, it seems like she is galvanizing his power in china becoming a little bit more centralized. And of course the serial cobit, i mean theres no end to recover it because youre always going to have a case somewhere. And obviously has probably forced some companies, or at least some Companies Must be thinking about revisiting their economic relationship of china, or at least as far as further investments are concerned. You also have a real estate bubble that is now bursting in china. And so that also plays into yeah, i think they have, but of course john is still a big market, but still its just, its, youre changing market in that sense, for sure. Given the uncertainties facing europe and germany, specifically with energy and Energy Prices and recession and so on, can germany, ford, keep to keep its distance from china . I mean, i would say over time, you can afford anything, you can just drive but, but in general, this idea that the west is now in a fit in an educational concept. Were trying to china now an adversary both economically and even militarily. Perhaps thats just not from, from your perspective at this point in time, just, just not a very good story. Europe is not very well. So with that, and i said its obviously knowing full well the european ally was usa. Thats the road were going down. You know, europe only has one side here and there is no sense in the end. But i think what were seeing in germany in is, is a reflection of the start at this point. Thats just not a, a, in, in your interest, youre still has an interest in having some kind of relationship with china, even as china has changed something different. I think thats what, thats, that, thats what were seeing. Really interesting to talk to your class. Vista sen, chief, your zone economist pompeiian, micro economics. Thank you for your time. Thank you. Ah. From devastating floods in pakistan to drown withered crops in east africa cult 27. Summit follows a year of extreme weather patterns. These disasters the estimated to cost the developing world more than half a trillion dollars in damages annually by 2030. And poor countries have been urging big polluters to pay compensation for the losses and damages that were worried. He suffered as a result of the extreme weather. Not until now climate financing, his only focused on lowering Carbon Dioxide emissions and helping communities adapt. But this year for the 1st time loss and damage compensation is top of the cop 27. 00 agenda. And the report says, developing nations need one trillion dollars a year in climate finance. But rich countries have so far failed to even deliver on an earlier pledge to raise a 100000000000. 00 a year by 2020 to support developing nations in reducing emissions and adapting to Climate Change. And now of course, with the ongoing one crane and the cost of living and energy crisis, guessing governments from developed nations to agree to these measures is going to be difficult. Joining us from london is kathrina helen Brown Vaughns in a and shes the heads of Corporate Research and had a clean tacket carbon tracker. Thank you for joining us. Kathrina whos to blame for some of the Climate Change linked extreme weather events weve seen this year in parts of the developing world. And its, its very hard to say there is a him, and we know that theyre happening. We know what the cause of Climate Change are. They are clearly human. Its now the question of how do we come to a climate outcome and particularly now that the process is on a thought that allows us a half way but mitigates the was damage. I achieving a 1. 00 degree scenario back in 2009 rich countries pledged this 100000000. 00 a year in climate financing to help poor countries adapt to Climate Change. That was a voluntary system for adaptation and mitigation, rather than the reparation and damages that are going to be discussed this time route. Given that target was not met. How optimistic are you that this whole idea of loss and damage will be successful . I think its a very difficult discussion, particularly in the current context, what you offer assessment recessionary, economic environments, in many regions. It will be complicated. However cleverly, we need to think about financing mechanisms. We need to think about Knowledge Transfer mechanism, Technology Support mechanisms, access to finance for developing nations. The whole idea of reparation. Reparations is. Hes usually contentious, isnt it . I mean, on developing countries concerned that providing funding could be construed as an admission of legal liability. And then end up triggering claims on a, on a major scale. But really, there are a lot of complexities around that. Youve just mentioned some of them. I think it is an area where we think more about knowledge sharing is we think about various areas of financial support. One of the global north clearly has an ability to do that, or that can be various shapes of forms where you do not see that sort of legal risk and aware financial and technology and other support can happen. Okay, so lets talk about the fund itself. I mean, how, how do you go about setting up a fund like that . I mean, lots of details to get members to agree on where the money is coming from, how to raise the money, how, how which co