Selected will be working hard to make sure the fans come here will have a positive and memorable experience fully. Nguyen al jazeera. Ah, hello there. This is al jazeera and these are the headlines. Nato and poland have dismissed ukraines accusations and russia carried out a missile strike on a polish village. They say the rocket that killed 2 people was likely fired by ukraines air defense miss al system. The strike overshadowed a Un Security Council meeting on the humanitarian situation in ukraine. Kristen through amy has more now from the un western countries and nato online countries in particular use the opportunity to call out russia and blame russia for specifically the death of the 2 people in paul. And they said that regardless of who fired the missile, it wouldnt have been fired if russia had not invaded ukraine in the 1st place. The military and democratic republic of congo continues to lose ground to the n 23 onto group. The fighters are widely understood to be backed by ro, wanda, a charge that could golly denies. Peace talks are scheduled for monday. With ortiz and Dominican Republic are sending thousands of haitian refugees back to their country. The un has warned they face violence and human rights violations, back home, gang warfare and political turmoil her field, and exodus and recent months. At least 5 people have been killed in a run by unknown gunman at a bazaar in the southwestern city of easy 6 others were also wounded in the attack. State buildings have also been set on fire. It comes amid ongoing and widespread protests and the closest on province where that shooting took place. The u. S. Says iran is likely behind an attack on a liberian flagged oil tanker. It was struck by an armed drone off the coast of oman. No group has yet admitted responsibility. The Us Justice Department will proceed with the criminal probes against donald trump. Despite his bid to run for president again in 2024, he is being investigated for his efforts to overturn the 2020 Election Results and keeping classified government documents at his estate. Well, those are the headlines. Ill be back with more news after counting the cost to stay with us. Spiraling costs dwindling supplies. The shock is being felt around the world with the war in ukraine, triggering gas supply uncertainty. Europeans are bracing themselves for an unprecedented winter. Out. You see a report on the human costs of the Winter Energy crisis. I had a lot of money in sight. This is counting the coastal now de zera, 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 come 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 and the comp 27 Climate Summit 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 are worried about the countries economic dependence on china or la sholtes 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 StateCompany Cosco has bought a stake in europe. The 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 on the fire over the deal, but many in germany are still unhappy. I know id say 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 tensile all of shorts, who used to be met and pushes his own interest in not only shows 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 member 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 germany, logical trainer for showed how to come to the matter of fear that mistakes made will be made again. But so far the business in fact veiled, 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 all perspectives 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 1st, when it comes to china. Step fos and al jazeera hamburg. Lets take a closer look at the numbers. China is germanys biggest trading partner and the value of imported an export at goods reach 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 and south china. By the end of this decade and china made up 40 percent of box wagons. Well, why deliveries in the 1st 3 quarters of this year. And so was that top market for other automakers like daimler and mercedes. Now to discuss all that time joined from london by close vis the sun. Hes the chief eurozone 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 european economy. And i think the most important thing to mention here is that its a child 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. And the u. K. If you look at it, sort of in total trade, i think, but still china is a big part and, and therefore sort of this Political Tension which is also now along that a west china axis is sort of is a challenge for your job. But its just, its germany dependent on china asked that because while china tops the rankings of germanys 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 actually quite diversified when it comes to trade while they are, i mean, i any 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, it 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 would be an economically damage, but no journey is not dependent on china in that sense. So how damaging would it be . Well, i think is that theres, lets go an economic aspect here. I think that it, as far as its the ask that question depends on how quickly right, or the severance of the economic relationship with russia. For example, the concert war happened overnight or is happening very quickly. It seems like in this case of china, think 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 is going to look over time. So, so far its not something thats really i think thats sort of an im 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, were in, in, in an ex, especially 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, youre stuck with a little bit in the middle here in terms of trying to think. She may be avoid tension but, but 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 push out the status quo or not backtrack too much. The, your question is interesting, isnt it . Because i guess you could, wanda, how does germanys economic ties with china affect the rest of europe . I mean, why so much concern from europe . About sholtes is recent business trip to china. While the concern is obviously that if you do, if you make it kind of like 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, theres been a lot of talk about allowing china to invest in german hop on hamburg, and that could be so maybe 34 years ago. Thats not a problem. But now with this, with the politics change, suddenly you know, that could be a, a challenge. Weve seen other. Ringback examples of this, especially if you know, the classic example a little further back was there was always 5 g Infrastructure Investments in europe. Where some of the, a lot of countries decided that while they werent allowed to do that, even though probably the 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 know, 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 in 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 and china becoming a little bit more centralized. And of course a 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 a, its a picture changing market in that sense. 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 strike but, but in general, this idea that the west is now in a fit in an actual conflict with trying to china. Now an adversary both economically and even military. 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, this usa, thats the road were going down. You know, europe only has one side here and theres no sense in the end. But i think what were seeing in germany is, is a reflection of this part. But 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 vistas and chief your zone economist pompeiian micro economics. Thank you for your time. Ah, from devastating floods in pakistan to drown with crops in east africa cult 27. 00, 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. Now until now, climate financing has 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 he 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 anais, 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 we know that, that 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. I thought that allows us a half way, but mitigate the was damage i achieving the 1. 00 degrees scenario back in 2009 rich countries pledge this 100000000000. 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 recreation in damages that are going to be discuss this time route. Given that target was not met. How optimistic are you that this whole idea, lawson damage will be successful . I think its a very difficult discussion, particularly in the current context, what you offer, assessment and recessionary, economic environments, and many regions. It will be complicated. However, what we need to think about financing mechanisms. We need to think about Knowledge Transfer mechanism, Technology Support mechanisms and access to finance for developing nations. The whole idea of reparation. Reparations is 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, what you needed a lot of complexities around, but you just mentioned some of them. I think it is an area where we think more about knowledge sharing. We think about various areas of Financial Support where they, the global norm clearly has an ability to do that. Well, that can be fabulous shapes of what you do not see that sort of legal risk and well, 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 countries or does ask does qualify for the compensation. I mean how, how do you put Something Like that together . Well, it obviously requires a lot of coordination it internationally. It also requires finance for it require at the end of the d