Forces. Support is oci. I t democrat asada stormed the president ial policy by god. After he announced he would permit e as resigned from politics. A nationwide curfew is now in effect. Mahmoud abdel, why had has more from the rocky cabin a little while ago we were hearing at bullets whistling past us at this spot. Thats why were in protection. Give all the team here. So as you know that this hurts, other supporters has told me the position la palace to day following his tweet resigning from all the political process. But caretaker, Prime Minister must have was causing me give commands to all Security Forces to be on high alert. Pakistan says it could take 5 years to rebuild after devastating floods. The unprecedented reign to have killed more than 1100 people since june. The planning minister says if cause at least 10000000000. 00 in damage, ukraine says its launch counter offensive against Russian Forces in the south, including an effort to retake his san russian mythos, reportedly hit a market, a nova cap kafka. The area is north of crimea and has access to both the black sea and the fee of ass off. Meanwhile, a team from the u. A nuclear watchdog, is on its way to inspects ukraines Operation Nuclear power plant. It comes as fighting continues near the facility, raising fears of a radiation leak in ethiopia, rebels from to dry in the north sea. Theyve taken control of the ton of war in the neighboring. Im higher a region very poorly advancing on the manufacturing have of dessie about 200 kilometers away. Brazil has held its 1st president ial debate in the run up to elections in october. The front run as the incumbent tradeable scenario, and formerly to lucy, nashville, that is, silva was surging in the opinion popes and the lawn show of not as much anticipated. Artemus rocket has been postponed because of technical problems. Engineers at the Kennedy Space center in florida, having encountered an issue with one of the engines, and those are the headlines. Ill be back with more news on al jazeera after counting the cost. News. News, news. News, [000 00 00;00] news. Hello, im still robin, and this is counting the cost on al jazeera. Youll, we look at the world of business and economics this week. Resurrecting coal in europe, several european nations, reactivate coal fired plants. After a ban on russian buffalo feels good that fill the energy gap and will climate goals up in smoke. Also this week joe biden calls that the final piece of his domestic agenda, the inflation reduction i is the latest legislative when pull the u. S. President. Tackling Climate Health care and tax, but is it enough . Ah, after years of exponential growth, tech jain suffered painful losses this year. So why are investors ditching Technology Stocks and is the party over for the sector . Ah, the European Union is trying to save gas for winter. Russian energy flows become increasingly uncertain, but the block has to bend Something Else to fill the gap. And its looking to cold, the most polluting fossil fuel, despite the plan to cut Carbon Emissions in the coming years. The International Energy agency says that use coal consumption is that wise by 7 percent this year, however, it could face a shortage in supply. A ban on russian coal came into forth earlier this month. The European Union band, russian call imports in response to the invasion of ukraine as part of sanctions in april. It says the measure is expected to cost small scale more than 8000000000. 00 in last revenue a year. The block imports almost half of its cold from russia, with germany, poland, and the netherlands, the biggest buyers, almost 70 percent of the use thermal coal, which is used in power and heat generation comes from russia. Now some Member States of extended the life of coal plan, sol reopened, others to safeguard power supplies. Others of ramped up supplies from several other countries, including colombia, australia, and the us. Poland particularly relies on coal ramp and gas for power and heating. The country is now facing widespread cold shortages after russian imports of fuel were banned. Andrew simmons reports now from cut pizza. Poland prides itself on its potential for being totally independent of russia for its energy needs, but there is a problem. Its a shortage of coal, not gas, like the rest of europe. Rough roads, coal center is normally stocked up for winter by now, but he cant find any cold to buy. And if he could, hed pay almost 4 times what he used to use them and you go to the cam. Im not a minor origin. Ologist put the coal is right here beneath our feet. And ive been trying to buy it for 3 months with 0 result. Hes right, this region is rich with coal, that polish production is limited, and the government has banned imported coal from russia, even though its cheaper and more suitable for domestic use. We didnt invest in Nuclear Power yet. Oh, we cannot rely on natural gas. So all we have is gold. When it comes to the heating sector, the situation is even worse because we were heavily dependent on russian. Ready co, poland burns, a lot of coal, 87 percent of the total for households across the European Union. Coal mines surrounded by cues of trucks cant meet the demand. And if people knew the level of profiteering going on, they be even more alarmed. Theres a reason that truck drove us from all over poland or spending days on end and cues like these. Its because the loads may be small, but the profits are big. Drivers are known to make at least a 100 percent profit from a coal yard dealer who will then raise the price by at least another 100 percent. This driver admits the 2nd old will suffer of either be tagged. What the government should do is get pension as a special allowance on coal delivered to their door. Its sick, i dont want to profit from human misery, but thats how it is. The government says an annual coal allowance of around 630. 00 a year will help. And ministers say companies are importing coal ahead of the coming winter. Polish companies are now importing call from other countries from colombia, indonesia, south africa, and replacing with that the, the quantities of call that were coming from russia. Its a bit of a different logistics, so it creates challenges. But right across poland, people like this homeowner feel the government isnt doing enough. Joining me now from berlin is professor cost and no half cost in these the Climate Policy department. But the German Institute for Economic Research and as the professor at the institute for economics and law at the Technical University of berlin, its good to have with us on counting the cost. I mean, the cold on has now gone into effect. I mean, how much of a coal shortage crisis is looming for europe, generally speaking . Well, cole is largely shipped across the globe. So the ban and russian cold stuff primarily means that we are getting cold from other regions of the world. The privacy has exploded on the whole markets. So i think thats effective everyone that uses coal. We have only one big issue right now due to the draw a lot of a shippy inland in europe. Its the constraint that is the biggest concern right now. So what do you make of that sort of situation in, in europe that coal is re emerging now as a primary Energy Source and it comes as you say, the cost. We see, i think the transition strategy over the next 23 years to have a bit more whole throughout this period than was planned at the same time, the emission targets fully a 2030 our firm. And they will be reached by accelerating the renewable deployment. Rather than by local beyond this very short period crisis right now. I mean, many is still debating sort of the potential effect they want issues and the net effect really on Climate Change when the i e. A says the ease demand is to rise by 7 percent. Does a considerable amount. Even if its in the short term, were on the coal certainly, and we know that to produce one megawatt of electricity from coal. Takes 2 for some called 3 times more to 2 emissions than if you do that with gas. That at the same time, we do see big assets to safe gas across europe as much as internationally, and this will at the same time, also safer on emissions. So the net effect for European Missions i would have to pay is going to be the reduction of emissions altogether due to the large savings triggered by programs and the very high prices for fossil fuels. I mean the debate continues amongst critics. They often talk about the fact that europe was previously shutting down coal fired plants. They were still getting polluting fuel from russia in the form of coal. I mean, where does europe, for example, get its coal now in this dilemma that europe is facing because its damned if it does and its damned if it doesnt. Well, i think fossil fuels. Heather horrific footprint, and i think this indeed is something that you see in the policy arena, where policy makers up really striving how to respond to the situation. You had called export and countries both in the city like us or australia, but also beyond this. And in a way, any fossil fuel you buy has a footprint before ever reaches europe and then when you burn it in europe. So this is, i think the reason that a lot of policy makers attempt to accelerate this phase of fossil fuels and at the same time want to balance this on to Actual Energy is available. And to some extent, if you can still talk about the fordable in this transition period, of course, that the band on coal aims to sort of punish russia for its invasion of ukraine. How painful is, is still going to be for moscow in the short term. And the long term in your assessment, so far as i can still export on the coal to some other parts of the world. And on the global cold prices, typically in the range of them, 50 euro have increase to Something Like 350. 00 or so even if them rationally to sell at a discount. I think at the moment it certainly is probably not very painful for russia. I mean, when we talk about renewables as well, i mean, how complacent has europe be not to have a backup plan in the years leading up to this particular event and the invasion of ukraine and all thats come with it when it comes to both gas and coal supplies because at the end of the day they havent implemented those green policies as quickly as many would have liked. What do you think the urgency is now . Is there an urgency to get that impression from the noise is being made from various capitals across the continent. I think it is seen by everyone the urgency to really make Additional Energy available to replace gas particular trauma now and obviously call them by 2030 as well. And this i think, is reflected in this additional increase of the renewal target from 32 to 40 percent of all energy to be provided by renewables. By 2030 for europe. This obviously, that needs to be backed up by a set of policies to finance investment renewables. Facilitate the integration the grids, and to do all the things around our Energy Systems to allow for such a shift. And i think if you look across european ministry, some in brussels, everyone has been working throughout the summer to kind of help to make this regulatory frame a fit for purpose. Could get your insight and your thoughts as well. Professor cast no have joining us from berlin. Thanks very much for your time. Thank you very much. For the higher prices for a suit, housing of energy of left incomes overstretched polling suggest millions of americans angry about the rising cost of living. President joe biden has said, taming inflation is, is top priority, and he signed into a sweeping 750000000000. 00 tax healthcare and energy bill, which aims to lower prices and tackled Global Warming is a major victory for the president and the Democratic Party ahead of mid term elections in november. This bill is the biggest step forward. Im climate ever ever as going oh wow. Wow. As to moly, take additional steps toward me. All my climate goals and once we set out, we really were going to cut the deficit. Point out by another 300000000000. 00 with Inflation Reduction Act over the next decade, were cutting deficit to fight inflation. By having the wealthy and big corporations finally began to pay part of their fair share, a larger 2. 00 trillion dollar spending package known as the build by better act stalled in Congress Last year. The new legislation, though less than buying originally wanted aims to achieve many of the same goals. One of its Top Priorities is making health care more affordable. The bill will get medicare the power to negotiate the prices of certain prescription drugs, expiring Health Care Subsidies will be extended for 3 years. And its the largest Climate Investment in american history. Almost 400000000000. 00 in new spending will go towards clean energy and climate projects to help cut Carbon Emissions by 40 percent by 2030 much of the money to fund the initiatives will come from tax reforms including a new 15 percent minimum tax on large corporations, the Inflation Reduction Act is the latest in a series of legislation delivered by congress that could help form the core of President Bidens economic record. His winds include an almost 2000000000. 00 rescue plan to help get workers and businesses through the pandemic which was approved last year. Plus a one trillion dollar infrastructure bill and around 280000000000. 00 in spending to encourage Domestic Semiconductor Manufacturing and Scientific Research to count a china. Im joined by some child in geneva. Hes the chief economist at lombard and he a bank good. Have you with us on the program . I mean, weve been discussing the impact to burning more coal in europe on those climate goals. How much would sort of the new us climate bill law help to save the planet if at all . Well, the short answer is that it is not necessarily a short term Game Changing because of this is leisha. Now its not the less a pretty well designed address is significant challenges when we think about analogy and climate and health care. But it is a 10 year plan. Its relatively small numbers when you think about the scale of the us going to me. When you think about the immense challenges that we face when we think about climate and it is on a 10 year horizon. So, you know, perhaps on the margin it is going to have, it is necessary, but in the short term, the impact is going to be productive. These more, of course, we have to consider inflation. I mean, this act is called the Inflation Reduction Act. But how much does it really tackle inflation in the Federal Reserve really and its decisions on Interest Rates really determine where inflation sets absolutely. When the transmission mechanism to limit inflation is mostly due reduction into deficit. But also trying to reduce headscarf costs. So it might have a minor impact, but again, it is a 10 year plan. The fed is facing inflationary pressures and has to try to dump them in the next 3 to 6 months. This is not the kind of time horizon in which we expect a lot from the r a, d i r a, so relatively limited impact on the short on the short term. But in the long run, you know, limiting deficits also means that fiscal policy is moving in the same direction. That money re policy. And that is a good thing. I mean, what do you make of critics blaming by the name of the pandemic stimulus plan . And how that infected inflation is, or is, or was that policy part of the problem . And, i mean, it didnt generate a very significant demand, boom, thats now results in inflation. But it was a policy choice. We also have to keep in mind that, you know, perhaps doing fish that we have today is the price that we have to accept to pay for getting out of depend demik extremely quickly with relatively limited damage to the job markets in the long run. Of course, i mean, if you will see damage to the economy, as you say that the cost of living for every individual, including many americans, is the big issue. What can the president do to reduce the pain here . What it needs to keep moving in the same direction as the Federal Reserve, right . The policy has to be committed into limiting, short term inpatient repressor. Its pretty clear that the u. S. Federal reserve is going to shift to a restrictive stance and probably stay there were no more relatively soon on on the wrong. So basically the Us Government has to act in the same way and basically not put forward policies that might actually increase spending and bethel inflation. That if the president and the Federal Reserve are working, you might say independently, they all have to Work Together to tame inflation. And that comes with its own risks, isnt it . Because there are many factors that are influencing global inflation right now. So what direction do you think or do you see the american scenario following . Well yeah, 2 sides. Know, 1st of what we have to accept show or demand. There is going to be a gross cost into fighting in faith. And it does mean that we will have to see some damage to the labor market, but again, there are 2 scenarios. It can be very significant, an uncontrolled damage, or it can be relatively mild and well, well organized damage. Th