26/11/2015 World Business Report


26/11/2015

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Footing the bill for climate change: The head

:00:00.:00:25.

Spain's economy on track for its best year since 2008, so is the

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Also in the programme, we will hear how India is betting on wind power.

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We start with the debate over climate change, as officials

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and heads of government gather in Paris from Sunday to try and strike

:00:50.:00:52.

Can they succeed where the last such conference

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Let's take a look at the key numbers.

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195 countries will attend the talks from the industrialised nations, who

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have, some say, done most of the damage, to the poor countries who

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have the most to lose from rising sea levels and extreme weather.

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The plan is to cap global temperatures to just two degrees

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Celsius above what they were in pre-industrial times

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Rich nations have promised $100 billion a year by 2020 to help

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developing countries cut fossil fuel use and protect their people

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Just a fraction of that has been seen so far.

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On Wednesday, the charity Oxfam warned that poor countries face

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economic losses of $1.7 trillion per year by 2050 unless a deal is done.

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This week the World Bank announced a $16 billion climate investment plan

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for Africa, as the bank's head Jim Kim explained to Michelle Fleury.

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The thing that we wanted to be sure about was that Africa is not

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forgotten in these conversations. African leaders very often say, we

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have the smallest role of any continent in putting carbon in the

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air but we are already feeling the impact of climate change much more

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than anywhere else. When you are round the table in Paris, what do

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you think will be the stickiest issue? There are many questions

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about whether we do have a credible path to the $100 billion and this

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will be the -- will be one of my roles, to continue to illustrate why

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we are convinced that there is a credible path. You refer to the

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money promised by developing countries to help poor countries

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affected by global warning? That's right. The high impact countries

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promised that by 2020 there will be $100 billion a year following from

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the north to the south to combat climate change. We believe there is

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a path to get there. China has more momentum than ever before to solve

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this problem and yet a recent newspaper article in the US has said

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they had been lying about how much coal they were eating. What is their

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capacity in your opinion, versus their will to do something? --

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emitting. The announcement of the nationwide trading programme that

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will get started by 2017 is one of the most important made in the

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entire history of our effort to fight on it change. The minute that

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trading scheme is implemented in Beijing, Beijing will become the

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largest carbon market in the world. In terms of the specific data, this

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is not something that I have any detailed information about, but I

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have seen a change and I've seen the level of the ambition that his

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pretty much the highest in the world and putting together very difficult

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programmes. That is the head of the World Bank

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talking about China. After China and of course the US,

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India is the third largest emitter Ahead of the summit,

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India has promised to generate 40% of its electricity from renewables

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in the next 15 years and much Suranjana Tewari starts her

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report in Pune, about 150 It is exam season for the students

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at Pune's modern college. Although writing papers can be stressful,

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students here are thankful for one thing, an uninterrupted supply of

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electricity, keeping them cool and giving them plenty of light. These

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turbines provide enough electricity to power lights, fans and computers

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at this college. But they don't always work. The amount of power

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were actually produced varies on the time of day and the time of year.

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Because the system isn't 100% reliable, it needs to rely on a

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backup generator instead. India produces three times more power from

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wind than it does from other so-called renewables, like solar and

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hydropower. And windfarms like this one are popping up all over the

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country. But the industry has some specific problems in India. The

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included getting access to land needed for wind projects and then

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there's crime, with gangs routinely stealing valuable copper cables or

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redirect electricity before it can enter the power grid. And even if

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the physical infrastructure is in place, not everyone is convinced it

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will be enough. The biggest constraint in the future would he

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along viability of these projects. Are these projects making sufficient

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return, so that it is viable and private equity investors find it

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appealing? The government has made switch over to wind power more

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attractive to investors by providing subsidies and incentives. But some

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experts say that while wind power is undoubtedly progress, expanding

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output more means everything. The policies are not relevant any

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longer, because windmills have already earned their positions. Any

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new ones will operate at new efficiencies and will at least have

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the same output. At the moment wind power provides 8% of the electors

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see the band in India. The plan is to double that. But India still has

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to build a stable power network that can supply continuous electricity to

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the entire country. Without that, the role of wind energy will be

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limited. In a couple of hours' time,

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official figures should confirm the economy grew at

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an annual rate of 3.4% in the three It's on track

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for its best year since the financial crisis in 2008 and the

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strongest growth rate in Europe. Good news for Prime Minister Mariano

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Rajoy, who's hoping to get re-elected in just under a month,

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but is that the whole story? Dr Pablo Calderon Martinez is

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a Lecturer at Aston University. Give us your take on this shift in

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Spain. It all sounds great, in terms of the numbers, but is it as good as

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it sounds? The economy is recovering and the economic situation in Spain

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was dire. But we have to see whether this will be sustainable and

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maintained for a long period of time. I don't think there has been a

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drastic change in the economic policy or planning, so we've seen

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many of the same mistakes being repeated again. What are those

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mistakes? They are still basing the economic growth on the same things,

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internal consumption, exporting to emerge in markets, which is a mixed

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bag. -- emerging. But there is a drop in development and there's the

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problem of employment. Unemployment is still there. The unemployment

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problem for young people in Spain is chronic and that hasn't really

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changed? That hasn't changed. The item -- an implement figures are

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dropping, but still it is high. About 20%. -- unemployment. In some

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cities it is higher than 50%. That's a real problem for Spain. How they

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will solve that. For Mariano Rajoy in particular, when elections come,

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that will be a real problem. The economy was always going to grow,

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the closet couldn't get any worse, but how does that translate into

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creating jobs, permanent jobs, and how it was all the situation of the

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young in Spain. Your thoughts about the election, it is towards the end

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of December, just before Christmas, the only other couple of weeks the

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campaign. It was talked a lot about anti-austerity gaining traction when

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Sir -- Siriza gained popularity. What are the feelings now? For the

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left-wing party, it isn't going away. I think it is gathering

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strength. It is still there and I don't think it will win the election

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outright, don't think it has the support to win the election

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outright. It will be interesting to see what happens. Obviously the

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economy will be a key issue and my guess is that Mariano Rajoy will

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play on that economic growth and economic figures. At the same time

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there are many other issues that worries people, like corruption,

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unemployment and dissatisfaction with the political system in Spain.

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Thank you so much for coming in. When we get the numbers, in terms of

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Spanish growth, we will update you. In other news, a massive corruption

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investigation in Brazil widened on Wednesday with the arrest of Andre

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Estevez, the billionaire boss of the country's top investment bank

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and senator Delcidio do Amaral, The probe that started with state

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oil giant Petrobras has now reached the highest levels of banking

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and politics and seriously dented Mud from a dam at a Brazilian iron

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ore mine that burst earlier this month, engulfing a village and

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killing at least 12 people, is toxic, according to a report by

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the UN, which contradicts

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claims by the mine operator. The accident

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which has also killed thousands of fish and cut off drinking water

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for 250,000 people has been described as the country's

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worst environmental disaster. News of the UN report sent shares of

:10:53.:10:54.

miner BHP Billiton, which co-owns US markets are closed this Thursday

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for the Thanksgiving holiday. As one turkey received

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the traditional pardon from the President, a farm lobby

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group reports the average cost of Thanksgiving dinner in the US

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this year will rise to a record, Turkey prices have jumped

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after a bird flu outbreak destroyed more than 7.7 million turkeys

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earlier this year. That was the one that got away.

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These are the markets in Asia. Gains across the board. No action in the

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US for obvious reasons. Wall Street is closed for the Thanksgiving

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break. On Friday, Wall Street has just opened until 1pm. Some people

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will go to work! That's all from me for now.

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Talks are due to begin today to try to stop planned strikes

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Representatives from the British Medical Association and

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