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[Music] [Music] hello i'm daddy nabogeta this is counting the cost on al jazeera your look at the world of business and economics this week millions of people could be forced to move as sea levels rise but as the cost of building sea defenses increase we ask why wealthy nations aren't delivering on promised money big investors hand out billions to startups every year but women and ethnic minorities are missing out plus when rich americans don't want to pay high taxes they head south to florida despite the pandemic we'll tell you about the migration that's underway [Music] warnings about the consequences of climate change are arriving at an alarming pace it's vulnerable countries who will be the most affected despite being the least responsible for climate change and it appears we may have miscalculated the impact researchers at the university of copenhagen say sea levels could rise more than previously estimated it may be just an additional 25 centimeters but at 1.35 meters by the end of the century it means we need to cut our emissions by an additional 200 billion metric tons that's the equivalent of five years of global co2 emissions just to match the previous target well what does that mean in financial terms if sea levels rose by 1.8 meters or the height of an average man it would cost 27 trillion dollars a year by 2100 and right now those costs can be mitigated for a sum of 300 billion dollars a year but that's a tenfold increase on estimated funding because rich nations haven't stumped up the cash for vulnerable nations to build resilience like early warning systems for storms or regrowing coastal mangroves to protect against storm surge and one place under threat from rising sea levels is the city of saint louis in senegal france and the world bank have donated more than 40 million dollars to help people living in the unesco world heritage site adapt to climate change nicholas hack is in saint louis senegal an unexpected tide swept aways in abu fal's home with it a lifetime of memories remember she says to her son adama how in a matter of hours our living room where you used to watch tv kitchen and your bedroom were wiped away by the ocean's currents they now live on the outskirts of the city with thousands of others displaced new life the city council told them to adapt we're to forced to live a difficult life here this was supposed to be temporary and we're living here now for two years there's no food no help and no sign from authorities anything will change we won't be able to return home to save what is left of what used to be the capital of the colonial era french west africa france and the world bank have raised 40 million dollars for what they call climate adaptation the funds have so far been used to buy more tents educate displaced children and construct new embankments but when the tide recedes the ocean's destruction appears entire neighborhoods of a historic unesco world heritage site are swallowed into the atlantic in 2006 the city cut a three meter breach in an embankment thinking it would empty out the water instead it allowed more of it in with the breach growing to eight kilometers long making matters worse new sand formation has made it dangerous for fishermen to navigate it's a catastrophe more than 500 fishermen have drowned because of the breach people are desperate now that's why so many young people are leaving san wee to try to get to europe more than 20 000 people made it to spain's canary islands last year many from sanui as a result the spanish coast guards can now be seen patrolling san luis shores for spain protecting europe from a wave of illegal migration starts here but there is no protection against the rising oceans for the senegalese living here and while rich polluting countries ask poor countries to adapt to changing climate people here say the damage is done it's too late in the camp an elder takes in abu's son adam aside you have nothing to lose he explains showing him a picture of a young man who is now in madrid with so much loss adapting to a changing climate means letting her son go and brave the ocean's tide in search of a safe place to live nicholas hawk al jazeera sanui senegal joining me to discuss rising seas levels and how we measure and account for economic growth we have two experts on the subject from london is university of cambridge professor sir partha das gupta he's the author of the uk government's independent review on the economics of biodiversity and from copenhagen denmark is ass like grinstead who's an associate professor of physics device climate and earth welcome to you both thanks very much for joining us on counting the costs um aslak let me start with you you believe that seas are rising faster and higher than previously estimated uh why is that and put that into context for us and tell us what that means like we have looked at the data from from 1850 and forwards and there we can see that sea levels they are rising and they're rising faster and faster and then we hold that together with the observations of how earth has warmed and we we can from that we can see the that we can extract how sensitive or how strongly the sea levels respond to to warming and then we compare that that's just like we get out simply like how much faster does sea level rise when we warm earth by one degree and we can compare that to what we see in the in the models that are used to project sea level and we see that they are inconsistent these sensitivities and that is what leads us to conclude that that the models they are simply not sensitive enough and therefore that i expect that sea level should the projections actually should be higher right sir partha so are we adequately capturing the economic impact from climate change no not one bit are we far far far from it uh because the our treatment of the biosphere um includes the effects that our activities have on climate but it includes a lot more biodiversity loss itself the loss of life life in the most general sense biodiversity is the diversity of life right and we are really eating into it so then would changing the way we measure economic growth help to redress the balance between nature and quote unquote the exploitation that's going on of the earth's resources that's exactly right we have to change it in a big way moving away from gdp which is a measure that doesn't does not account for the depreciation or degradation of mother nature that has to be included we ought to be measuring stocks in other words the the wealth we have which includes uh nature and movements in wealth will pick up the degradation of capital natural capital nature biosphere i'm using these terms interchangeably um so we really have to make an incredible adjustment to the way we assess what we are doing and then of course have policies which will go in line with the revised assessment aslak you were mentioning research a moment ago let me put this to you because there was some research that came out of the university of leeds and it claims that 28 tons of ice trillion tons of ice that is was lost between 1994 and 2017 and that's in fact equivalent to a sheet of ice a hundred meters thick covering the entire of the uk so let me ask you this how do we mitigate for such rises in sea levels and in your opinion is it too late if it is too late like i mean like it is we are basically committed to a sea level rise and it's uh it's the question of which path we take is just a question of how fast the sea levels will rise it will the seas will rise and we just have to adapt to it it is obviously going to be much more difficult to adapt to a very fast sea level rise and i mean if we if we follow the worst case warming scenarios then then we are actually also risking triggering some some some collapses of the ice sheets that that that will be extremely difficult to handle for society right how do we actually adapt to it though that's uh that's very difficult for from it's it depends on where you are exactly on which coastline you are but it is like you cannot stop the seas from rising so so and and in the short term then of course you can you can protect yourself with physical barriers or something like that which but but in the long term i think that it really is such big sea level rise that that that retreat and is in many place the only option in many places the only option that we simply have to remove away from the the coast right answer prather a moment ago you were saying that almost all governments are exasperating the biodiversity crisis and by paying people more to exploit nature than to protect it so can you actually put a number on that for me and tell me is it time for governments to cut off subsidies well the review estimates offers estimates of the global subsidies to nature of on the use of nature and they are of the order of four to six trillion u.s dollars per year so that's about a little over five percent of global gdp that's a huge amount of subsidy in other words we are paying ourselves to diminish nature moreover you have these large large bodies of that nature which we call biomes like the tropical rainforests which are public goods in the sense that they serve humanity in many many ways throughout okay so although they are located in particular national jurisdictions they are serving everybody then there of course there are the open oceans beyond the exclusive economic zones large swaths of biomes in which there is living matter and huge numbers of processes undertaking which are being undertaken which are uh which influence our lives now if the oceans were dead then we would all be dead and yet we used the oceans as a free good we don't pay for the journeys we make the transportation the cruises uh in other words pay ourselves because of course nature doesn't offer us a bill it doesn't submit a bill to us as we're using so we have to create the bills for us for internal auditing if you like so that they become more expensive they're not negative price but positive price that will limit our use so we'll have to reshape our lives in a way that contains the biosphere so that we it contains us why do you think rich nations are not delivering on promises uh to provide low-income nations and most importantly nations that have nothing to do with co2 emissions with money to mitigate against rising sea levels i think in some deep sense we are not alert to the damage we are doing to the biosphere it's a very elusive subject climate has caught the imagination because it has some visible impact changes in climate have visible impacts um extreme weather events droughts extended droughts uh and so forth hurricanes and and thus these were predicted climate scientists are pretty good they predicted it that they will have more greater frequency we observe that the problem with biodiversity loss which is a far deeper problem because the biosphere it and its most general is actually keeping the entire fabric of our lives alive so to speak we are able to maintain ourselves we've enjoyed a rather equitable background in which to evolve and when biodiversity is diminished much of it we can't actually observe so much of biodiversities in the soils for example in the peatlands now you don't observe that they're unobservable right much of nature is silent also so appreciating that requires a certain amount of inquisitiveness uh inquiring mind and we have not been trained for that okay thank you so much uh sir partha does gupta for joining us from london and askley grinstad thank you so much for speaking to us from copenhagen most welcome as california and new york continue their fight against the coronavirus pandemic a dramatic migration is underway wall street firms tech companies and the wealthy are leaving in huge numbers driven out by high taxes strict covert restrictions and the new normal of remote working a shift to sunnier climates is underway andy gallagher reports from miami tearing down the old to make way for the new miami's construction boom was already well underway before covert 19 hit now it's ramping up as businesses keen to escape high taxes cramped cities and expensive real estate look for new opportunities this whole area of windward is going to be the new epicenter of construction for miami across miami spaces are being snapped up faster than they can be built it's all part of a potentially seismic shift as money moves away from states like new york and california that have been decimated by covert 19. i would say utter wild west it's completely 180 from what it was about a year ago when uh covet hit all of a sudden you have every tech firm every major hospitality firm every restaurant group all coming in not just miami all south florida we're seeing a huge increase in numbers in fort lauderdale del rey boca raton palm beach no inventory it's a mass migration city officials are keen to embrace for years they've been trying to convince businesses that florida is more than just beaches and sunshine one of the most vocal proponents of making the move is miami's mayor francis suarez who's promoting the city in more expensive states like california i think if we're able to continue to capitalize on this moment and truly convert it into a movement where things tectonically shift i think that miami could catapult very quickly to being one of the most important cities on the planet the exodus includes tech companies from silicon valley as california continues to fight covert and wall street firms ready to embrace remote working and take advantage of florida's lower taxes it's not just miami's skyline where you can see the changes here on the waterways of miami beach there's so much more traffic for people that can own or rent boats that local residents are complaining but with so much wealth and power moving to this city what about miami's lower income communities affordable housing has been a long-term issue here but prices are sharply rising across the city much of this state is driven by low-wage service industry jobs already hit hard by the pandemic something advocates for cheaper housing say needs to be taken into account we have over and over and over made the mistake of not factoring in who lives here now how can we improve the lives of people who live here now instead of driving them out and so this is you know we've made that mistake plenty of times enough to learn that up front that has to be part of the deal and so as we look to redevelop for example publicly owned land right to you know create more units of housing right that's got to be built in we need housing that is priced at a more affordable level the rapid growth and investment here seems set to continue for some time the state's less stringent approach to tackling the pandemic and keeping businesses open is also attracting new residents in stark contrast cities like new york and los angeles experience long shutdowns something that many business owners push back against miami's mayor says all those factors make this city attractive and will benefit new arrivals and those already here and what some call gentrification others call economic opportunity um and and the ability for upward mobility so it's really hard when you talk about income inequality and you talk about poverty to create opportunities if you don't create high paying jobs and obviously there's a second piece to it which is making sure that there's an educational system in place that allows people to be successful and that's something that we're going to continue to work on to make sure that we're on the cutting edge of that as well the pandemic has changed the lives of millions the way we work and where we live what miami becomes in the years ahead is anyone's guess who benefits and who's left behind may be more consequential andy gallagher ending that report there now the pandemic has exposed the gap in societies with low-income workers disproportionately losing their jobs or lives the uk's trade union congress says the pandemic has held up a mirror to the structural racism in the labor market while the unemployment rate among black asian and minority ethnic groups rose to nine and a half percent by the end of last year that's compared to four and a half percent for white workers but there has also been structural problems when women nd ethnic minorities try to access money the rise of the black lives matter movement has increased scrutiny on wall street silicon valley and london's financial center with many banks pledging to do more to increase representation now according to reuters black founders of companies received just over three percent of the 148 billion dollars given out in u.s venture capital in 2020. well joining me now from london is angelica angelica is the chief operating officer at sfc capital thanks very much for your time uh on counting the cost as i was just saying the venture capital industry doesn't really have a healthy relationship with diversity why is that yes you are right um the recent bvca report on diversity and inclusion tells us that less than one percent of uk venture funding goes to all female teams only 13 of senior people on uk investment teams are women and almost half of investment teams have no women at all even fca report from 2019 says that only 17 percent of fca approved individuals were females but it's a very complex issue and um the industry started to pay more attention to this problem and the reality is that we are still learning and trying to understand uh the real issues yes the industry has to do more has to pay more attention has to be bias free uh has to be uh more open for diversity but there are other problems uh that are lying outside of the industry and they are related to culture to education um to the way even how girls and members of uh ethnic minority groups are directed at the very early stages of their education and career right so practically then what is needed to push the boundaries and diversity in top jobs for example does it start with education training or regulation or something else uh everything i would say we need collaboration from many actors not just uh not just decision makers within the industry uh so to give you some examples uh women engineering society reported that in 2018 only 12.37 percent of engineers were women interestingly they also reported that uh 25 of girls 16 to 18 years old consi would consider a career in engineering compared to 50 almost 52 percent of boys wise campaign uh reported that between 2018 and 19 only 10.3 percent of workforce uh were were female and 16.4 uh females in tech jobs so you know it's not just the problem of financial industry and venture capital um it's um the roots of the issue are much deeper and it's related to yes how we raise girls just think of the first toy that a little girl will be given is probably a doll and a boy for him will give him a figure of a superhero or a toy car right that tells us something um so i think that there's a lot that has to be done there we need more systemic support on the child care because in terms of child care the workload is much bigger on mothers and fathers um so in this way we'll build equal opportunities before a new generation comes to the market to the current to the job market here's the thing money money needs to change doesn't it because existing pools of money are mostly from very rich white men so how do you democratize that well that's a very good question um and i think that uh there's not one solution for that uh it's something that will be changing over generations um and we see already that change we see a lot of successful business women out there even in my case uh when i was starting my career i was looking at deborah midden and uh if you know dragons then or if you know business in the uk she's a very successful woman and she was very helpful to raise awareness that female can be females can be successful in different roles but democratizing the space is not going to be easy as i said it requires a lot of different actors to act together and just let me ask you about your own experience since you brought it up but you yourself you're in a pretty powerful position so was it difficult for you to get there and also when you see women like jane fraser who's the new ceo of city uh the first woman to take the top job at one of wall street's four biggest banks are you hopeful for the future yes i am um in terms of my journey um i came where i am through entrepreneurship and my business interests as i said i was looking at a successful woman like deborah meaden uh and i wanted to be like her so i came to london with my own project i started to network uh to meet people and um it's always a combination of a lot of hard work and a little bit of luck um so my journey um had a turn when i met stephen page uh the founder of sfc capital and that was a new project for him as well he invited me to join and i decided to jump uh on the deep water and i grew with the business i am where i am because i stick to the business uh i was working on setting up the structures um recruiting the team uh and we had to be more competitive and better than anyone else at the time and i think that it is important to give visibility to uh successful uh business uh women like jane fraser like the borah media like alison rose or sue burns but not because they are women but because they are good in what they are doing they are better than other male and female um and we need to show that it is a viable option for younger generation angelique we thank you so much for speaking to us uh very inspiring thank you so much thank you for having me and that's our show for this week but there's more for you online at aljazeera.com ctc and that'll take you straight to our page which has entire episodes for you to catch up on i'm darien abugaida from the whole team thanks for joining us the 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