China has started construction of the world's biggest hydroelectric dam. Set to cost around 1.2 trillion yuan ($167 billion), it could take at least a decade to complete. Bloomberg's Dan Murtaugh discusses how it could impact China's economy, clean energy output and the controversies surrounding the project.

Beijing

China is undertaking a major hydropower initiative, planning a cascade of five dams on the Yarlung Tsangpo River. The project, with an estimated cost of nearly $170 billion, could take at least a decade to complete and is expected to provide a significant boost to China's energy mix and economic growth, particularly in the remote and underdeveloped region of Tibet.

The dam's potential capacity is projected to be three times that of the Three Gorges Dam, currently the world's largest power plant. While the project could enable China to shut down dozens of coal power plants, it also raises concerns about environmental impacts, biodiversity, and regional tensions with India due to its location. The scale and complexity of the project present considerable challenges, and its completion remains several years away.

China's $167 billion mega-dam could be a 'coal killer'

Here's the thing. Economically, it is expected to provide a boost, provide, of course, an energy mix there as well, unlock areas of growth there, perhaps even siphon in a lot of materials, cement, steel. It does carry some risks, though, and I think we're just at the very beginning, early innings of this as well, things like damage to biodiversity, India, of course, and tensions there as well, given, of course, where it is, literally speaking. That's because certainly when you look at the river that does run through, the state in northeast India is, of course, a key there. It concerns over the impact on water flows, for example. Now, in terms of the actual cost, and this might also go into what we're seeing as far as price action in the CGB space, right? So futures were down half of one percent yesterday. Yields have been pushing higher. There you go. A hundred, nearly $170 billion, and it could take at least a decade. So literally we'll be talking about this story for a couple of years to complete. But yeah, suffice to say this is certainly something with a lot of implications. Yvonne? Yeah, let's get to someone that's been really tracking all this and really behind this whole massive, massive project as well, and bring in Dan Murtaugh to tell us a bit more about this, right? First of all, maybe tell us a little bit more about the scale of this, the economic benefits that it has for China, before we kind of get to maybe some of the other risks out there. Yeah, there's still a lot of details we don't know about the project. They mentioned that it's going to be basically a cascade of five separate, five separate hydropower projects. They have not told us what the actual capacity that they're intending to build is, but state engineers with Power China have previously said that this stretch of the Yelung-Sangbo River could house 70 gigawatts of power. That's three times bigger than the Three Gorges Dam, which is currently the biggest power plant in the world. It's more than all the power plants in Poland combined. So we're looking at potentially an absolutely massive project, but it's also going to be incredibly challenging. It's a very remote area. This is one of the last parts of China, one of the last counties of China that was even connected by highway. So just getting the kinds of equipment, hydropower turbines, workers, like getting those people there is going to be a challenge in and of itself. And so when you look at the price tag and you look at the time that they're looking at building this stuff, you can sort of start to see some of the challenges that they're going to be facing and will need to overcome. Dan, do we know enough to have at least early estimates of how this might boost, well, number one, economic growth and what this might also do as it pertains to the energy, the energy mix, as far as the upside there is concerned specifically? Yeah, yeah. I mean, I think that we can sort of take some good educated guesses at this. I mean, the one thing we do know is they put a price tag on it and it's big enough, as you mentioned, David, that we're looking at something that is going to affect the macro picture in China. We've seen bond yields, we've seen stocks, we've seen commodity prices all move on it. Tibet is one of the poorer regions of China, so there's going to be some economic stimulus there. There's concerns from a biodiversity standpoint because this is an area where you have cool, dry Himalayan air meeting warm, wet, moist air from the Indian Ocean. And so it's a really, really unique spot from a biodiversity standpoint. So we're hopeful that all these workers they bring don't trample it there. But in terms of the energy standpoint, it's a super interesting project. Just in terms of how much money it's going to cost and how big it is, it's probably a lot more expensive than just building out wind and solar. But what we've seen here is China's had this huge energy transition, is that wind and solar have done a good job of reducing the amount of coal that needs to be burned. But it's not really yet replacing coal because you still need, when the sun goes down, when the wind stops blowing, you need coal power plants as backups to them. What this project is, if they're able to build it and they're able to succeed, this project is a coal killer. This can replace coal plants. They'll be able to shut down 50, 60, 70 coal power plants with the amount of power this generates. And so that's the kind of upside that they're looking for. But again, it's several years off and it's going to be a really challenging project to bring in on time and on budget. So we have a long way to go before we see if they're able to realize that dream.

Ozzy Osbourne, the hellraising frontman of Black Sabbath and reality TV star, has died aged 76. CNN’s Stephanie Elam looks back at the legendary career as the Godfather of Heavy Metal.

Los Angeles

Legendary singer Ozzy Osbourne dies at 76

During his Oval Office meeting with Philippine President Bongbong Marcos, President Donald Trump accused former President Barack Obama of treason for his handling of the investigation into Russian interference in the 2016 presidential election.

Washington

Trump accuses Obama of treason over 2016 election probe

A SkyWest flight, operating as a Delta connection, with 80 people on board made a sharp maneuver to avoid a B-52 bomber flying over the North Dakota State Fair. The FAA is investigating how the aircraft came so close.

Minot

Investigation underway after jet narrowly avoids Air Force bomber

A judge on Monday sentenced ex-Louisville police officer Brett Hankison to 33 months in prison and three years of subsequent supervised release, following the 2020 shooting death of Breonna Taylor.

Louisville

Judge sentences ex-officer in Breonna Taylor raid to nearly 3 years

A six-week-old infant and three other children have died of starvation in Gaza in the past 24 hours, local health officials said, with malnutrition and starvation now killing Palestinians faster than at any point in the 21-month war. This video includes images some may find distressing.

Jerusalem

Middle East Conflict

Medics say four Gaza children starve to death in hunger crisis

Ukrainian President Volodymyr Zelenskyy said Ukraine and Russia will hold a new round of peace talks on Wednesday. The announcement comes as Russian drones hit parts of Ukraine, officials said.

Kyiv

Ukraine Invasion

Zelenskyy says Russia, Ukraine to hold new round of peace talks

The Trump administration released thousands of records related to the assassination of Dr. Martin Luther King Jr., despite objections from his family. CBS News' Weijia Jiang has the latest.

Trump admin releases Martin Luther King Jr. assassination records

Students gather to protest in Bangladesh outside the school where a military jet crashed Monday, killing at least 30 people, including dozens of children.

Dhaka

Protests break out as death toll passes 30 in Bangladesh jet crash

CBS News has learned that a new assessment of the U.S. strikes on Iranian nuclear sites in June finds that only one of three facilities was possibly destroyed. CBS News senior national security correspondent Charlie D'Agata has the details.

Tehran

U.S. strikes may have destroyed one Iranian nuclear facility

For the first time, Taiwan has combined two major civil defense exercises and staged them in conjunction with its largest-ever military simulation. CNN’s Will Ripley explains why the self-governing island is bolstering its preparations for a potential war with China.

Taipei

Taiwan holds unprecedented military drills

With questions continuing around the so-called Epstein files, U.S. President Donald Trump has made several controversial social media posts. Some political scientists say the posts are likely a way to distract the public from talking about Trump’s past ties sex offender Jeffrey Epstein.

Trump posts fake AI video of Obama arrest amid Epstein furor

The next set of peace talks between Ukraine and Russia - the first meeting in seven weeks - is planned for Wednesday in Turkey, President Zelenskyy quoted the head of Ukraine's National Security and Defence Council as saying.

Zelenskyy says new peace talks planned for Wednesday

Israel’s latest offensive in Gaza is targeting humanitarian hub Deir al-Balah because officials believe Hamas is hiding hostages there. The move comes as 25 countries, including Canada, called for an immediate ceasefire and the resumption of aid.

Israeli offensive targets humanitarian hub of Deir al-Balah

A sweeping cyber espionage operation targeting Microsoft server software 'SharePoint' compromised about 100 different organizations as of the weekend, two of the organizations that helped uncover the campaign said on Monday (July 21).

Redmond

Microsoft server hack hit about 100 organizations, experts say

Protestors showed up at the federal courthouse in Boston on Monday amid Harvard's $2 billion legal battle with the Trump administration.

Boston

Protestors gather outside courthouse amid Harvard-Trump hearing

Malcolm-Jamal Warner, an actor and artist who rose to fame as a child as Theodore Huxtable on “The Cosby Show,” has died in a drowning accident in Costa Rica, where he was on vacation with his family, according to a source close to the actor.

‘The Cosby Show’ star Malcolm-Jamal Warner dead at 54

An off-duty U.S. Customs and Border Protection agent was shot after an apparent robbery went wrong in New York, officials say. New York Mayor Eric Adams said a 21-year-old undocumented immigrant was taken into custody. The agent is in stable condition and is expected to survive.

New York

Off-duty Border Patrol agent shot in NYC by undocumented migrant

The jet crashed onto the campus of Milestone School and College in Dhaka's Uttara neighbourhood, where students were taking tests and attending regular classes.

At least 20 killed after Bangladesh Air Force jet crashes into school

An investigation into Jeju Air's fatal plane crash in December has found "clear evidence" that pilots shut off the less-damaged engine after a bird strike in South Korea, a source told Reuters. But a progress report was not released as planned, after families of the bereaved protested some of its phrasing.

Muan-gun

Report says pilot shut wrong engine before Jeju Air crash

Iran, China and Russia will discuss Tehran's nuclear activities and sanctions on Tuesday, with the E3 nations set for talks on Friday amid threats of reimposing sanctions.

Iran to consult with Russia, China ahead of European nuclear talks

Hundreds of Bedouin civilians were evacuated from Syria's predominantly Druze city of Sweida on Monday (July 21) as part of a U.S.-backed truce meant to end fighting that has killed hundreds of people, state media and witnesses said.

As Suwayda

Bedouin civilians evacuate Syria's Sweida as tense truce holds

Japanese Prime Minister Shigeru Ishiba vowed to remain in office on Monday after his ruling coalition suffered a bruising defeat in upper house elections, prompting some of his own party to deliberate his future as the opposition weighed a no-confidence motion.

Tokyo

Japan PM Ishiba vows to stay on after bruising election defeat

Police say Fernando Ramirez drove onto a crowded sidewalk outside a Los Angeles nightclub early Saturday, injuring dozens. He was later shot by a bystander who fled the scene, prompting a citywide search.

Police search for gunman after car-ramming attack in L.A.

Japan's ruling coalition is certain to lose control of the upper house in election, public broadcaster NHK reported, an outcome that further weakens Prime Minister Shigeru Ishiba's grip on power as a tariff deadline with the United States looms.

Japan's ruling coalition loses control of upper house

Iran's foreign minister has said the country France, Germany and the UK are looking to set a date for a meeting for nuclear talks, in what could be a step toward ending the protracted impasse over Iran's nuclear programme and Western concerns.

Iran and three European powers set to resume nuclear talks

The Trump administration said on Saturday (July 19) it will take action against Mexico under its "America First" policy, saying the Mexican government's earlier decision to cut flight slots in Mexico City, which affects U.S. airlines, violates a bilateral air agreement.

U.S. threatens Mexican flights over cargo, competition issues

U.S. President Donald Trump has sued the Wall Street Journal and its owners including Rupert Murdoch for at least $10 billion, over the report that his name was on a 2003 birthday greeting for Jeffrey Epstein that included a sexually suggestive drawing and a reference to secrets they shared.

Trump sues Wall Street Journal for $10 billion over Epstein report

Over 200 Venezuelans who were deported from the U.S. on allegations of gang membership earlier this year and detained in an El Salvador jail have arrived home to Caracas as part of a coordinated prisoner exchange. Ten Americans held in Venezuela returned to the U.S., officials said.

Caracas

El Salvador sends detained Venezuelans home in swap for Americans

Japanese voters headed to the polls on Sunday (July 20) in a tightly contested upper house election that could unleash political turmoil, with rising prices, immigration concerns and the emergence of a Trump-style "Japanese-first" party threatening to weaken Prime Minister Shigeru Ishiba's grip on power.

Japan heads to the polls for Upper House elections

The violent clashes between the Druze minority, Bedouins and other armed groups in the southern province of Sweida have left at least 900 people dead. Some reports suggest that fighting may have halted early on Sunday.

Breakdown