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COP29 - How Does $300 Billion Stack up?

A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
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COP29 - How Does $300 Billion Stack up?

A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)

Countries agreed at the UN's COP29 climate conference to spend $300 billion on annual climate finance. Here are some ways of understanding what that sum is worth:

MILITARY MIGHT

In 2023, governments around the globe spent $6.7 billion a day on military expenditure, according to the Stockholm International Peace Research Institute.

That means the $300 billion annual climate finance target equates to 45 days of global military spending.

BURNING OIL

$300 billion is currently the price tag for all the crude oil used by the world in a little over 40 days, according to Reuters calculations based on global crude oil demand of approximately 100 million barrels/day and end-November Brent crude oil prices.

ELON MUSK

According to Forbes, Elon Musk's net worth stood at $321.7 billion in late November. The world's richest man and owner of social media platform X has co-founded more than half a dozen companies, including electric car maker Tesla and rocket producer SpaceX.

STORM DAMAGE

Hurricane Katrina, one of the most devastating and deadliest cyclones in US history, caused $200 billion in damage alone in 2005.

This year's climate-fueled Hurricane Helene could end up costing up to $250 billion in economic losses and damages in the US, according to estimates by AccuWeather. While preliminary estimates by Morningstar DBRS suggest Hurricane Milton, also supercharged by ocean heat, could cost both the insured and uninsured nearly $100 billion.

BEAUTY BUYS

The global luxury goods market is valued at 363 billion euros ($378 billion) in 2024, according to Bain & Company.

COPPER PLATED

The GDP of Chile - the world's largest copper producing country - stood at $335.5 billion in 2023, according to World Bank data.

GREECE'S BAIL OUT

Euro zone countries and the International Monetary Fund spent some 260 billion euros ($271 billion) between 2010 and 2018 on bailing out Greece - the biggest sovereign bailout in economic history.

BRITISH BONDS

Britain's new government needs to borrow more to fund budget plans. Gilt issuance is expected to rise to 296.9 billion pounds ($372.05 billion) for the current financial year.

TECH TALLY

A 10% share of tech giant Microsoft is worth just over $300 billion, according to LSEG data. Meanwhile the market cap for US oil major Chevron stood at $292 billion.

CRYPTO

The annual climate finance target amounts to 75% of the total value of the global market for crypto currency Ether, the world's second-largest cryptocurrency.

Alternatively, 3 million Bitcoin would cover the annual climate finance target as the world's largest cryptocurrency closes in on the $100,000 mark following a rally fueled by Donald Trump winning the Nov. 5 US presidential election.

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Israeli-Iranian Conflict Alarms Residents of Beirut’s Southern Suburbs

A Hezbollah supporter walks near a site previously targeted by an Israeli airstrike in Beirut’s southern suburbs during a pro-Iran demonstration on Friday (EPA)
A Hezbollah supporter walks near a site previously targeted by an Israeli airstrike in Beirut’s southern suburbs during a pro-Iran demonstration on Friday (EPA)
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Israeli-Iranian Conflict Alarms Residents of Beirut’s Southern Suburbs

A Hezbollah supporter walks near a site previously targeted by an Israeli airstrike in Beirut’s southern suburbs during a pro-Iran demonstration on Friday (EPA)
A Hezbollah supporter walks near a site previously targeted by an Israeli airstrike in Beirut’s southern suburbs during a pro-Iran demonstration on Friday (EPA)

As the Israeli-Iranian conflict intensifies, many Lebanese, particularly in Hezbollah strongholds such as South Lebanon, the Bekaa Valley, and Beirut’s southern suburbs, are bracing for the worst.

The possibility of Hezbollah’s involvement in the war has heightened fears of a broader escalation that could drag Lebanon into the conflict once again.

In Beirut’s southern suburb of Hayy al-Sellom, 44-year-old Hassan has already packed a bag, as have his siblings. He says they are waiting for the moment they might have to leave, hoping war doesn’t reach their doorstep.

Similarly, Abir, a resident of Burj al-Barajneh, says her family spends most of their time following the news. With an elderly and sick mother at home, she is worried about how they would evacuate if needed and has already begun looking for a temporary alternative place to stay.

The atmosphere in the southern suburbs is tense but quiet. Commercial activity has dropped noticeably, with shop owners reporting a decline in sales of fresh goods. Many families have already relocated to safer areas in the Bekaa and South Lebanon, especially after the school year ended.

Amina, a homemaker in her forties who lives near the airport road, is one of them. She plans to move to her village with her daughter while her husband remains in Beirut for work. She worries about the possibility of an Israeli strike near her home, which has already been targeted multiple times since the last ceasefire in November. Even without open war, she fears a sudden strike might occur nearby.

Still, not everyone is ready to leave. Kawthar, 30, says her family will stay put unless evacuation becomes absolutely necessary. She notes that in view of her limited financial means, moving isn’t a viable option. Despite the stress and constant presence of Israeli drones overhead, they are trying to maintain a sense of normalcy.

Outside Beirut, the fear is just as real. Mustafa, 77, from Bint Jbeil, says the South has been under near-daily fire, and any new war would only worsen an already fragile situation. He fears Hezbollah could be drawn into battle under Iranian pressure, especially if the US becomes involved.

In the Bekaa, residents like Hussein from Hermel echo similar concerns. Having homes in both Hermel and the southern suburbs - areas frequently targeted - he asks the question on everyone’s mind: Where would we go this time?