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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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Syria’s Al-Qusayr Celebrates Eid al-Fitr without Hezbollah for First Time in Years

People perform Eid Al-Fitr prayers in Al-Qusayr. (Sami Volunteer Team)
People perform Eid Al-Fitr prayers in Al-Qusayr. (Sami Volunteer Team)
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Syria’s Al-Qusayr Celebrates Eid al-Fitr without Hezbollah for First Time in Years

People perform Eid Al-Fitr prayers in Al-Qusayr. (Sami Volunteer Team)
People perform Eid Al-Fitr prayers in Al-Qusayr. (Sami Volunteer Team)

Amid the devastation, thousands of residents of Syria’s Al-Qusayr performed Eid Al-Fitr prayers in the northern district square—the site where the city’s first protest against President Bashar al-Assad’s rule erupted in 2011.

For the first time in Al-Qusayr’s history, Eid prayers were held in a public square. It was also the first mass gathering of residents in an open space in 13 years, following a war that destroyed 70% of the city, displaced its people, and led to its capture by Lebanon’s Hezbollah and Syrian regime forces.

Al-Qusayr, a region located near the Lebanese border, was once Hezbollah’s most significant stronghold in Syria. The group withdrew after the fall of the Syrian regime in December, but its loyalists and affiliated locals remained, along with residents of several border villages that have seen sporadic clashes in recent months.

The most intense fighting occurred in February, when Syrian forces launched a military operation that pushed them into Lebanese territory and deployed troops to seal off illegal border crossings.

Tensions flared again two weeks ago after Syrian soldiers were killed in the border region, triggering an exchange of artillery fire between the two sides.

The clashes left casualties on both ends and forced the displacement of border village residents before a ceasefire was reached with the Lebanese army.

The agreement included the closure of four illegal crossings in an effort to curb the smuggling of weapons and drugs, a trade that has flourished over the past decade under the former regime.

As soon as the regime fell, refugees from Al-Qusayr living in Lebanese camps began returning to their hometown. Hundreds arrived to find their homes completely destroyed, forcing them to set up tents beside the ruins while they rebuilt or searched for alternative housing.

The residents of Al-Qusayr resumed their communal Eid traditions after Ramadan. (Sami Volunteer Team)

The large turnout for Eid prayers underscored the scale of the return.

Journalist Ahmed al-Qasir, who recently came back, estimated that about 65% of those displaced have now returned. Before the uprising, Al-Qusayr had a population of around 150,000, he told Asharq Al-Awsat.

Shahin, 30, who returned in 2018, described the city as a wasteland at the time, despite some 20,000 people having already come back.

“Hezbollah, regime militias, and smugglers controlled the area. There were no real markets, just small shops. Everything was in ruins—schools, clinics, hospitals,” he said.

Residents had to travel 30 kilometers to Homs for basic necessities, enduring regime checkpoints that extorted money along the way.

With the fall of Assad’s regime and Hezbollah’s withdrawal, life in Al-Qusayr has slowly begun to return to normal. Since the start of Ramadan, markets have reopened despite widespread destruction, poverty, and hardship.

On the eve of Eid, the city’s streets buzzed with late-night shopping, Shahin noted.

“Al-Qusayr is finally regaining its role as the region’s commercial hub,” he said.

According to a survey by the Sami Volunteer Team, more than 30,000 refugees returned to Al-Qusayr and its countryside within the first month of the regime’s collapse.

That number is believed to have doubled over the past four months, and team organizers expect it to rise further once the school year ends.

Zaid Harba, a member of the 40-person volunteer group, said most returnees came from refugee camps in Lebanon, while fewer arrived from displacement camps in northern Syria.

Many families there are waiting for the academic year to conclude before arranging their return.