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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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Legal Threats Close in on Israel's Netanyahu, Could Impact Ongoing Wars

The International Criminal Court (ICC) building is pictured on November 21, 2024 in The Hague. (Photo by Laurens van PUTTEN / ANP / AFP) / Netherlands OUT
The International Criminal Court (ICC) building is pictured on November 21, 2024 in The Hague. (Photo by Laurens van PUTTEN / ANP / AFP) / Netherlands OUT
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Legal Threats Close in on Israel's Netanyahu, Could Impact Ongoing Wars

The International Criminal Court (ICC) building is pictured on November 21, 2024 in The Hague. (Photo by Laurens van PUTTEN / ANP / AFP) / Netherlands OUT
The International Criminal Court (ICC) building is pictured on November 21, 2024 in The Hague. (Photo by Laurens van PUTTEN / ANP / AFP) / Netherlands OUT

Prime Minister Benjamin Netanyahu faces legal perils at home and abroad that point to a turbulent future for the Israeli leader and could influence the wars in Gaza and Lebanon, analysts and officials say.
The International Criminal Court (ICC) stunned Israel on Thursday by issuing arrest warrants for Netanyahu and his former defense chief Yoav Gallant for alleged war crimes and crimes against humanity in the 13-month-old Gaza conflict. The bombshell came less than two weeks before Netanyahu is due to testify in a corruption trial that has dogged him for years and could end his political career if he is found guilty. He has denied any wrongdoing. While the domestic bribery trial has polarized public opinion, the prime minister has received widespread support from across the political spectrum following the ICC move, giving him a boost in troubled times.
Netanyahu has denounced the court's decision as antisemitic and denied charges that he and Gallant targeted Gazan civilians and deliberately starved them.
"Israelis get really annoyed if they think the world is against them and rally around their leader, even if he has faced a lot of criticism," said Yonatan Freeman, an international relations expert at the Hebrew University of Jerusalem.
"So anyone expecting that the ICC ruling will end this government, and what they see as a flawed (war) policy, is going to get the opposite," he added.
A senior diplomat said one initial consequence was that Israel might be less likely to reach a rapid ceasefire with Hezbollah in Lebanon or secure a deal to bring back hostages still held by Hamas in Gaza.
"This terrible decision has ... badly harmed the chances of a deal in Lebanon and future negotiations on the issue of the hostages," said Ofir Akunis, Israel's consul general in New York.
"Terrible damage has been done because these organizations like Hezbollah and Hamas ... have received backing from the ICC and thus they are likely to make the price higher because they have the support of the ICC," he told Reuters.
While Hamas welcomed the ICC decision, there has been no indication that either it or Hezbollah see this as a chance to put pressure on Israel, which has inflicted huge losses on both groups over the past year, as well as on civilian populations.
IN THE DOCK
The ICC warrants highlight the disconnect between the way the war is viewed here and how it is seen by many abroad, with Israelis focused on their own losses and convinced the nation's army has sought to minimize civilian casualties.
Michael Oren, a former Israeli ambassador to the United States, said the ICC move would likely harden resolve and give the war cabinet license to hit Gaza and Lebanon harder still.
"There's a strong strand of Israeli feeling that runs deep, which says 'if we're being condemned for what we are doing, we might just as well go full gas'," he told Reuters.
While Netanyahu has received wide support at home over the ICC action, the same is not true of the domestic graft case, where he is accused of bribery, breach of trust and fraud.
The trial opened in 2020 and Netanyahu is finally scheduled to take the stand next month after the court rejected his latest request to delay testimony on the grounds that he had been too busy overseeing the war to prepare his defense.
He was due to give evidence last year but the date was put back because of the war. His critics have accused him of prolonging the Gaza conflict to delay judgment day and remain in power, which he denies. Always a divisive figure in Israel, public trust in Netanyahu fell sharply in the wake of the Oct. 7, 2023 Hamas assault on southern Israel that caught his government off guard, cost around 1,200 lives.
Israel's subsequent campaign has killed more than 44,000 people and displaced nearly all Gaza's population at least once, triggering a humanitarian catastrophe, according to Gaza officials.
The prime minister has refused advice from the state attorney general to set up an independent commission into what went wrong and Israel's subsequent conduct of the war.
He is instead looking to establish an inquiry made up only of politicians, which critics say would not provide the sort of accountability demanded by the ICC.
Popular Israeli daily Yedioth Ahronoth said the failure to order an independent investigation had prodded the ICC into action. "Netanyahu preferred to take the risk of arrest warrants, just as long as he did not have to form such a commission," it wrote on Friday.
ARREST THREAT
The prime minister faces a difficult future living under the shadow of an ICC warrant, joining the ranks of only a few leaders to have suffered similar humiliation, including Libya's Muammar Gaddafi and Serbia's Slobodan Milosevic.
It also means he risks arrest if he travels to any of the court's 124 signatory states, including most of Europe.
One place he can safely visit is the United States, which is not a member of the ICC, and Israeli leaders hope US President-elect Donald Trump will bring pressure to bear by imposing sanctions on ICC officials.
Mike Waltz, Trump's nominee for national security advisor, has already promised tough action: "You can expect a strong response to the antisemitic bias of the ICC & UN come January,” he wrote on X on Friday. In the meantime, Israeli officials are talking to their counterparts in Western capitals, urging them to ignore the arrest warrants, as Hungary has already promised to do.
However, the charges are not going to disappear soon, if at all, meaning fellow leaders will be increasingly reluctant to have relations with Netanyahu, said Yuval Shany, a senior fellow at the Israel Democracy Institute.
"In a very direct sense, there is going to be more isolation for the Israeli state going forward," he told Reuters.