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.



Protest Letters from Former Israeli Soldiers Lay Bare Profound Rifts over Gaza War

A woman chants slogans as relatives and supporters of Israeli hostages, held captive in the Gaza Strip since the October 2023 attacks, hold placards and chant slogans during an anti-government demonstration calling for action to secure their release, outside the Israeli prime minister's residence in Jerusalem on April 17, 2025. (AFP)
A woman chants slogans as relatives and supporters of Israeli hostages, held captive in the Gaza Strip since the October 2023 attacks, hold placards and chant slogans during an anti-government demonstration calling for action to secure their release, outside the Israeli prime minister's residence in Jerusalem on April 17, 2025. (AFP)
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Protest Letters from Former Israeli Soldiers Lay Bare Profound Rifts over Gaza War

A woman chants slogans as relatives and supporters of Israeli hostages, held captive in the Gaza Strip since the October 2023 attacks, hold placards and chant slogans during an anti-government demonstration calling for action to secure their release, outside the Israeli prime minister's residence in Jerusalem on April 17, 2025. (AFP)
A woman chants slogans as relatives and supporters of Israeli hostages, held captive in the Gaza Strip since the October 2023 attacks, hold placards and chant slogans during an anti-government demonstration calling for action to secure their release, outside the Israeli prime minister's residence in Jerusalem on April 17, 2025. (AFP)

When nearly 1,000 Israeli Air Force veterans signed an open letter last week calling for an end to the war in Gaza, the military responded immediately, saying it would dismiss any active reservist who signed the document.

But in the days since, thousands of retired and reservist soldiers across the military have signed similar letters of support.

The growing campaign, which accuses the government of perpetuating the war for political reasons and failing to bring home the remaining hostages, has laid bare the deep division and disillusionment over Israel’s fighting in Gaza.

By spilling over into the military, it has threatened national unity and raised questions about the army’s ability to continue fighting at full force. It also resembles the bitter divisions that erupted in early 2023 over the government’s attempts to overhaul Israel’s legal system, which many say weakened the country and encouraged Hamas’ attack later that year that triggered the war.

“It’s crystal clear that the renewal of the war is for political reasons and not for security reasons,” Guy Poran, a retired pilot who was one of the initiators of the air force letter, told The Associated Press.

A return to war

The catalyst for the letters was Prime Minister Benjamin Netanyahu’s decision on March 18 to return to war instead of sticking to a ceasefire that had facilitated the release of some hostages.

Netanyahu says the military pressure is needed to force Hamas to release the remaining hostages. Critics, including many families of the hostages, fear that it will get them killed.

One month after Netanyahu resumed the war, none of the 59 hostages held by Hamas have been freed or rescued, of whom 24 are believed to still be alive.

In their letters, the protesters have stopped short of refusing to serve. And the vast majority of the 10,000 soldiers who have signed are retired in any case.

Nonetheless, Poran said their decision to identify themselves as ex-pilots was deliberate — given the respect among Israel’s Jewish majority for the military, and especially for fighter pilots and other prestigious units. Tens of thousands of academics, doctors, former ambassadors, students and high-tech workers have signed similar letters of solidarity in recent days, also demanding an end to the war.

“We are aware of the relative importance and the weight of the brand of Israeli Air Force pilots and felt that it is exactly the kind of case where we should use this title in order to influence society,” said Poran.

Elusive war goals

The war erupted on Oct. 7, 2023, when Hamas carried out a surprise cross-border attack, killing about 1,200 people in southern Israel and taking 251 others hostage.

Throughout the war, Netanyahu has set two major goals: destroying Hamas and bringing home the hostages.

Israel’s offensive has reduced much of Gaza to rubble and killed more than 51,000 Palestinians, according to Gaza health officials, who don't differentiate between civilians and combatants.

While Israel has come under heavy international criticism over the devastation in Gaza, the domestic opposition to the conflict reflects a widespread belief that Netanyahu’s war goals are not realistic.

Nearly 70% of Israelis now say bringing home the hostages is the most important goal of the war, up from just over 50% in January 2024, according to a study conducted by the Jerusalem think tank Israel Democracy Institute. Nearly 60% of respondents said Netanyahu’s two goals cannot be realized together.

The survey interviewed nearly 750 people and had a margin of error of 3.6 percentage points.

Netanyahu’s opponents have also accused him of resuming the war to pander to his hardline coalition partners, who have threatened to topple the government if he ends the fighting.

Steering clear of politics

Many people were surprised by the military’s snap decision to dismiss air force reservists who signed the protest letter.

The army, which is mandatory for most Jewish men, has long served as a melting pot and unifying force among Israel’s Jewish majority. Many key units rely heavily on reservists, who often serve well into their 40s.

In a statement, the military said it should be “above all political disputes.”

As the protest movement has grown, a military official said the army is taking the letters “very seriously.”

He said it joins a list of challenges to calling up reservists and that the army is working to support them. A growing number of reservists have stopped reporting for duty, citing exhaustion, family reasons, and the financial burden of missing work.

“Any civilian can have his opinions. The problems come when people use the army as a tool promoting their opinions, whatever they may be,” the official said, speaking on condition of anonymity under military guidelines.

The army’s dilemma

Eran Duvdevani, who organized a letter signed by 2,500 former paratroopers, told the AP that the army faces a dilemma.

“If it will keep on releasing from service the pilots, what about all the others who signed the letters? Will they be discharged from service as well?” he said.

He said he organized the letter to show “the pilots are not alone.” Their concern over the war’s direction “is a widespread opinion, and you have to take it into consideration.”

Although only a few hundred of the signatories are still actively serving, the Israeli military has been stretched by 18 months of fighting and isn’t in any position to be turning away anyone from reserve duty. Many Israelis are also furious that as reservists repeatedly get called up for action, the government continues to grant military exemptions to Netanyahu’s ultra-Orthodox governing partners.

The number of Israelis continuing to report for reserve duty has dropped so low that the military has taken to social media to try to recruit people to keep serving.

Protest letters illuminate widespread divisions

Eran Halperin, an expert in social psychology at Jerusalem’s Hebrew University, called the letters “the most important indication of the erosion of the ethos in this particular war.”

Though the war enjoyed widespread support at the outset, doubts have grown as so many hostages continue to languish in captivity and the Israeli death toll mounts. Nearly 850 soldiers have been killed since the war started.

“It’s very, very difficult to maintain and manage a war in such violent conflict when there are such deep disagreements about the main questions pertaining to the war,” Halperin said.

In recent days, Netanyahu’s office has published a flurry of messages touting meetings with families of the hostages, stressing he is doing everything he can to hasten their return.

On Tuesday, he and his defense minister toured northern Gaza, where Netanyahu praised the “amazing reservists” doing “marvelous work.”

Netanyahu’s office released videos of him marching through the sandy dunes surrounded by dozens of soldiers.

“We are fighting for our existence,” he said. “We are fighting for our future.”