عربي English Türkçe اردو فارسى
Logo
Latest News
Features

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)
TT
TT

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.

Most Viewed

 
 
Features

Doctor at the Heart of Türkiye Newborn Baby Deaths Case Says He was a 'Trusted' Physician

A doctor takes the footprint of a newborn baby for his birth certificate at a private clinic in Ankara, October 16, 2011. The world's population will reach seven billion on October 31, according to projections by the United Nations. Picture taken October 16, 2011. REUTERS/Umit Bektas (Türkiye - Tags: SOCIETY HEALTH)
A doctor takes the footprint of a newborn baby for his birth certificate at a private clinic in Ankara, October 16, 2011. The world's population will reach seven billion on October 31, according to projections by the United Nations. Picture taken October 16, 2011. REUTERS/Umit Bektas (Türkiye - Tags: SOCIETY HEALTH)
TT
TT

Doctor at the Heart of Türkiye Newborn Baby Deaths Case Says He was a 'Trusted' Physician

A doctor takes the footprint of a newborn baby for his birth certificate at a private clinic in Ankara, October 16, 2011. The world's population will reach seven billion on October 31, according to projections by the United Nations. Picture taken October 16, 2011. REUTERS/Umit Bektas (Türkiye - Tags: SOCIETY HEALTH)
A doctor takes the footprint of a newborn baby for his birth certificate at a private clinic in Ankara, October 16, 2011. The world's population will reach seven billion on October 31, according to projections by the United Nations. Picture taken October 16, 2011. REUTERS/Umit Bektas (Türkiye - Tags: SOCIETY HEALTH)

The Turkish doctor at the center of an alleged fraud scheme that led to the deaths of 10 babies told an Istanbul court Saturday that he was a “trusted” physician.

Dr. Firat Sari is one of 47 people on trial accused of transferring newborn babies to neonatal units of private hospitals, where they were allegedly kept for prolonged and sometimes unnecessary treatments in order to receive social security payments.

“Patients were referred to me because people trusted me. We did not accept patients by bribing anyone from 112,” Sari said, referring to Türkiye's emergency medical phone line.

Sari, said to be the plot’s ringleader, operated the neonatal intensive care units of several private hospitals in Istanbul. He is facing a sentence of up to 583 years in prison in a case where doctors, nurses, hospital managers and other health staff are accused of putting financial gain before newborns’ wellbeing, The AP reported.

The case, which emerged last month, has sparked public outrage and calls for greater oversight of the health care system. Authorities have since revoked the licenses and closed 10 of the 19 hospitals that were implicated in the scandal.

“I want to tell everything so that the events can be revealed,” Sari, the owner of Medisense Health Services, told the court. “I love my profession very much. I love being a doctor very much.”

Although the defendants are charged with the negligent homicide of 10 infants since January 2023, an investigative report cited by the state-run Anadolu news agency said they caused the deaths of “hundreds” of babies over a much longer time period.

Over 350 families have petitioned prosecutors or other state institutions seeking investigations into the deaths of their children, according to state media.

Prosecutors at the trial, which opened on Monday, say the defendants also falsified reports to make the babies’ condition appear more serious so as to obtain more money from the state as well as from families.

The main defendants have denied any wrongdoing, insisting they made the best possible decisions and are now facing punishment for unavoidable, unwanted outcomes.

Sari is charged with establishing an organization with the aim of committing a crime, defrauding public institutions, forgery of official documents and homicide by negligence.

During questioning by prosecutors before the trial, Sari denied accusations that the babies were not given the proper care, that the neonatal units were understaffed or that his employees were not appropriately qualified, according to a 1,400-page indictment.

“Everything is in accordance with procedures,” he told prosecutors in a statement.

The hearings at Bakirkoy courthouse, on Istanbul’s European side, have seen protests outside calling for private hospitals to be shut down and “baby killers” to be held accountable.

The case has also led to calls for the resignation of Health Minister Kemal Memisoglu, who was the Istanbul provincial health director at the time some of the deaths occurred. Ozgur Ozel, the main opposition party leader, has called for all hospitals involved to be nationalized.

In a Saturday interview with the A Haber TV channel, Memisoglu characterized the defendants as “bad apples” who had been “weeded out.”

“Our health system is one of the best health systems in the world,” he said. “This is a very exceptional, very organized criminal organization. It is a mistake to evaluate this in the health system as a whole.”

Memisoglu also denied the claim that he shut down an investigation into the claims in 2016, when he was Istanbul’s health director, calling it “a lie and slander.”

Turkish President Recep Tayyip Erdogan said this week that those responsible for the deaths would be severely punished but warned against placing all the blame on the country’s health care system.

“We will not allow our health care community to be battered because of a few rotten apples,” he said.