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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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Hezbollah’s ‘Statelet’ in Syria’s Qusayr Under Israeli Fire

Smoke billows from al-Qusayr in western Syria following an attack. (SANA)
Smoke billows from al-Qusayr in western Syria following an attack. (SANA)
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Hezbollah’s ‘Statelet’ in Syria’s Qusayr Under Israeli Fire

Smoke billows from al-Qusayr in western Syria following an attack. (SANA)
Smoke billows from al-Qusayr in western Syria following an attack. (SANA)

Israel has expanded its strikes against Hezbollah in Syria by targeting the al-Qusayr region in Homs.

Israel intensified its campaign against Hezbollah in Lebanon in September and has in the process struck legal and illegal borders between Lebanon and Syria that are used to smuggle weapons to the Iran-backed party. Now, it has expanded its operations to areas of Hezbollah influence inside Syria itself.

Qusayr is located around 20 kms from the Lebanese border. Israeli strikes have destroyed several bridges in the area, including one stretching over the Assi River that is a vital connection between Qusayr and several towns in Homs’ eastern and western countrysides.

Israel has also hit main and side roads and Syrian regime checkpoints in the area.

The Israeli army announced that the latest attacks targeted roads that connect the Syrian side of the border to Lebanon and that are used to smuggle weapons to Hezbollah.

Qusayr is strategic position for Hezbollah. The Iran-backed party joined the fight alongside the Syrian regime against opposition factions in the early years of the Syrian conflict, which began in 2011. Hezbollah confirmed its involvement in Syria in 2013.

Hezbollah waged its earliest battles in Syria against the “Free Syrian Army” in Qusayr. After two months of fighting, the party captured the region in mid-June 2013. By then, it was completely destroyed and its population fled to Lebanon.

A source from the Syrian opposition said Hezbollah has turned Qusayr and its countryside to its own “statelet”.

It is now the backbone of its military power and the party has the final say in the area even though regime forces are deployed there, it told Asharq Al-Awsat.

“Qusayr is critical for Hezbollah because of its close proximity to the Lebanese border,” it added.

Several of Qusayr’s residents have since returned to their homes. But the source clarified that only regime loyalists and people whom Hezbollah “approves” of have returned.

The region has become militarized by Hezbollah. It houses training centers for the party and Shiite militias loyal to Iran whose fighters are trained by Hezbollah, continued the source.

Since Israel intensified its attacks against Hezbollah in Lebanon, the party moved the majority of its fighters to Qusayr, where the party also stores large amounts of its weapons, it went on to say.

In 2016, Shiite Hezbollah staged a large military parade at the al-Dabaa airport in Qusayr that was seen as a message to the displaced residents, who are predominantly Sunni, that their return home will be impossible, stressed the source.

Even though the regime has deployed its forces in Qusayr, Hezbollah ultimately holds the greatest sway in the area.

Qusayr is therefore of paramount importance to Hezbollah, which will be in no way willing to cede control of.

Lebanese military expert Brig. Gen Saeed Al-Qazah told Asharq Al-Awsat that Qusayr is a “fundamental logistic position for Hezbollah.”

He explained that it is where the party builds its rockets and drones that are delivered from Iran. It is also where the party builds the launchpads for firing its Katyusha and grad rockets.

Qazah added that Qusayr is also significant for its proximity to Lebanon’s al-Hermel city and northeastern Bekaa region where Hezbollah enjoys popular support and where its arms deliveries pass through on their way to the South.

Qazah noted that Israel has not limited its strikes in Qusayr to bridges and main and side roads, but it has also hit trucks headed to Lebanon, stressing that Israel has its eyes focused deep inside Syria, not just the border.