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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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Israel Warfare Methods 'Consistent With Genocide', Says UN Committee

Israel's warfare practices in Gaza "are consistent with the characteristics of genocide", according to the United Nations Special Committee - AFP
Israel's warfare practices in Gaza "are consistent with the characteristics of genocide", according to the United Nations Special Committee - AFP
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Israel Warfare Methods 'Consistent With Genocide', Says UN Committee

Israel's warfare practices in Gaza "are consistent with the characteristics of genocide", according to the United Nations Special Committee - AFP
Israel's warfare practices in Gaza "are consistent with the characteristics of genocide", according to the United Nations Special Committee - AFP

Israel's warfare in Gaza is consistent with the characteristics of genocide, a special UN committee said Thursday, accusing the country of "using starvation as a method of war".

The United Nations Special Committee pointed to "mass civilian casualties and life-threatening conditions intentionally imposed on Palestinians", in a fresh report covering the period from Hamas's deadly October 7 attack in Israel last year through to July, AFP reported.

"Through its siege over Gaza, obstruction of humanitarian aid, alongside targeted attacks and killing of civilians and aid workers, despite repeated UN appeals, binding orders from the International Court of Justice and resolutions of the Security Council, Israel is intentionally causing death, starvation and serious injury," it said in a statement.

Israel's warfare practices in Gaza "are consistent with the characteristics of genocide", said the committee, which has for decades been investigating Israeli practices affecting rights in the occupied Palestinian territories.

Israel, it charged, was "using starvation as a method of war and inflicting collective punishment on the Palestinian population".

A UN-backed assessment at the weekend warned that famine was imminent in northern Gaza.

Thursday's report documented how Israel's extensive bombing campaign in Gaza had decimated essential services and unleashed an environmental catastrophe with lasting health impacts.

By February this year, Israeli forces had used more than 25,000 tonnes of explosives across the Gaza Strip, "equivalent to two nuclear bombs", the report pointed out.

"By destroying vital water, sanitation and food systems, and contaminating the environment, Israel has created a lethal mix of crises that will inflict severe harm on generations to come," the committee said.

The committee said it was "deeply alarmed by the unprecedented destruction of civilian infrastructure and the high death toll in Gaza", where more than 43,700 people have been killed since the war began, according to the health ministry in the Hamas-run territory.

The staggering number of deaths raised serious concerns, it said, about Israel's use of artificial intelligence-enhanced targeting systems in its military operations.

"The Israeli military’s use of AI-assisted targeting, with minimal human oversight, combined with heavy bombs, underscores Israel’s disregard of its obligation to distinguish between civilians and combatants and take adequate safeguards to prevent civilian deaths," it said.

It warned that reported new directives lowering the criteria for selecting targets and increasing the previously accepted ratio of civilian to combatant casualties appeared to have allowed the military to use AI systems to "rapidly generate tens of thousands of targets, as well as to track targets to their homes, particularly at night when families shelter together".

The committee stressed the obligations of other countries to urgently act to halt the bloodshed, saying that "other States are unwilling to hold Israel accountable and continue to provide it with military and other support".