Border Demarcation with Israel Will Introduce New Factors to Lebanese Govt.

An Israeli crane erects a wall near border, as seen from Lebanon, near Lebanon's Naqoura, March 6, 2018. (Reuters)
An Israeli crane erects a wall near border, as seen from Lebanon, near Lebanon's Naqoura, March 6, 2018. (Reuters)
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Border Demarcation with Israel Will Introduce New Factors to Lebanese Govt.

An Israeli crane erects a wall near border, as seen from Lebanon, near Lebanon's Naqoura, March 6, 2018. (Reuters)
An Israeli crane erects a wall near border, as seen from Lebanon, near Lebanon's Naqoura, March 6, 2018. (Reuters)

Lebanon will enter a new political phase after it accepted to hold UN-sponsored and US-mediated negotiations with Israel to demarcate disputed maritime and land borders.

Parliament Speaker Nabih Berri had effectively kicked off this new phase by announcing the framework agreement that was reached between Lebanon and Israel to launch the talks.

A prominent opposition source called for “political protection” for the speaker instead of jumping to conclusions over the purposes of the negotiations even before they have even started, especially amid speculation that they may pave the way for the normalization of ties between Lebanon and Israel.

The talks, which will be led by the army on the Lebanese side, are set to begin next week.

The source called for closely monitoring Hezbollah’s reaction to the talks, and that of its backer Iran, to determine the reasons that prompted the turnaround over the negotiations. The party was seen as biding time and waiting on diplomatic efforts that may resolve the border dispute.

They noted that Berri would not have announced the framework agreement had he not reached an understanding with his ally, Hezbollah, thereby warding off any Shiite criticism against him for taking such an unprecedented move towards Israel.

The source wondered why Hezbollah allowed Berri to make the announcement in the first place. Does the party need to bide time with Iran until the American presidential elections are held? It also asked whether Hezbollah deliberately chose Washington, instead of Paris, as the mediator because it believes that it alone can offer political gains.

France has been spearheading efforts to push much-needed reform in Lebanon in wake of its unprecedented stifling economic crisis. French President Emmanuel Macron’s efforts have hit a wall however, with Lebanese officials failing to form a new government capable of kicking off the reform.

The collapse of this effort and the agreement to launch talks with Israel are seen as a move by the “Shiite duo” of Hezbollah and Berri’s Amal movement, with Iran’s backing, to normalize American-Shiite ties, while still appeasing their other ally, Syria. The decision to exclude the disputed southern Shebaa Farms from the demarcation talks are seen as a gesture to assure Damascus that the talks with Israel will not strike a deal at its expense or that excludes it.



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.