At War for Decades, Lebanon and Israel Agree a Rare Compromise

A UN peacekeeper (UNIFIL) vehicle drives near signs bearing names of cities, in Naqoura, near the Lebanese-Israeli border, southern Lebanon, October 11, 2022. (Reuters)
A UN peacekeeper (UNIFIL) vehicle drives near signs bearing names of cities, in Naqoura, near the Lebanese-Israeli border, southern Lebanon, October 11, 2022. (Reuters)
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At War for Decades, Lebanon and Israel Agree a Rare Compromise

A UN peacekeeper (UNIFIL) vehicle drives near signs bearing names of cities, in Naqoura, near the Lebanese-Israeli border, southern Lebanon, October 11, 2022. (Reuters)
A UN peacekeeper (UNIFIL) vehicle drives near signs bearing names of cities, in Naqoura, near the Lebanese-Israeli border, southern Lebanon, October 11, 2022. (Reuters)

Oct. 18 - Lebanon and Israel have agreed to a US-mediated agreement ending a decades-old dispute over their maritime boundary on Tuesday, a landmark compromise between countries with a history of war.

Here is a timeline of conflict between the states:

1948

Lebanon fights alongside other Arab states against the nascent state of Israel. Some 100,000 Palestinians who fled or were expelled from their homes in Palestine during the war arrive in Lebanon as refugees.

1949

Lebanon and Israel conclude an armistice agreement under UN auspices.

1968

Israeli commandos destroyed a dozen passenger planes at Beirut airport, a response to an attack on an Israeli airliner by a Lebanon-based Palestinian group.

1978

Israel invades south Lebanon and sets up an occupation zone in an operation against Palestinian guerrillas.

1982

Israel invades all the way to Beirut. The Syrian army is ousted from Beirut and thousands of Palestinian fighters under Yasser Arafat are evacuated by sea after a bloody 10-week siege.

Head of Christian militia Lebanese Forces, Bashir al-Gemayel, is elected president but killed before taking office.

Bashir's brother, Amin al-Gemayel, becomes president.

Iran's Revolutionary Guards establish Hezbollah in Lebanon.

1985

Israel establishes an occupation zone in southern Lebanon, about 15 km (nine miles) deep, after it pulled back from a line further north, controlling the area with a proxy force, the South Lebanon Army.

1996

With Hezbollah regularly attacking Israeli forces in the south and firing rockets into northern Israel, Israel mounts the 17-day "Operation Grapes of Wrath" offensive that kills more than 200 people in Lebanon, including 102 who die when Israel shells a UN base near the south Lebanon village of Qana.

2000

Israel withdraws from southern Lebanon, ending 22 years of occupation.

2006

In July, Hezbollah crosses the border into Israel, kidnaps two Israeli soldiers and kills others, sparking a five-week war. While most of the conflict is fought on land, an Israeli navy vessel is damaged in a Hezbollah missile attack. At least 1,200 people in Lebanon, mostly civilians, and 158 Israelis, mostly soldiers, are killed.

2020

The United States revives indirect negotiations between Lebanon and Israel aimed at reaching an agreement on their disputed maritime boundary, with the aim of facilitating oil and gas exploration. Indirect US-mediated talks first began years earlier but never reached a conclusion.

2022

The Lebanese and Israeli governments agree to a US-brokered deal demarcating the maritime boundary, calling it historic. The deal opens the way to offshore oil and gas exploration, and defuses a potential source of conflict.



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.