COP29 - How does $300 billion stack up? | The Business Standard
Skip to main content
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Monday
May 12, 2025

Sign In
Subscribe
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
MONDAY, MAY 12, 2025
COP29 - How does $300 billion stack up?

Climate Change

Reuters
24 November, 2024, 10:55 am
Last modified: 24 November, 2024, 05:48 pm

Related News

  • COP29 exposes the collapse of global solidarity in climate action
  • Global Climate Media Network urges world leaders to ensure climate justice
  • COP29 and Bangladesh: Do the disappointments outweigh the achievements?
  • COP29 and Bangladesh: Do the disappointments outweigh the achievements?
  • Divisions on curbing plastic waste persist as UN treaty talks begin

COP29 - How does $300 billion stack up?

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

Reuters
24 November, 2024, 10:55 am
Last modified: 24 November, 2024, 05:48 pm
A view during a closing plenary meeting at the COP29 United Nations Climate Change Conference, in Baku, Azerbaijan November 24, 2024. Photo: REUTERS/Maxim Shemetov
A view during a closing plenary meeting at the COP29 United Nations Climate Change Conference, in Baku, Azerbaijan November 24, 2024. Photo: REUTERS/Maxim Shemetov

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.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

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

Developing nations blast $300 billion COP29 climate deal as insufficient

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 BAILOUT

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 fuelled by Donald Trump winning the Nov. 5 US presidential election.

 

Environment / Top News / World+Biz

COP29

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo collage of ousted former prime minister Sheikh Hasina, former home minister Asaduzzaman Khan Kamal and former inspector general of police Chowdhury Abdullah Al Mamun. Collage: TBS
    Jul-Aug massacre: Probe report submitted to ICT prosecution against Hasina, 2 others
  • Chief Adviser Muhammad Yunus during a speech at the Civil Surgeons' Conference at his office on 12 May 2025. Photo: Screengrab
    25% of issues in health sector will disappear if the system is improved: CA Yunus
  • Food, fertilisers, raw materials: NBR plans advance tax on 200 duty-free imports
    Food, fertilisers, raw materials: NBR plans advance tax on 200 duty-free imports

MOST VIEWED

  • Chief Adviser Muhammad Yunus holds a high-level meeting on the country's capital market at the State Guest House Jamuna in Dhaka on 11 May 2025. Photo: PID
    Chief adviser orders listing of SOEs, govt-linked MNCs to revitalise stock market
  • World Bank sees favouritism in digital bank licensing in Bangladesh
    World Bank sees favouritism in digital bank licensing in Bangladesh
  • Bangladesh Bank. File Photo: Collected
    Govt can now temporarily take over any bank, NBFI
  • US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu meet at the White House in Washington, US, February 4, 2025. Photo: REUTERS/Elizabeth Frantz
    Trump cuts ties with Netanyahu over manipulation concerns: Israeli media
  • Solar power project in Chattogram. Photo: TBS
    Govt's 5,238MW grid-tied solar push faces tepid response from investors
  • File Photo: US Vice President JD Vance delivers remarks at the American Dynamism Summit in Washington, DC, US, March 18, 2025. REUTERS/Kent Nishimura/File Photo
    Vance called Modi to encourage ceasefire talks after receiving 'alarming intelligence:' CNN

Related News

  • COP29 exposes the collapse of global solidarity in climate action
  • Global Climate Media Network urges world leaders to ensure climate justice
  • COP29 and Bangladesh: Do the disappointments outweigh the achievements?
  • COP29 and Bangladesh: Do the disappointments outweigh the achievements?
  • Divisions on curbing plastic waste persist as UN treaty talks begin

Features

Photo: Courtesy

No drill, no fuss: Srijani’s Smart Fit Lampshades for any space

23h | Brands
Photo: Collected

Bathroom glow-up: 5 easy ways to upgrade your washroom aesthetic

23h | Brands
The design language of the fourth generation Velfire is more mature than the rather angular, maximalist approach of the last generation. PHOTO: Arfin Kazi

2025 Toyota Vellfire: The Japanese land yacht

1d | Wheels
Kadambari Exclusive by Razbi’s summer shari collection features fabrics like Handloomed Cotton, Andi Cotton, Adi Cotton, Muslin and Pure Silk.

Cooling threads, cultural roots: Sharis for a softer summer

2d | Mode

More Videos from TBS

Trump presses Zelensky to negotiate with Putin

Trump presses Zelensky to negotiate with Putin

54m | TBS World
How Trump's love of maps has shaken up geopolitics

How Trump's love of maps has shaken up geopolitics

14h | Others
What can be done to restore investor confidence in the capital market?

What can be done to restore investor confidence in the capital market?

15h | Podcast
How important is dignity diplomacy in the US-China trade war?

How important is dignity diplomacy in the US-China trade war?

16h | Others
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net