Higher value: Coins representing virtual currency are seen in London. Three million bitcoin will cover the annual climate finance target as the world’s largest cryptocurrency closes in on the US$100,000 mark following a recent rally. — Bloomberg
COUNTRIES agreed at the United Nation’s (UN) COP29 climate conference to spend US$300bil on annual climate finance. Here are some ways of understanding what that sum is worth:
> Military might
In 2023, governments around the globe spent US$6.7bil a day on military expenditure, according to the Stockholm International Peace Research Institute.
That means the US$300bil annual climate finance target equates to 45 days of global military spending.
> Burning oil
The US$300bil 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 per day and end-November Brent crude oil prices.
> Elon Musk
According to Forbes, Elon Musk’s net worth stood at US$321.7bil 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 US$200bil in damage alone in 2005. This year’s climate-fuelled Hurricane Helene could end up costing up to US$250bil in economic losses and damages in the United States, 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 US$100bil.
> Beauty buys
The global luxury goods market is valued at £302bil (US$378bil) in 2024, according to Bain & Company.
> Copper plated
The gross domestic product or GDP of Chile – the world’s largest copper producing country – stood at US$335.5bil in 2023, according to World Bank data.
> Greece’s bailout
Eurozone countries and the International Monetary Fund spent some £216bil (US$271bil) 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 £296.9bil (US$372.05bil) for the current financial year.
> Technology tally
A 10% share of technology giant Microsoft is worth just over US$300bil, according to LSEG data. Meanwhile the market cap for US oil major Chevron stood at US$292bil.
> Cryptocurrency
The annual climate finance target amounts to 75% of the total value of the global market for cryptocurrency ether, the world’s second-largest cryptocurrency.
Alternatively, three million bitcoin would cover the annual climate finance target as the world’s largest cryptocurrency closes in on the US$100,000 mark following a rally fuelled by Donald Trump winning the Nov 5 United States presidential election.
Expectations of a more friendly regulatory environment under a Trump administration are buoying the market. — Reuters
Karin Strohecker and Simon Jessop write for Reuters. The views expressed here are the writers’ own.
