COP29: How does $404 billion add up? Less than Elon Musk’s net worth

BAKU, Azerbaijan – At the UN climate conference COP29, countries agreed to spend US$300 billion (S$404 billion) on annual climate finance. Here are some ways to understand how much this amount is worth:

Military power

In 2023, governments around the world spent US$6.7 billion a day on military spending, according to the Stockholm International Peace Research Institute.

This means that the annual climate finance target of US$300 billion corresponds to 45 days of global military spending.

Burning oil

According to Reuters calculations based on global crude oil demand of about 100 million barrels per day and Brent prices at the end of November, US$300 billion is currently the price for all crude oil used in the world in just over 40 days .

Elon Musk

According to Forbes, Elon Musk’s net worth was US$321.7 billion at the end of 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 maker SpaceX.

Storm Damage

Hurricane Katrina, one of the most destructive and deadly cyclones in US history, caused $200 billion in damage in 2005 alone.

AccuWeather estimates climate-fueled Hurricane Helen could cause up to $250 billion in economic losses and damage in the U.S. this year. Hurricane Milton, also amplified by ocean heat, could cost both the insured and uninsured nearly $100 billion, according to early Morningstar DBRS estimates.

Beauty buys

According to Bain & Company, the global luxury goods market is valued at $378 billion in 2024.