COP29’s Climate Bill: What $300 Billion Really Buys

CGTN Europe

$300B/year for climate action: 🌎 = Musk’s net worth ⛈ = One hurricane's damage 🛍 = Less than luxury goods spending  Do we need to do more?   #climate #cop29 #baku #fyp #musk #bitcoin

Transcript

00:00At COP29, nations committed $300 billion a year to climate finance.

00:05Sounds like a lot, right? But is it really?

00:08Military might.

00:09In 2023, the world spent $6.7 billion a day on military budgets.

00:15That means $300 billion covers just 45 days of global defense spending.

00:21Burning oil.

00:22The world burns through $300 billion worth of crude oil in just 40 days.

00:2740 days of oil matches an entire year of climate funding.

00:31Elon Musk.

00:32Elon Musk, the world's richest man, is worth $322 billion.

00:37One person's net worth could cover the planet's annual climate finance goal.

00:42Storm damage.

00:44Hurricane Katrina caused $200 billion in damages back in 2005.

00:49Recent supercharged storms like Hurricane Helene, up to $250 billion each.

00:55One major hurricane almost wipes out a year's climate budget.

00:59Luxury goods.

01:01The global luxury goods market is valued at $378 billion.

01:05That's more than this climate pledge, spent on designer bags and high-end watches.

01:11Copper Connection.

01:12Chile, the world's largest copper-producing country.

01:15Their GDP stands at $335 billion.

01:20Greece's bailout.

01:21Remember Greece's bailout during the debt crisis?

01:24That cost $271 billion.

01:27We spent nearly as much rescuing one country's economy as we're now pledging to fight a global climate crisis.

01:34Tech giants.

01:35A 10% slice of Microsoft is worth about $300 billion.

01:40Cryptocurrency.

01:41The climate finance goal amounts to just 75% of Ether's market value, or 3 million Bitcoin.

01:47So when you look closer, $300 billion isn't much compared to military budgets, storm damages, or even luxury spending.

01:56Comment your thoughts below.

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