COP29 - How does $300 billion stack up?

BAKU, Nov 23 (Reuters) - Countries agreed at the U.N.'s COP29 climate conference to spend $300 billion on annual climate finance.

Here are some ways of understanding what that sum is worth: 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.

$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. 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. Hurricane Katrina, one of the most devastating and deadliest cyclones in U.S.

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 U.S.

, 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. The global luxury goods market is valued at 363 billion euros ($378.