The Copenhagen Shakedown

Developing countries understand the real costs of climate change.

The U.N. climate-change conference in Copenhagen was supposed to be the moment when the world came together to save us from an excess of carbon dioxide. Like all such confabs, it's coming down instead to cold, hard cash.

On Monday, the so-called G-77—in effect, the Third World—walked out of the talks for several hours in protest of the unwillingness, as they saw it, of rich countries to foot the bill for averting or mitigating climate catastrophe in the developing world. The negotiations have since resumed, but with the most difficult questions set aside and expectations lower than ever.
More than anything else, Monday's walkout revealed the real reason that the developing world is in Copenhagen in the first place: They see climate change as a potential foreign-aid bonanza, and they are at the table to leverage the West's environmental angst into massive transfers of wealth.
In theory, the money is supposed to help poor countries pay for their transition to a carbon-neutral future. But the developed world has been pouring trillions of dollars into development aid in various forms for decades, with little to show for it. The reasons are well-known: Corruption, political oppression, government control of the economy and the absence of rule of law combine to keep poor countries poor. And those factors also ensure that most aid is squandered or skimmed off the top.Recasting foreign aid as "climate mitigation" won't change any of that.  Read more.