Sharm-el-Sheikh, Egypt—COP27 is all about the money. It has always been thus at the annual Conferences of the Parties (COP) of the United Nations Framework Convention on Climate Change. Way back in 2007, at COP13 in Bali, activists argued that rich countries must hand over $600 billion annually to help poor countries develop economically and adapt to man-made climate change. Even as COP15 in Copenhagen collapsed in 2009, rich countries reluctantly promised to "mobilize" $100 billion annually for poor countries by 2020. That goal is now expected to be reached next year, three years late.
Initially, the goal was to help poor countries become more resilient. The funding was aimed at mitigating and adapting to climate change by adopting low-carbon energy generation technologies and by building infrastructure strong enough to withstand dangerous weather.
