Trump withdrawal from climate deal disappoints many United States companies

Share

France's newly elected President Emmanuel Macron has told President Trump on phone "nothing could be renegotiated" regarding Paris climate accord, Reuters news agency reported.

"We are deeply disappointed that the United States federal government has made a decision to withdraw from the Paris agreement", Trudeau said in the statement.

She said the agreement, which Trump rejected because he said it would impose "unfair" costs on US industry, would ultimately result in more prosperity and greater opportunities for the world.

Trump did find some political support for his decision, however. The administration of former President George W. Bush said that move was because Kyoto didn't include major developing nations like India and China.

If the United States withdraws somehow from this worldwide agreement, it would be a diplomatic failure of epic proportions-though of course, according to administration's recent interpretation of global relations, they may consider it a success.

Criticism of his decision rolled in from blue-chip companies like Facebook Inc, Apple Inc, Ford Motor Co and Microsoft Corp, while the response from fossil fuel groups with the most to gain from a relaxation of USA carbon emissions standards was muted.

In Tokyo, the Japanese government issued a diplomatic statement calling the American decision "regrettable" and vowed to work with the other signatories to implement the treaty.

Hendricks said the absence of $500 million contributions from the United States to the Green Climate Fund will be felt from 2018, but suggested the gap could be filled with "other financing mechanisms, for example through the World Bank".

More news: Here is What Institutional Investors Think About Cisco Systems Inc (NASDAQ:CSCO)
More news: Gal Gadot stars in new Wonder Woman interview & clips
More news: Putin urges US business to help normalize Russia-US ties

His critics have argued, however, that the risks of climate change require action, and that a shift to a low-carbon energy economy can create more jobs than it eliminates.

And it is building dozens of polluting, subsidized coal plants in other countries, that could lock them into a dirty development path, Myllyvirta said.

"India makes its participation contingent on receiving billions of dollars in foreign aid", he said.

Finally, if the United States withdraws from the Paris Agreement, it will deflate the booming renewable energy industry that is one of the country's strongest economic sectors-far stronger than fossil fuels in most states-and one of the fastest growing employers.

The American Petroleum Institute, the oil and gas industry's biggest trade group, meanwhile, issued a statement saying it had never taken an official position on the Paris accord.

Under President Barack Obama, cooperation between the world's two largest polluters had been widely seen as a major achievement and a bright spot in relations between the two countries.

Yet seeing climate change largely in geopolitical terms, as a battle for supremacy between American and Chinese leadership, could be missing the point. Almost every other country in the world is formally on board, with plans to make serious cuts in carbon pollution in the coming decades.

Share