Trump is pulling United States out of Paris climate change deal, reports say
- Author: Zachary Reyes Jun 01, 2017,
Jun 01, 2017, 22:40
Miguel Arias Cañete, European Union commissioner on climate action and energy, told CNN in a statement that the two powers "are joining forces to forge ahead on the implementation of the Paris Agreement and accelerate the global transition to clean energy". Although efforts are now underway to reduce the effects of climate change, the impacts could include the rise in sea level and shortage of potable water resources as well as effects on primary industries, public health and ecosystem. But if the American President was to say in the coming hours that he wants to exit the Paris Accord, then it is our duty to say: 'You can't do that'. The Obama administration pledged by 2025 to lower emissions by 26 to 28 percent below their 2005 levels.
The Republican vowed at the time to "cancel" the Paris deal within 100 days of becoming president on January 20, part of an effort to bolster US oil and coal industries. His administration is split though: His Environmental Protection Agency chief Scott Pruitt has echoed Trump's anti-Paris remarks during his campaign while lobbying in TV interviews for Trump to leave.
However, under the terms of the Paris deal, withdrawal can't begin until November 2019, three years after the agreement took effect.
"By expanding markets for innovative clean technologies, the agreement generates jobs and economic growth", business leaders wrote in a recent ad published in major newspapers.
"It is downright un-American for a President to abdicate United States leadership to the great challenges facing our planet", Markey said in a statement. If Trump decides to pull out of the agreement, America will join Syria and Nicaragua, the only two countries that have declared that they do not support it.
While a US quit would be a "big blow", it is important to stay positive and look ahead, said the Dutch minister.
"Pulling out of Paris is the biggest thing Trump could do to unravel (former President Barack) Obama's climate legacy", Axios' Jonathan Swan wrote early Wednesday. That promise helped rally supporters sharing his skepticism of global efforts to police USA carbon emissions. A television ad ran Wednesday showed CEOs of top USA companies backing the pact.
Climate solutions provide opportunities that are unmatchable.
Coal stocks continued to underperform the broader USA market on Wednesday and renewable energy stocks also fell after media reported the United States will withdraw from a global pact to fight climate change.
The European Union and China indicated they would press ahead with the deal, regardless of U.S. participation. A source told Reuters that India had also indicated it would stick by the deal. Trump has already taken steps to reverse numerous Obama administration's rules created to cut carbon pollution.
Oil company stocks, meanwhile, eased slightly.
Several big coal companies, including Cloud Peak Energy, had publicly urged Trump to stay in the deal as a way to help protect the industry's mining interests overseas, though others asked Trump to exit the accord to help ease regulatory pressures on domestic miners.
Traders, so far, are not betting on a market change-of-heart. Its shares were down more than 4 percent to $3.27.
Peabody Energy, the largest publicly traded US coal company dropped 2.2 percent to $24.29 a share, while Arch Coal fell 0.4 percent to $70.77.