USA markets hit record highs after Paris withdrawal, jobs data
- Author: Leroy Wright Jun 03, 2017,
Jun 03, 2017, 16:01
Mayors across the country have come out against President Donald Trump's decision to withdraw the United States from the Paris climate agreement, which would have significant negative impacts on efforts to combat climate change.
Ties between the two countries have grown in recent years most notably in the defence sector with New Delhi ordering 36 French-made Rafale fighter jets to modernise its ageing warplane fleet. "This agreement is less about the climate and more about other countries gaining a financial advantage over the United States".
"Trump wrongly claimed that the Paris Agreement would allow China to "build hundreds of additional coal plants" and allow India to "double its coal production by 2020" but the United States "can't build the plants", said Robertson.
The mechanics of the U.S. exit are complicated. US growth would take a $2.5 trillion hit over 10 years with "factories and plants closing all over our country", Trump said at an April rally in Pennsylvania. May noted that Japan and Canada fellow members of the G-7 group of rich industrialized nations also were not signatories, but like Britain remain committed to the Paris agreement."It's an important worldwide agreement on climate change", May said on Friday.
"China was the leader, with America, to create the Paris agreement", he noted.
The Harvard Business Review listed another 15 or so companies who want the U.S.to stay in the agreement. Even 70 percent of the American public-and just over half of those who voted for Trump-favored remaining in the accord.
San Diego Mayor Kevin Faulconer joined dozens of his counterparts from Los Angeles to Houston to Pittsburgh Thursday in blasting Trump's decision and vowing to follow the agreement.
The World Meteorological Organization said the USA withdrawal from the emissions-cutting accord could add 0.3 degrees Celsius to global temperatures by the end of the century in "a worst-case scenario". "The Paris agreement is irreversible and will be implemented because it is our responsibility", he said.
The governors of three states, California, Washington and NY, on Thursday announced the creation of an alliance aimed at connecting states "committed to taking aggressive action on climate change".
China emerged as Europe's unlikely partner in this and in other areas - underlining Mr Trump's isolation on many issues.
The Paris accord commits countries to holding global temperature rises to "well below" 2C above pre-industrial levels, which will require global emissions to be cut to net zero by the second half of the century. But the USA decision does not yet spell doom for the climate itself.
Cuomo, speaking on Long Island, said he plans to have NY adhere to the Paris agreement when it comes to reducing emissions levels, which he said would be part of an "aggressive" push toward renewable energy like wind and solar.