Trump to announce decision on Paris climate agreement soon

Candice Alexander
June 1, 2017

"But even if the government decides to leave the Paris agreement, it's very important for USA society as a whole - the cities, the states, the companies, the businesses - to remain engaged", he said. "While specific environmental regulations can sometimes lead to job losses, they also can and do lead to job gains — with the result being roughly a wash".

They worry that even with more ambition from companies and states on the forefront of climate action-from California to a coalition of Northeast states that limit power plant carbon pollution-the US will fall short.

Trump has said the accord would cost the USA economy trillions of dollars without tangible benefit.

Two-hundred countries signed the 2015 Paris Climate Accord, agreeing to voluntarily reduce greenhouse gas emissions, but now advisers to the president said he is pulling out of the agreement and make a formal announcement this week.

"Withdrawal from Paris Climate Agreement puts the United States of America with Nicaragua and Syria", says Robert Stavins, director of the Harvard Environmental Economics Program, referring to the two countries that have not signed the accord.

During his campaign, Trump pledged to leave the global climate pact brokered by the Obama administration in 2015 because he said it would damage the US economy and cost jobs.

Aside from Musk, the CEOs of Dow Chemical (NYSE: DOW), Exxon Mobil Corporation (NYSE: XOM), and Unilever NV (AMS: UNA) encouraged Trump to remain in the Paris Agreement.

Pelosi says most Americans - regardless of political affiliation - want clear, decisive action to arrest the effects of climate change.

Tesla CEO Elon Musk said in a Twitter post on Wednesday that he had done "all I can" to convince Trump to stay in the Paris accord, and threatened to leave White House advisory councils if Trump announces a USA exit.

News of Trump's expected decision drew swift reaction from the United Nations. In the Bay Area, and California, environmentalists are vowing to stay on course.

A source briefed on the matter told Reuters that Trump is planning to follow through on his campaign pledge to pull the United States out of the Paris accord, a move created to help boost domestic energy production and speed economic growth, after weeks of deliberations on the issue.

Many big companies say they must make long-term investment decisions based on the assumption that most countries will stiffen environmental standards. "Our customers, partners and countries are demanding technology that generates power while reducing emissions, improving energy efficiency and reducing cost".

There were also calls for the United Kingdom, which confirmed its commitment to climate action with the other G7 leading nations apart from the U.S. in recent days, not to do trade deals with America if it pulled out. Drought and water shortages could sap growth.

"Global climate change is a threat to the economy", says Mark Zandi, chief economist at Moody's Analytics. Rising sea levels could swamp low-lying cities and farmland. "Anything that we do that works to curtail global warming is an economic plus".

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