Investors - JUNE 2, 2017

United States withdraws from Paris agreement

by Andrea Waitrovich

President Donald Trump announced on Thursday the United States would withdraw from the Paris climate agreement. Trump said he was “elected to represent the citizens of Pittsburgh, not Paris.”

He said participating in the pact would undermine the U.S. economy, wipe out jobs, weaken national sovereignty and put his country at a permanent disadvantage. And he said the United States could try to re-enter the deal under more favorable terms.

The United States would remain in the agreement, at least formally, for another three-and-a-half years. However, Trump declared, emphasizing every word: “As of today, the United States will cease all implementation of the nonbinding Paris accord.”

Fellow allies responded to Trump’s move as “a big mistake,” said Donald Tusk, one of the European Union’s top officials. And Russian President Vladimir Putin said that while the United States should have remained in the 2015 deal, he would not judge Trump, and warned about the accord’s impact on jobs and poverty.

France said it would work with U.S. states and cities to keep up the fight against climate change. The governors of New York, California and Washington state have announced creation of a “climate alliance” committed to the Paris goals.

At a meeting held on Friday between Chinese Premier Li Keqiang and European Union officials in Brussels, the leaders pledged full implementation of the Paris deal, according to Reuters. They committed to cut fossil fuels use, develop more green technology and raise funds to help poorer countries reduce emissions. China has emerged as Europe’s unlikely partner.

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