The effects of the US’ exit from the Paris Agreement: “They will return to the economy of the last century”

The Trump administration has announced it will withdraw the US from the Paris Agreement, a decision that will have profound consequences on attempts to stop climate change. The US President’s move is criticized globally, including by countries such as North Korea, who described this gesture as “the height of egoism.”

In a speech announcing his decision, Donald Trump said that the US will not respect any of the non-binding objectives of the agreement and will not make payments to the Green Climate Fund, which provides US funding to help other countries implement renewable energy.

He also said he would be interested in renegotiating the deal, but that seems unlikely. According to Henrik Selin, an international relations professor at Boston University cited by Fastcoexist, the chances of other countries agreeing to renegotiate are “absolutely zero”, as the agreement is the result of tough negotiations and very delicate compromises waged for years in a row.

The US gesture is not only the “the height of egoism”, but it is also a shameful gesture coming from the world’s main economic power. Only two countries are outside the treaty that maintains global temperatures within safe limits: Syria, which is currently in the middle of a devastating civil war, and Nicaragua, a country that did not consider this understanding to be ambitious enough.

Now, the US will join the two countries, despite the fact that most Americans and even polluting companies such as Chevron and Exxon think it is a mistake. What consequences could Donald Trump’s decision have for both America and internationally?

“A colossal mistake”

“This decision is a colossal mistake. It shows a stunning disregard for the well-being of people and the planet. President Trump will now have to answer for walking away from one of the most hard-fought and popular global achievements in recent memory.” said Andrew Steer, president of the World Resource Institute.

“Withdrawing from the Paris Agreement will leave the U.S. diplomatically adrift, at odds with nearly 200 countries. This decision is based on last century’s economic thinking and will turn the U.S. back to last century’s economy. In abandoning the Paris accord, the U.S. will lose out on new jobs and economic opportunities of the low-carbon future.” Steer added.

Specialists believe that the country that will suffer the most from the US withdrawal from the Paris Agreement is the USA.

“The credibility of US businesses trying to compete in the international clean energy market will worsen because of the US exit from the Paris Agreement. Much of the local renewable energy industry will suffer,” explains Andrew Light, a climate scientist at the World Resources Institute in the US.

The paradox is that green energy is the fastest growing industry in the US

According to a report from the International Renewable Energy Agency, meeting the Paris Agreement’s objectives will bring additional $19 trillion growth over the next 30 years, and for America’s GDP a growth of $26 billion by 2020. Thus, innovative Americans will choose to launch their startups outside the country.

In a recent letter to Trump, several corporations such as Microsoft, Adobe, Schneider Electric, Unilever, have argued that the decision to stay under the Paris Agreement will strengthen the market for technology businesses, and withdrawal would limit access to this market and risk retaliation from other countries.

It is also amazing that the fastest growing US field in terms of jobs is green energy – more exactly wind technology. In addition, the United States now have more jobs in solar energy than in the coal industry.

“It sends a signal both to companies and the 3 million people here who work in clean energy that America doesn’t care about those jobs, and America doesn’t care about the fastest-growing industry in the country,” said Bob Keefe, executive director of Environmental Entrepreneurs, a nonpartisan group of business owners and investors

America will lose its global influence over China and become an isolated society

Greenpeace International claims that President Trump’s decision to abandon the Paris Climate Agreement will cost the US the global leadership position and its share of economic benefits from the transition to clean energy.

“Withdrawing from the Paris Agreement will turn America from a global climate leader into a flat earth society of one. It is a morally bankrupt decision that Trump will come to regret. Global climate action is not a legal or political debate, it is an inescapable obligation to protect people and planet. Trump is surrendering US global leadership to real-world leaders who are seizing the momentum to protect their country and the climate by transforming their economies to clean energy. We are witnessing a seismic shift in the global order as Europe, China and others lead the way forward.” said Jennifer Morgan, Greenpeace International Executive Director

And from this context, China will have the most to win, which has engaged in the elimination of coal-fired power plants.

China to the rest of the developing world: “Who’s your friend now?”

According to Li Shuo, Greenpeace East Asia Senior Global Policy Officer, Trump’s attempt to sabotage the global transition to a safer clean energy future won’t succeed. It will only corner the US and present China with an opportunity to reap the economic benefits of America’s withdrawal.”

“I think China will have a real opportunity to step up and basically say to the rest of the world or the rest of the developing world, ‘Hey, the United States promised you money. The United States is not delivering on that. We are. Who’s your friend now?’” explains Henrik Selin from Boston University.

“So it sort of changes the balance. Whenever the Chinese provide money for overseas investment, their strings attached are going to be different from the strings attached, generally, by the United States and Europe. For instance, the Chinese are not too concerned about human rights.”