June 28, 2017

India making billions for signing Paris deal

03 June 2017, 01:20 | Archie Newman

Several major United States corporations had urged Mr Trump to honour the agreement, while Wall Street giant Goldman Sachs's chief executive Lloyd Blankfein, in his first tweet ever, blasted Mr Trump's decision as "a setback" for USA leadership in the world.

"And that is going to take some time, it will be up until November 2018 before America can actually set in train the process whereby it steps away from the accord". The Agreement, considered a landmark move forward, was adopted on December 12, 2015 by 195 Parties to the United Nations Framework Convention on Climate Change (UNFCCC), replacing its predecessor Kyoto Protocol. China has overtaken the transitioning to renewable energy, generating a fifth of its electricity from renewable sources.

Some executives from coal companies have weighed in, arguing the USA should stay in with reduced emissions cuts targets, with an eye toward ensuring that Washington keeps some influence over the future of the global energy mix.

China, he said, will be allowed to build hundreds of additional coal plants.

The striking image has contributed to more than two million users reading posts about the U.S. withdrawing from the agreement, and has prompted widespread online discussion.

Inventor and entrepreneur Elon Musk said he would keep his promise to end his participation in two presidential councils after Trump issued his decision. It's a decision that upheld his political instincts, nationalistic economic vision and dark view of a predatory world with one unified goal - to rip America off. South Africa's government calls the US pullout "an abdication of global responsibility".

Juncker referred to a World Bank report placing China 78th of 190 countries in terms of the ease of doing business. Chinese Premier Li Keqiang will meet top European Union officials at a summit in Brussels.

"Climate change is one of the great dangers we face, and it's one we can prevent". But he may be overstating how much it would have hurt the economy. Energy companies including BP and Royal Dutch Shell have spent billions researching clean energy, while Walmart claims to save $1bn a year by utilising renewable power.

Moreover, after the US' exit from the deal, other countries could soon follow suit, or at least scale back their efforts to combat climate change, as this report in Vox details. Unlike in 2001, when the U.S. withdrew from the Kyoto Protocol, the U.S. is no longer the world's largest greenhouse gases (GHG) emitter, and action is not restricted to developed countries.

The United States had committed to reduce emissions by 26 to 28 percent from 2005 levels by 2025. Trump also is proposing sharp cuts to USA budgets for humanitarian and development assistance for the world's poorer nations.

On climate, Beijing is taking action.

"Even with the Trump administration in place, the global trend toward renewable energies is continuing - including in the United States", Höhne says.

"Professor Stephen Hawking thinks the human species will have to populate a new planet within 100 years if it is to survive", a statement about his upcoming documentary said. "And they won't be", Trump said. China still accounts for about half of global coal consumption. He has previously called climate change a "hoax". If the Democrats win back the White House, it seems inevitable that one of the Day One pledges of the next president would be to eagerly rejoin the Paris agreement.

He said the majority of countries who have signed the accord had done so out of national interest, such as China, which signed on for two reasons - and not because of the US.

There are also benefits to being a world leader in tackling climate change, not just economic sacrifices.

Still, countries in Asia and beyond also are seizing opportunities of doing ever bigger business with China's growing economy, destined to become the world's largest.

The absence of the U.S. from the Paris Agreement will hurt the global climate architecture in other ways as well.

Scientists say Earth is likely to reach more risky levels of warming sooner if the US retreats from its pledge because America contributes so much to rising temperatures.

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