Investors bet Trump climate withdrawal to boost United States oil drilling

Investors bet Trump climate withdrawal to boost United States oil drilling

A U.S. -less alliance would make the Paris accord's ambitious greenhouse-gas-emission goals much more challenging to reach but "not impossible", says UI Atmospheric Sciences Professor ATUL JAIN: "Bur one thing's for sure: Without U.S. participation, there will be less funds available for the developing countries to combat global warming".

Trump argued that leaving the accord that increases environmental safety standards across the globe protects American jobs, presumably for workers in coal country and oil rigs. The second part of that is true, but it has been proven that there are far more jobs available in clean energy, so dropping coal will negatively effect the economy.

On Friday, the head of Russia's state-controlled Rosneft oil giant said that that a rise in shale oil output in the USA would likely offset the effect from the OPEC and Russian production cuts. While Deputy Prime Minister Arkady Dvorkovich said he did not think Trump's decision would prompt Russian Federation to rethink its own stance, the Kremlin suggested the withdrawal could be fatal to the pact.

The U.S. now joins Syria and Nicaragua in being the only countries to reject the deal.

So how is the world responding to this?

Mexican ministers said the world had a "moral imperative" to live up to the commitments made in the Paris climate pact, while Brazil's foreign ministry said it was concerned and disappointed by Washington's move.

When it was put to him that May has said she expressed disappointment about Trump's decision, Miliband replied: "Disappointment is when your football team loses a match".

"I was elected to represent the citizens of Pittsburgh, not Paris", he said at a speech in the White House's Rose Garden.

US mayors also voiced their criticism of Trump's decision, vowing to recommit to local efforts to curb climate change.

European Union leader urges Trump not to ditch Paris climate deal
The 197-member climate agreement requires every country to establish ambitious targets to reduce greenhouse gasses. Not everything that is a rule, and not everything that stands in an global agreement is fake news".

France, Germany, Italy then issued a joint statement saying the Paris agreement could not be renegotiated.

In a phone call with the USA president shortly after his White House announcement, Mrs May expressed her "disappointment" at the move and stressed the United Kingdom remains committed to the landmark 2015 agreement to curb greenhouse gas emissions.

Around the world, famous landmarks, even buildings in Trump's hometown of New York City, lit up green in solidarity and commitment to the environment.

Organized at the last minute by the Fairfax County Republican Committee and the Republican Party of Virginia, a few hundred supporters flocked to a park near the White House.

Trump said the United States was pulling out in part because it would not reduce global temperatures fast enough to have a significant impact.

Iger, Disney's chief executive, also said he would no longer be an advisory council member. The EU is planning to reinforce existing partner relations and find new allies from among the world's biggest economies as well as countries most vulnerable to climate change to vigorously move forward with implementing the Paris Agreement.

During his confirmation hearing, Pruitt he didn't believe that climate change was "a hoax" but that it was "subject to continuing debate".

"And Russia, when they set their targets, they set 1990 as their baseline, which allowed them to continue emitting more CO2", Pruitt said. Plus, if nothing else, it means we're talking about climate change again.