Michael Bloomberg offers to foot US cost of Paris Agreement

Olive Rios
June 5, 2017

In an Instagram post shared on Thursday night soon after news broke that Trump would be withdrawing the US from the Paris Climate Agreement, DiCaprio put the full force of his star power behind his beliefs.

Other countries, including India, signalled their commitment to the accord.

In a letter to employees, obtained by Axios, Apple CEO Tim Cook wrote: "Climate change is real and we all share a responsibility to fight it". But Trump also pledged to "ensure that the United States remains the world leader on environmental issues".

The mechanics of the United States exit are complicated.

"We're going to do everything America would have done if it had stayed committed", Bloomberg told The Times.

Bloomberg's charitable organization, Bloomberg Philanthropies, announced Thursday that it would finance the U.S.' share of the administrative costs of the UN Framework Convention on Climate Change, the mechanism required to keep the almost 200-member nation deal upright. This means that the country is likely to participate to some degree in worldwide climate talks, just as it did when former President George W. Bush pulled out of another global climate pact ― the 1997 Kyoto Protocol.

"She said that the Paris Agreement provides the right global framework for protecting the prosperity and security of future generations, while keeping energy affordable and secure for our citizens and businesses".

On Thursday (1 June), the USA president announced that he will withdraw from the treaty signed in 2015 to keep his campaign promise to put "American workers first".

America is already about halfway to meeting that target, in large part because cheaper, lower-carbon natural gas has replaced coal in many USA power plants.

Trump cited a study by the National Economic Research Associates - funded by the U.S. Chamber of Commerce and the American Council for Capital Formation - which said the accord would cost 2.7 million jobs and a loss of almost $3 trillion in gross domestic product.

Enacted in 2015 during then-President Obama's administration, the Paris climate accord was a landmark, worldwide agreement to combat global warming and cut carbon emissions.

French President Emmanuel Macron was damning, saying in a late-night TV address that the United States had "turned its back on the world".

China is expected to announce a new climate partnership with the European Union on 2 June.

"It's both bad energy policy and, as equally important, bad for America's leadership in the world when you couple this with what he did not do overseas in supporting and reaffirming America's commitment on North Atlantic Treaty Organisation and pulling out of the Asia-Pacific trade agreement". There are many other examples.

Trump pulled the US out of the non-binding deal, which obligated the country to reduce greenhouse gas emissions by 28 percent below 2005 levels by 2025.

"According to researchers at MIT, if all member nations met their obligations, the impact on the climate would be negligible".

Russian President Vladimir Putin said now that the USA has announced its decision, the world must think what is to be done in future. And a group of mayors from the Mississippi River Cities & Towns Initiative have published their own letter pledging climate action in the face of federal withdrawal. That is well short of the country's Paris pledge to reduce emissions by 26% over the same period.

Other reports by Click Lancashire

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