US informs UN of intention to withdraw from Paris Climate Accord

The US has informed the UN that it will withdraw from the historic 2015 Paris climate agreement but would still take part in negotiations to protect its own interests.

The formal notification to the UN comes two months after President Donald Trump announced his intention to leave the accord, fulfilling a longtime campaign promise and rejecting appeals from other world leaders to stay in the deal.

But according to the terms of the pact, the US cannot fully withdraw until November 4, 2020, which would be a day after the next presidential election is held in the US. This means the next US president can still rejoin the agreement.

Reacting to the US' notification, UN chief Antonio Guterres urged it to re-engage with the 2015 Paris climate agreement.

The Paris climate deal aims to prevent the Earth from heating up by 2 degrees Celsius since the start of the industrial age. The US is the second largest emitter of greenhouse gases after China.

Trump drew international condemnation in June when he first announced the US intention to withdraw. He said the deal "punished" the US and would cost millions of American jobs.

The State Department yesterday said that the US submitted a communication to the UN, in its capacity as a depositary for the Paris agreement, regarding the US intent to withdraw from it as soon as it is eligible to do so.
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Why US firms will ignore Trump's withdrawal from Paris climate agreement

Donald Trump’s decision to withdraw from the Paris climate accord has received widespread condemnation from political leaders, scientists, activists and climate experts. Perhaps surprisingly, a number of big businesses have also voiced their disagreement with the US president’s move.

Among others, well-known companies such as Apple, General Electric, Google, Facebook, Goldman Sachs, Tesla, Morgan Stanley, PepsiCo, Walmart and Walt Disney all condemned the announcement and vowed to continue with their own efforts to protect the environment regardless. Coupled with statements from states and cities, as well as other organisations, this shows that while the president may be appealing to a very specific slice of his electorate, many Americans are decidedly critical. Even large oil companies such as ExxonMobil and Chevron have argued against withdrawal.

It’s clear why. Climate change cannot be ignored and these companies are better off moving with the times – and profiting from it in the process.

Competitive advantage
Trump had campaigned against the Paris Agreement. He argued it placed a heavy burden on America’s economy by putting people (notably coal miners) out of jobs to the benefit of other nations.

Of course, all policy decisions have an impact on business in some way. But the US president’s assertion that taking steps to limit climate change is bad for business is evidently wrong given the very significant growth in renewable energy investment and jobs in recent years. For example, in the US, there are already more than twice as many more people employed in the solar energy sector compared to coal.

Indeed, many of the US’ biggest companies are its most innovative. And it has been their engagement with climate change that has led to significant (green) product innovations and process improvements that have saved businesses countless dollars in energy costs. Take Campbell Soup for example. Until 2020 its aim is to reduce its environmental footprint including carbon emissions by 50%. The company’s varied initiatives span across reducing waste, water and packaging, but it also made improvements in the transporting and handling of raw materials and ingredients.
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