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What The Paris Climate Agreement Withdrawal Means For U.s. Economy

In order to limit global temperature rise to a level well below 2 degrees Celsius and as close as possible to 1.5 degrees Celsius above pre-industrial levels, it is essential that businesses, policy makers and civil society implement comprehensive action on climate change in accordance with the goals of the Paris Climate Change Agreement. It met in Paris in 2015 as part of the United Nations Framework Convention on Climate Change. The U.S. negotiating team – including then-Secretary of State John Kerry – tried to prove the deal by Republicans. Charles Donovan, co-author of the political letter, told the Guardian: “What has changed since 2016 [when Trump was elected] is that we have learned more about the cost of climate change and that costs have become higher, while the investments needed [to reduce emissions] have decreased due to changing technological costs. The arguments in favour of the Paris Agreement are therefore even more compelling: the cost of inaction is higher, the cost of measures is lower. The official objective of the agreement is to prevent the 2C world from becoming warmer than before industrialization. But its goal is to limit warming to 1.5 degrees Celsius, a best-case scenario that scientists see slipping out of reach. Finally, the United States was the most important voice that, throughout the process leading up to the Paris Agreement, insisted on transparency and verification of compliance with the stated objectives of nations or contributions set at the national level.

The measures and declaration elements of the agreement are expected to be negotiated and implemented by 2020. U.S. leaders in this process will be sorely affected and the implementation of the agreement could suffer in our absence. Todd Stern: He succeeds where all previous efforts over the last 20 years have been too short. In many ways, it opens up new avenues by articulating a long-term goal to advance global efforts, creating a bottom-up structure for ambitious national actions, establishing a series of ever-renewed commitments, reducing differences between developed and developing countries, and creating a hybrid legal structure. And it has done all this in an agreement that is not only a declaration of common global principles, but a common endeavour in which all countries are expected to play their part in making the global economy productive and sustainable. A growing number of these companies, including Guess?, Hewlett Packard Enterprises, Levi Strauss and Co, and Salesforce, have gone even further by pledging to reduce their emissions to 1.5 degrees Celsius by limiting warming.

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