What happens after Trump has walked out? In a move that was not exactly surprising, Donald Trump announced the unilateral withdrawal from the Paris Climate Accord. Trump’s contention was that the Climate Deal was heavily loaded in favor of countries like China and India and was contrary to the interests of the US. The big…
                      Paris Climate Accord
What happens after Trump has walked out?
In a move that was not exactly surprising, Donald Trump announced the unilateral withdrawal from the Paris Climate Accord. Trump’s contention was that the Climate Deal was heavily loaded in favor of countries like China and India and was contrary to the interests of the US. The big question now is what happens to the climate deal?
Remember, it is a voluntary deal…
First and foremost, it needs to be remembered that the Paris Accord on Climate Change was always a voluntary decision by countries by carbon emitting nations to reduce their carbon emissions by 2030 to a percentage of the 2005 levels. Each signatory to the accord was required to voluntarily comply in terms of emission reduction, carbon footprint and investment in clean energy. Therefore, the decision by Trump is actually quite surprising.
What happens to clean energy?
If you go by the initial reaction of alternate energy stocks, the reaction was negative. It is feared that Trump’s focus on fossil fuels may negatively impact the thrust on alternate energy. Nothing of that kind will happen. China and India, the two major emitters of carbon gases, have both agreed that the move towards clean energy is inexorable. In fact Modi has also affirmed in Germany, his commitment to the Paris Accord and to clean energy!
A Double-whammy for the US?
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