Trump’s withdrawal from the Paris accord sets the US economy back
The alarm that greeted President Donald Trump’s announcement that the U.S. will withdraw from the Paris climate accord was an overreaction in one respect. The pace at which the world moves away from fossil fuels won’t, in fact, be greatly affected. The other countries that together now account for 85% of carbon emissions will not change course even if the U.S. drags its heels. In another respect, however, Trump’s latest proclamation is truly alarming: in what it means for America’s economy.
The U.S. joins Syria and Nicaragua as the only countries in the world that are not parties to the Paris accord. Syria’s absence stems from the fact that the country is in a horrific civil war and its leaders are under international sanctions. Nicaragua refused to sign not because it considered the accord too onerous, but because it didn’t go far enough to combat climate change.
Oddly, Trump echoed Nicaragua’s position when he said the accord would reduce global temperatures by only 0.2 degrees Celsius in 2100, calling this a “tiny, tiny amount.” His main rationale for pulling out, however, was not the modesty of the accord’s benefits. Instead it was “the draconian financial and economic burdens the agreement imposes” on the U.S. Never mind that the agreement “imposes” nothing: All commitments under the Paris accord are voluntary and non-binding, and each country’s policies can be changed at will.