Withdrawal from the Paris climate agreement will affect US economy

June 15, 2017

As President Trumped decision to withdraw from the Paris climate accord triggered a mixed reaction mainly due to its potentially harmful effects on ecology, the experts suggest this step will probably lead to positive consequences for US economy.

The climate agreement was signed in 2015 by United States and 194 other countries in an effort to reduce global warming effects by limiting greenhouse gas emissions. According to this pact, the emissions cuts were meant as non-binding with the only exception related to carbon emissions, which means the decision to quit the international agreement will contribute to immediate growth of US coal industry and oil production.

In his speech Donald Trump emphasized that remaining in the Paris climate agreement would cost the national economy approximately $2.7 million in total jobs lost by 2025, and will cut the coal industry by 86%. However, environmental advocates warn that jobs in the mining industry are dangerous for the workers’ health, detrimental for innovation and productivity, and in the long run this move will yield the US leadership in development of renewable resource technologies to other countries.

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