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| Thu, 13th Aug 2020 15:32:00 |
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Trump exiting Paris accord will harm US economy – LSE research |
Withdrawing from the Paris agreement does not make economic sense for the US, a group of economists has argued, as the cost of clean energy has fallen since the agreement was signed in 2015, while the risks of climate catastrophe have increased.
Economists from the Grantham Institute for Climate Change at the London School of Economics examined the economic case for the US withdrawal, which President Donald Trump signalled in June 2017, and which will take effect on 4 November, the day after this year’s presidential election.
They found that climate breakdown would cause growing losses to US infrastructure and property, and impede the rate of economic growth this century, and that an increasing proportion of the carbon emissions causing global heating would come from countries outside the US. That gives the US a vested interest in whether the Paris agreement succeeds or fails, regardless of whether the US fulfils its own voluntary obligations under the accord.
Under the Paris accord, countries agreed to hold global temperature rises to no more than 2C above pre-industrial levels, and put forward voluntary commitments to reduce their greenhouse gas emissions to achieve that goal. The US, under Barack Obama, pledged to reduce emissions by 26% to 28% by 2025 compared with 2005 levels.
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