SAN FRANCISCO — President Trump’s decision Thursday to exit the Paris climate agreement is likely to give a small and immediate lift to the oil and coal industry, which makes good on a persistent campaign promise.
But, economists and energy experts warn, over time the controversial decision to drop out of the international pact to help stem climate change may hamper the nation’s ability to financially capitalize on the globe’s shift to renewable resources.
Leaving the Paris agreement jeopardizes the U.S.’s ability to be a global leader in new clean technology developments and sell those insights to a world hungry for cheap energy, experts say.
“The biggest danger in leaving the accord is you lose your seat at the negotiating table for all climate talks to come,” says Shayle Kann of GTM Research, which does market analysis on next-generation energy solutions. “If you’re not able to negotiate bilateral agreements, that can impact U.S. exports of our own leading edge technology.”
Trump’s decision runs counter to the advice of some of his closest advisers, including daughter Ivanka. It also flies in the face of pleas from everyone from Exxon CEO Darren Woods, who wrote Trump asking him to keep the U.S. seat at the bargaining table, to Tesla CEO Elon Musk, who has made good on his vow to quit the president’s economic council if Trump opted out of Paris.
“Climate change is real,” Musk tweeted. “Leaving Paris is not good for America or the world.”
Other business leaders reacting swiftly and negatively to the news, included Salesforce founder Marc Benioff and Microsoft CEO Satya Nadella…. see more