Coal, solar stocks fall as United States set to ditch Paris climate deal

G7 split on climate change Merkel ‘dissatisfied

President Donald Trump is expected to pull this country out of the landmark global climate agreement, various political pundits are reporting, though The New York Times reported Trump was vacillating in reax to arguments by big businesses to stay in.

Trump aides including Steve Bannon, Stephen Miller, lawyer Don McGahn and Peter Navarro, along with EPA chief Pruitt, argued hard for leaving the accord.

McKenna said the rest of the world doesn't intend to sit and wait for Trump.

That post includes a video link to an impassioned speech that Guterres gave on Tuesday, when he called on the world to intensify action to combat climate change.

The House Democratic leader, Rep. Nancy Pelosi of California, referred to it as "a stunning abdication of American leadership and a grave threat to our planet's future".

While a 2-degree shift wouldn't be noticeable during the course of a day, it would represent a historic change for the Earth as a whole that's faster than any change in the climate since the last ice age ended some 10,000 years ago.

And Sweden's Climate Minister Isabella Lovin says "it would be deeply regrettable" if the United States decides to pull out of a landmark global climate agreement, adding "it is also contrary to what we expect from the USA leadership when humanity faces major challenges". "China climate relationship and the beginning of a reinvigorated partnership between China and the European Union", he said.

The official insisted on anonymity in order to discuss the decision before the official announcement.

Former President Barack Obama and a host of other countries signed the climate change agreement in 2015, which aims to reduce global carbon emissions. "Climate solutions provide opportunities that are unmatchable".

The Paris Agreement is an agreement within the United Nations Framework Convention on Climate Change (UNFCCC) dealing with greenhouse gases emissions mitigation, adaptation and finance starting in the year 2020.

US President Donald Trump, with German Chancellor Angela Merkel, during a photo op at the G7 summit, where Trump refused to join other world leaders in joint statements on climate change and refugees.

Guterres said in that speech that "it would be very important for the US not to leave the Paris agreement".

Meanwhile, European Commission President Jean-Claude Juncker said Europe must make clear to the United States that quitting the Paris climate agreement is not a straightforward process, and that fully leaving the deal will take years.

Since taking office, Trump and Pruitt have moved to delay or roll back federal regulations limiting greenhouse gas emissions while pledging to revive long-struggling United States coal mines.

Oil majors Shell and Exxon Mobil have also supported the pact along with a number of Republican lawmakers. Forty Democratic senators sent Trump a letter urging him to stay in, saying a withdrawal would hurt America's credibility and influence on the world stage. Beijing, however, has reaffirmed its commitment to meeting its targets under the Paris accord, recently cancelling construction of about 100 coal-fired power plants and investing billions in massive wind and solar projects.

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