The president of the United States said that it was a bad deal for America to join the Paris agreement on climate change in June 2016. However, Trump noted that he had no problem with the deal itself. The withdrawal in effect made the United States be the only nation that was not part of the deal on incentives to tackle climate change and the challenges that come with a warming planet. The announcement by Donald trump ignited anger from all parts of the world. Some of the critics and experts on climate change said that the US had abandoned its leadership role on challenges that confront the world in the 21st century.
The Paris agreement forces nations to commit to combating greenhouse gas emissions and maintaining the rise in world temperatures below 2 degrees more as compared to the levels stipulated by pre-industrial conditions. The agreement also aims at lower increase levels of 1.5 degrees to mitigate the challenges brought about by global warming. In another development in New York City on Wednesday, the City’s authorities announced to dispose of fossil fuel investments worth over $5 billion by selling them. These funds are expected to be sold in a span of the next five years from the public pension fund in New York worth $189 billion.
New York City’s authorities also filed a lawsuit worth billions of dollars against five major oil corporations seeking compensation for damages that have been caused by global warming. The New York City officials noted that the lawsuits filed against the Royal Dutch Shell, Exxon Mobil, ConocoPhillips, Chevron, and BP would be of great help in funding the protection against the gruesome effects of global warming and climate change. The lawsuit against these oil companies follows similar litigation moves by some Californian cities. President Trump said that he had no problem with the Paris deal and its stipulations.
However, he said that he had a problem with what the Obama administration had enacted into law because according to him, the Obama government always had a bad deal. President Trump added that they could conceivably go back and be part of the Paris agreement. Trump emphasized on the commitment that his administration had with issues regarding the environment and climate change such as air quality and clean water. He added that the American government would promote a clean environment where different business enterprises can compete. According to Trump, becoming part of the Paris agreement would have eliminated the competitive edge enjoyed by American businesses.