PARIS (Sputnik) — The decision of US President Donald Trump to withdraw from the Paris Climate Agreement does not reflect current economic realities and will have no impact on country's major businesses, as they have already pledged their commitment to meeting greenhouse gas emissions cuts targets, experts told Sputnik on Friday, adding that Europe would be able to cover the United States' now-absent financial contribution.
Contacts, Johannes Cullmann, the director of WMO Climate and Water Department, told Sputnik that the major businesses in the United States responsible for the lion share of the greenhouse gas emission were willing to adhere to their climate goals, and would likely not follow any directive dictated by the government.
"I am not worried, because I know that in the end it is not due to a political decision how the greenhouse gas emissions are. It is an economical decision. I do not think that administration can prescribe which framework the state of California for example sets for its car producers, how it sees its future business model… Exxon mobile, Chevron, Google, Apple and Microsoft all pledged to fulfill their climate goals," Cullmann said.
He stressed that it was the responsibility of each individual state to reduce the level of pollution, and start re-balancing their energy mix and moving toward the renewable energy.
"It is just an economic decision that is handled differently in different countries. Take Norway’s pension fund, for example – one of the biggest worldwide, more than 50 billion euros [over $56 billion], they invest heavily in the renewable energy. They stated they will continue doing it and will strengthen it because they believe it is the model of the future. You will always have people who want to make money in the short term and do not think about the consequences. But in the end it is reasonable to invest in the model which is sustainable," Cullmann said.
"The US withdrawal from the Paris agreement has a symbolic meaning. The first world economy and one of the biggest emitter of the greenhouse gases decides to stop helping the countries the most affected by the climate change. It is a serious problem. But it can be compensated," Poncelet said, adding that France and Germany would take the leadership in the Paris climate agreement.
He added that the European states should review their emissions cuts targets so that they may achieve the goal set in the Paris accord.
"In the framework of this agreement all the states have made a "national contribution" indicating to which extent they will reduce their greenhouse gas emissions. And that is the only criteria that will permit us to achieve the goal of 2 degrees Celsius of the global warming. So far these engagements are directed towards 3 degrees, so they need to be reviewed and raised," Poncelet said.
The Paris climate deal, created within the UN Framework Convention on Climate Change and championed by former US President Barack Obama, was signed in 2015 by 194 countries and ratified by 143. The agreement aims at keeping the increase in average global temperature at below 2 degrees Celsius above pre-industrial levels, by reducing greenhouse gas emissions.
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