Don’t look to President Trump to understand the future for climate action. Follow the money.
If, in the next year or two, investment in the transition to a low-carbon economy falls in the aftermath of Trump’s call for the U.S. to exit the Paris climate agreement, the capital markets will effectively be shorting the chances of meeting the global goal of keeping temperature increases under two degrees Celsius.
If investment accelerates, the markets will signal they believe the transition is inevitable and they want to get on board.
In the short-run, watch whether other governments and philanthropies step up to fill the void of U.S. funding. Former New York Mayor Michael Bloomberg ante’d up quickly with a $15 million pledge to make up for the shortfall in U.S. funding for U.N.’s climate secretariat itself, the body charged with implementing the Paris agreement.
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