FOR IMMEDIATE RELEASE: London, March 29, 2017 – On behalf of the private sector the Climate Markets & Investment Association (CMIA) hereby asserts its grave concern with the Trump administration’s ill-conceived Energy Independence executive order signed yesterday on US climate change policy and regulation.
The Administration’s intent to reverse the Clean Power Plan and other US regulations associated with mitigating the adverse effects of global climate change are without public interest or economic merit, and signifies a tragic rejection by the US government of science, technology innovation, and economic growth potential.
This executive order will reduce trust and patience amongst international policymakers, thereby putting in jeopardy the credibility of the US at keeping its word to promote climate action and financing. But most importantly, the order contravenes the interests of the US and the global economy.
Addressing the myriad of physical and economic challenges posed by climate change requires increasing levels of targeted investment and innovation by the private sector. The strong and strengthening returns of global clean energy deployment, for example, help companies across all industries address known and measurable climate risks while profiting from the inevitable transition to a low carbon economy. Experience shows market-based climate policies attract investors. Policy drives markets and are necessary to catalyze and leverage capital investment.
The political intent signalled by this executive order therefore flies in the face of protecting US interests and its stated goals of promoting economic growth and job creation. This order will accomplish nothing but delaying the private sector. With or without the US federal government, all countries have agreed to accelerate this transition and phase out fossil fuels for good over the coming decades.
CMIA believes that achieving the goals set forth in the landmark 2015 Paris Agreement is the only option to secure lasting prosperity and peace. The biggest losers in this latest move from the Trump administration are the American people and U.S. companies seeking to build competitive advantage. The nations that prioritize climate change abatement and adaptation, that embrace the opportunities for climate finance and clean energy deployment, will lead the global economy in the 21st century.
Contact: Margaret-Ann Splawn, [email protected]