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London Business School expert comments on US withdrawal of Paris climate agreement

June 5, 2017 Business News No Comments Email Email

US President Donald Trump just announced that the US will withdraw from the Paris climate accord. According to Ioannis Ioannou, Associate Professor of Strategy and Entrepreneurship at London Business School, withdrawal from the agreement is an ‘error of epic proportions’. He says:

“The US joins Syria and Nicaragua as the only other two countries that declined to back the agreement. Failing to tackle climate change on a global scale will not only lead to grave environmental consequences. It also signals America’s diminished moral global leadership.”

“Withdrawing from the Paris accord will not only fail to jumpstart the US economy, as President Trump claims, but in fact, it will significantly undermine the US economy’s competitiveness in the long term, reducing its potential to generate new and innovative businesses. Even in the short run, the economic effects will be detrimental: the US is likely to lose access to the growing markets for renewable energy while competitors such as India, China and the EU grow their own presence.”

“Countries and transnational institutions should seriously consider and carefully evaluate potential sanctions or economic countermeasures, for example the introduction of a tax or import tariff on US made products and services which would account for carbon emissions used in the manufacturing process.”

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