Staying in the Paris Agreement would be in the self-interest of the U.S. economy, says a coalition of leading energy and industrial companies, investors and NGOs
LONDON, 8th May 2017 – America stands to benefit significantly from continued membership of the Paris Agreement, says the Energy Transitions Commission (ETC) – a unique coalition bringing together fossil fuels, power and industrial companies, alongside investors, NGOs and researchers.
Innovations and investments required to meet the goals of the Paris Agreement have the potential to drive industrial competitiveness, business opportunities and job creation in the U.S. Staying in the Paris Agreement would strengthen American companies that are leading the charge in electric vehicles, in energy storage, renewable power and grid optimization, in carbon capture, sequestration and utilization, in new construction materials, advanced manufacturing, smart infrastructure and more energy-efficient products and services. These are building blocks of a competitive future economy and they are fueled today by American innovation, entrepreneurship and capital.
Staying in the Paris Agreement would help to reinforce current national trends: the renewable energy sector in the U.S. already represents more than 3 million jobs, as part of the broader U.S. energy sector. Over the past five years, employment in the solar and wind industries in the U.S. grew 12 times faster than the overall economy. Staying in the Paris Agreement provides the best opportunity for American companies to scale at home and to shape the world’s fast-growing, trillion dollars plus markets for low-carbon products and services. America’s continued participation in the Paris Agreement will help keep other nations on track and ensure a truly global approach to addressing the challenge of climate change.
Key findings in the ETC’s report Better Energy, Greater Prosperity show there are multiple pathways to seize the economic gains of the energy transition while limiting the rise of global temperatures to well below 2 ̊C. The Paris Agreement gives the U.S. the right to define (and revise) its domestic energy transition and climate mitigation pathway. The ETC is deeply convinced that America would be serving its own interest by remaining committed to the Paris Agreement and securing its role as a global leader in low-carbon energy systems.
The Energy Transitions Commission
The Energy Transitions Commission (ETC) brings together a diverse group of individuals from the energy and climate communities: investors, incumbent energy companies, industry disruptors, equipment suppliers, energy-intensive industries, non-profit organizations, advisors, and academics from across the developed and developing world. Our aim is to accelerate change towards low-carbon energy systems that enable robust economic development and limit the rise in global temperature to well below 2 ̊C.
This press release has been authorized by the Chairs of the Energy Transitions Commission and has the broad support of Commissioners. The institutions with which the Commissioners are affiliated have not been asked to formally endorse the press release.
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