There is a lot of misinformation about the Paris agreement, including the idea that it will hurt the U.S. economy. It was a series of unsubstantiated assertions that Trump repeated in his rose garden speech in 2017, arguing that the deal would cost the U.S. economy $3 trillion in jobs by 2040 and $2.7 million by 2025, making us less competitive with China and India. But, as the auditors pointed out, these statistics come from a March 2017 unmasked study that exaggerated the future cost of reducing emissions, underestimated advances in energy efficiency and clean energy technologies, and was completely unaware of the enormous health and economic costs of climate change itself. In a June 1, 2017 televised address in the White House Rose Garden, Trump said, “To fulfill my solemn duty to protect the United States and its citizens, the United States will withdraw from the Paris Climate Agreement,” adding, “Ultimately, the Paris Agreement at the highest level is very unfair to the United States.”  He said that the agreement, if implemented, would cost $3 trillion in GDP and 6.5 million jobs in the United States.  He added that it would “undermine our economy, cripple our workers” and “effectively decapitate our coal industry.”  He said he was open to renegotiating the agreement or negotiating a new agreement, but European and UN leaders said the pact “cannot be renegotiated at the request of one party.”  Trump also criticized the Green Climate Fund and called it a program to redistribute wealth from rich to poor countries.  Recognizing that many developing countries and small island developing states that have contributed the least to climate change are most likely to suffer the consequences, the Paris Agreement contains a plan for developed countries – and others that are capable of doing so – to continue to provide financial resources to help developing countries reduce and increase their resilience to climate change. The agreement builds on the financial commitments of the 2009 Copenhagen Accord, which aimed to increase public and private climate finance to developing countries to $100 billion per year by 2020. (To put it in perspective, in 2017 alone, global military spending amounted to about $1.7 trillion, more than a third of which came from the United States.
The Copenhagen Pact also created the Green Climate Fund to mobilize transformation funding with targeted public dollars.