President Donald Trump confirmed June 1 at the White House rose garden that he will initiate a U.S. withdrawal from the Paris Agreement on climate change, calling the agreement a "bad deal" for Americans that "accomplishes little for the climate," according to talking points released before the announcement.
The announcement followed days of reports that Trump planned to exit the global climate pact. The decision fulfills one of the president's key campaign pledges for the energy sector, which he had vowed to free from Obama administration regulatory requirements.
The U.S. joined roughly 200 other countries in signing the Paris deal in December 2015. The nonbinding agreement sought to cap the average increase in global temperatures to 2 degrees Celsius above preindustrial levels. As part of the pact, the U.S. agreed to cut its economy-wide greenhouse gas emissions by 26% to 28% from 2005 levels by 2025.
More to come from S&P Global Market Intelligence.