Coal, solar stocks fall as USA set to ditch Paris climate deal

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Trump did not confirm the decision, but said he would make an announcement "over the coming days".

The U.S.is one of the world's top offenders when it comes to Carbon dioxide emissions from fossil fuel use and other industrial processes.

Once in power, Trump and Pruitt have moved to delay or roll back federal regulations limiting greenhouse gas emissions while pledging to revive the long-struggling US coal mines.

Trump promised during his presidential campaign to pull the US out of the deal, which was signed by almost 200 nations. The leaders of the other G7 nations - France, Japan, Canada, the United Kingdom and Italy - all urged Trump to remain a part of the 2015 agreement. Tillerson had argued to Trump in their discussions about Paris that scrapping the agreement could damage U.S. negotiating power.

China has been a vocal advocate for climate action in recent months, a change from its previous "climate bad boy" reputation, Li Shuo of Greenpeace China told reporters today. That came after his presidential campaign in which he called the alliance obsolete and questioned whether the USA should come to the defense of other members.

The meetings inside the West Wing had been contentious, sources told CNN, as aides expressed their deep grievances over the climate agreement that President Barack Obama helped broker with every country except Syria and Nicaragua.

Make no mistake, leaving the de facto leader of Europe staring into a half-empty beer stein and reassessing everything she and her fellow Europeans thought they knew about the world order and America's role in it was a major victory for Trump.

Steve Bannon, Trump's chief strategist and the former head of Breitbart, had pressed Trump to stick with his campaign promise and leave the deal.

Additionally, because the USA is such a large producer of carbon emissions, it would call into question whether the collective efforts of the rest of the world could actually make enough of a difference to avoid climate disaster without United States participation.

Third, on the environment, Trump moved further in the direction of abandoning the U.S. commitment to fighting global climate change, which, despite all scientific consensus to the contrary, he has in the past, derided as a "hoax".

Trump's top aides have been divided on the accord. Elon Musk, the tech billionaire and founder of Tesla, tweeted earlier this month that he spoke with Trump about sticking with the deal.

But his closest staff is riven, and last week 22 Republican senators wrote to Trump imploring him to exit Paris.

But those voices were tempered by conservatives who argue the agreement harms American jobs and punishes United States taxpayers.

He said solar power grew 50 percent past year, with China and the United States in the lead, and in both those countries "new renewable energy jobs now outstrip those created in the oil and gas industries". And leaders from coal-producing states have pressed Trump to uphold his vows to cancel USA commitments to Paris.

In a slightly more cautious report, CBS says the president is expected to withdraw from the accord, but has also has discussed with senior White House staff an effort to renegotiate the agreement with an eye to making its provisions less onerous to US industry.

The agreement, formally known as the United Nations Framework Convention on Climate Change, focuses on ways to reduce greenhouse gases emissions. "It creates the mechanism, the architecture, for us to continually tackle this problem in an effective way".

Trump's administration has already begun the process of killing Obama-era climate regulations.

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