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Within the first two days in office, United States President Joe Biden made large environmental progress by recommitting the US to the Paris climate agreement following former President Donald Trump’s rejection of the environmental pact. While the US has a lot of catching up to do, the executive order is the first step in reintegrating the US in the climate change conversation. Furthermore, it puts the US back on track to regulate carbon emissions as a means of controlling atmospheric temperatures and subsequent global warming.
When the US backed out of the Paris climate agreement through an executive order by President Trump, the legitimacy of the agreement was challenged. Second only to China in CO2 emissions, the US has a large role to play in limiting emissions in order to keep global temperatures within livable conditions. When the US backed out, the likelihood of reaching environmental targets diminished greatly. Even so, countries like China and the European Union stepped up despite US absence from the agreement; China has announced carbon neutrality by 2060, and the EU continues to implement regulations that bolster a green economy. Most notably, the new Sustainability Disclosure Regulation which impacts the financial sector.
In addition to the Paris Climate Agreement, President Biden has also started the process of reinstating environmental regulations across sectors and agencies that had experienced roll backs during the Trump Presidency. Throughout his term, Trump reversed nearly 100 environmental rules and regulations. Now, President Biden has ordered various governmental agencies to begin undoing the roadblocks and deregulation that President Trump implemented throughout his term.
While the process of reintroducing environmental regulations on both a domestic and international level will take time to implement, President Biden has made climate one of his top priorities by immediately addressing the Paris climate agreement and other agency protections within his first day in office. Furthermore, many states, businesses, and organizations across the US chose to adhere to Paris climate agreement standards despite national deregulation. These entities will now be at an advantage in responding to the implementation of further climate regulations.
At Physis, we are committed to the environmental regulations that will help bolster a more resilient, climate first future. Our investment portfolios are tailored to meeting climate change head on, join us.
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