Letter signed by nearly 500 business executives, entrepreneurs, and investors says failure to restore Paris Agreement threatens America’s economy, global leadership
WASHINGTON (May 1, 2019) – In a letter delivered to every member of the U.S. House of Representatives, nearly 500 business leaders from across the country urged legislators to support the passage of H.R. 9 (the Climate Action Now Act) and restore the U.S.’s commitment to the Paris Agreement.
The letter, organized by the national non-partisan business group E2 (Environmental Entrepreneurs) notes that achieving the emissions reductions goals of the agreement is an economic imperative for the U.S., and will help ensure that America stays competitive in the global economy in sectors ranging from energy to transportation to agriculture.
Studies show that delivering on the landmark Paris Agreement would unlock at least $19 trillion in economic growth globally.
The House is expected to vote on H.R 9 this week. The legislation which would stipulate that no money could be spent by the Trump administration to withdraw from the Paris Agreement, and also directs the administration to develop a plan for America to live up to its promises under the agreement to cut climate pollution and greenhouse gas emissions by 26-28 percent below 2005 levels by 2025.
“Business leaders support the Paris Agreement because it sends a signal to the rest of the world that America is still part of the 21st century economy,” said Bob Keefe, E2 executive director. “By replacing dirty energy with clean, renewable energy and energy efficiency, we not only reduce our carbon emissions and meet our promises to the world, but we create jobs, attract investments and drive growth throughout our economy.”
According to E2’s Clean Jobs America 2019 report, nearly 3.3 million Americans currently work in clean energy industries such as solar, wind, energy efficiency, electric vehicles and battery storage.
By increasing clean energy and reducing pollution to meet the goals of the Paris Agreement, those types of jobs will only increase – as long as America doesn’t pull out of the plan.
Global clean energy investments surpassed $300 billion for the fifth year in a row in 2018 and is set to grow, with America’s share estimated at $200 billion annually. This economic activity is projected to drive an additional $26 billion in U.S. GDP growth alone by 2020.
For more information, please contact Michael Timberlake at (202) 289-2407, mtimberlake@e2.org.
Additional Information:
- May 1, 2019 Letter to U.S. Congress | E2
- Paris accord could make the world $19 trillion richer | Bloomberg New Energy Finance
- Nearly 3.3 Million Americans Work in Clean Energy | E2 Clean Jobs America 2019
- Why climate change is going to clobber our economy if we don’t act now | E2 Experts Blog
- Withdrawing from Paris Agreement Hurts American Workers, Businesses | E2 Statement (March 27, 2019):
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Environmental Entrepreneurs (E2) is a national, nonpartisan group of business leaders, investors, and professionals from every sector of the economy who advocate for smart policies that are good for the economy and good for the environment. E2’s Pacific Northwest Chapter has been active in passing smart environmental policy for 10 years. Our members have founded or funded more than 2,500 companies, created more than 600,000 jobs, and manage more than $100 billion in venture and private equity capital. For more information, see www.e2.org or follow us on Twitter at @e2org.