Paris Climate Agreement without US: The salvation of the world must be worthwhile

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"Hundreds of billions of dollars are ready to be used around the world when they get the signal that we're serious this time around. Let's put that token."
Barack Obama, then US President, at the opening of the Paris Climate Conference 2015

Many people do not want to know about the climate catastrophe. Some people, despite ever new record temperatures, do not want to believe that our planet is heating up at all. Others doubt that humanity is responsible - though scientists prove again and again that the burning of coal, oil and gas causes most of the warming. Still others hope that creative engineers will master new technologies - and that we somehow get a grip on the consequences of the climate crisis.

That's the way it is now, because the US government has officially withdrawn from the world climate treaty of Paris. We are comforted by the fact that about half of the US states and large cities want to comply with the agreement despite national termination and further reduce their emissions. Governors and mayors adopt more stringent climate change rules locally. That the share of coal in US electricity production is falling. All this is admirable and commendable.

But let's face it: The decisive message of Paris has destroyed Donald Trump. It read: We, the leaders of the world, really mean it this time. We agree that climate change threatens us all. And we will now initiate the turn towards a low-carbon economic system - an irreversible turnaround.

The big money is needed more than ever

This message was addressed to big business. It should convince state and pension funds, insurance and banking corporations that they can redirect their billions and billions: out of coal and oil, into the development of low-emission future technologies. And it should make it clear to investors that they can make good money with it. Because little motivates people more than the prospect of wealth.

But now the president shuns the biggest economic power. And the investors? Doubt at the Embassy of Paris. In the first half of 2019, they provided only 118 billion dollars for renewable energy projects, the analysis house Bloomberg New Energy Finance has determined. That was a seventh less than in the same period last year. And the lowest value in six years.

The big money would now be needed more than ever to accelerate research and development. In order not to miss the Paris-vowed goal of limiting heating to 1.5 degrees as much as possible, states are only allowed to release just under 400 billion tons of CO2. At current output, this amount would have been reached in about nine years. And the carbon budget for the two-degree target would be used up in about 26 years. But instead of sinking, global emissions are rising. Further and further.

The warning call has died down

The pledges of the states of Paris are far from enough for the two-degree target, only a few governments are losing ground. Most recently, the climate coalition of the Grand Coalition has shown how much politicians are afraid of undermining sections of the population with fundamental changes. The fact that the major US issuer no longer participates in strengthens the brakes in smaller states, which claim that the national contribution is anyway too insignificant to save the global climate.

Investors realize that politicians are not so serious about climate protection. Before the New York UN Summit in September, more than 500 of the world's largest financial administrators called on leaders to end subsidies for fossil fuels, shut down coal-fired power plants, and earn significant greenhouse gas emissions. And, of course, to encourage private investment for low-emission energy production.

It was a warning call. He probably died. But as long as politicians no longer risk climate protection, investors will not invest significantly more money in climate protection. You could earn from him. Or pay with us all for the disaster.