By Valerie Volcovici and Jasper Ward

WASHINGTON (Reuters) -President Donald Trump will once again withdraw the United States from the Paris climate deal, the White House said on Monday, removing the world’s biggest historic emitter from global efforts to fight climate change for the second time in a decade.

The decision would place the United States alongside Iran, Libya and Yemen as the only countries in the world outside the 2015 pact, in which governments agreed to limit global warming to 1.5 degrees Celsius above pre-industrial levels to avoid the worst impacts of climate change.

The announcement, in a document from the White House, reflects Trump’s skepticism about global warming, which he has called a hoax, and fits in with his broader agenda to unfetter U.S. oil and gas drillers from regulation so they can maximize output.

The United States is already the world’s top producer of oil and thanks to a years-long drilling boom in Texas, New Mexico and elsewhere fueled by fracking technology and strong global prices since Russia’s invasion of Ukraine.

Trump also withdrew the U.S. from the Paris deal during his first term in office, though the process took years and was immediately reversed by the Biden presidency in 2021. The withdrawal this time around is likely to take less time – as little as a year – because Trump will not be bound by the deal’s initial three-year commitment.

This time could also be more damaging to global climate efforts, said Paul Watkinson, a former climate negotiator and senior policy advisor for France.

The U.S. is currently the world’s second-biggest greenhouse gas emitter behind China and its departure undermines global ambition to slash those emissions.

“It will be harder this time because we are in the thick of implementation, up against real choices,” Watkinson said.

The world is now on pace for global warming of more than 3 C by the end of the century, according to a recent United Nations report, a level scientists warn would trigger cascading impacts like sea level rise, heat waves, and devastating storms.

Nations have already been struggling to make steep cuts to emissions required to lower the projected temperature increase, as wars, political tensions and tight government budgets push climate change down the list of priorities.

Trump’s approach cuts a stark contrast to that of former President Joe Biden, who wanted the United States to lead global climate efforts and sought to encourage a transition away from oil and gas using a combination of subsidies and regulations.

Trump has said he intends to unwind those subsidies and regulations to shore up the nation’s budget and grow the economy, but has insisted he can do that while also ensuring clean air and water in the United States.

Li Shuo, an expert in climate diplomacy at the Asia Society Policy Institute, said the U.S. withdrawal risks undermining America’s ability to compete with China in key clean energy markets like solar power and electric vehicles.

“China stands to win, and the U.S. risks lagging further behind,” he said.

New York, New York–(Newsfile Corp. – January 20, 2025) – WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Customers Bancorp, Inc. (NYSE: NYSE:) between March 1, 2024 and August 8, 2024, both dates inclusive (the “Class Period”), of the January 31, 2025 lead plaintiff deadline in the securities class action first filed by the Firm.

SO WHAT: If you purchased Customers Bancorp securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Customers Bancorp class action, go to https://rosenlegal.com/submit-form/?case_id=28067 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 31, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action (WA:) Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Customers Bancorp had inadequate anti-money laundering practices; (2) as a result, it was not in compliance with its legal obligations, which subjected it to heightened regulatory risk; and (3) as a result, defendants’ statements about Customers Bancorp’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Customers Bancorp class action, go to https://rosenlegal.com/submit-form/?case_id=28067 call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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Attorney Advertising. Prior results do not guarantee a similar outcome.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237660