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Experts Warn of ‘Devastating’ Economic Impact of Rejoining Paris Climate Accord

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Experts Warn of ‘Devastating’ Economic Impact of Rejoining Paris Climate Accord

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The United States rejoining the Paris climate agreement as it stands now will have devastating economic consequences, with little actual environmental benefit, according to experts. President Joe Biden on Jan. 20 signed an executive order to rejoin the global pact, one of his first major moves as president. According to the United Nations, developed countries under the agreement should “take the lead in providing financial assistance to countries that are less endowed and more vulnerable,” while also encouraging voluntary contributions by other countries. While “well intentioned,” the agreement was flawed economically and environmentally from the get-go, according to Nicolas Loris, the deputy director of the Thomas A. Roe Institute for Economic Policy Studies at the Heritage Foundation. “It will be very costly for Americans families and business because 80 percent of our energy needs are met though carbon-emitting conventional fuels,” Loris told The Epoch Times. “Regulating them and subsidizing alternatives is going to …

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