But these traditional energy companies have a vested financial interest in the Paris deal. That's because COP21's crack down on carbon emissions favors natural gas, which emits much less pollution than coal. While Exxon, BP and Shell are primarily identified as oil companies, they are actually diversified energy firms that rely heavily on natural gas to make money.
Bjorn Lomborg: 'The primary measure America offered to achieve the promised (UN emission) cuts was the Clean Power Plan. Yet this plan, even if fully enacted, would have achieved just a third of the U.S. promises under the Paris Agreement. If it had remained in effect for the entire century, my peer-reviewed research using UN climate models found that it would have reduced temperature rises by an absolutely trivial 0.023 Fahrenheit at the end of this century.'
'The UN treaty is nothing but a paper tiger: Its only legal underpinning is that all nations submitted promises — but those promises do not need to be kept.'
'Even if every nation fulfilled everything promised — including Obama’s undertakings — it would get us nowhere near achieving the treaty’s much-hyped, unrealistic promise to keep temperature rises under 1.5 degrees C. The U.N. itself has estimated that even if every country lived up to every single promised carbon cut between 2016 and 2030, emissions would be cut by just one-hundredth of what is needed to keep temperature rises below 2 C.'
'The underlying problem with the treaty is that today’s green solar and wind technology is still very inefficient, requiring hundreds of billions in annual subsidies for trivial carbon cuts. Therefore, trying to cut emissions significantly requires not just buying off poor nations, but also very high costs.'
'Moreover, many poor nations signed up to the treaty largely because of a promise of $100 billion a year of "climate aid" from rich nations, starting from 2020. Over the past five years, rich countries have managed to come up with only a 10th of one year’s promise.'
“Who needs EPA regulations or UN treaties to reduce carbon dioxide emissions?” said Climate Depot publisher Marc Morano, a staunch opponent of the Paris accord. “Emissions are slowing due market forces, technology driven efficiency and of course—fracking.”He added that if “climate activists were intellectually honest, they would be singing the praises of fracking as the most effective way to reduce emissions. Fracking has put the UN climate agreement out of business.”