Scholz: US dangers lacking financial positive aspects from local weather motion

Germany’s outgoing chancellor Olaf Scholz said he “deeply regretted” the US’ decision to leave the Paris Climate Agreement, and added that ignoring the facts would not make climate change or the country’s responsibilities as history’s biggest greenhouse gas polluter disappear. 

Speaking at the Petersberg Climate Dialogue, where ministers from over 40 nations are gathered to shape the agenda for the  COP30 climate summit in November in Brazil, Scholz (SPD) said pulling back from climate protection meant the US would miss out on “enormous” economic opportunities.  

“The global market for climate-friendly key technologies continues to grow rapidly,” said Scholz, who is acting chancellor until a new German government is formed.  

The meeting comes in the wake of US President Donald Trump’s decision to again pull out of the Paris climate accord and boost oil and gas production at a time when rising temperatures and extreme weather events are breaking records.

Trump’s election and subsequent actions have plunged climate multilateralism into a “deep crisis,” said Martin Kaiser, executive director of Greenpeace Germany.

“The world’s biggest economy not being at the table of the climate negotiations is a big downfall. So, the Petersberg Dialogue is the first conference this year where ministers come together to discuss how to orientate themselves,” he told DW.

Continuing the climate fight without the US

Delegates at the Petersberg talks said they would continue to push for global action. Germany’s outgoing foreign minister Annalena Baerbock said Europe would “seize” green economic opportunities and referred to a recent “historic” agreement her Green Party helped strike to funnel €100 billion ($107 billion) into climate measures. 

Europe will work with “companies and countries in Latin America, Africa and other regions around the world,” said Baerbock, emphasizing that the international community will continue its diplomacy. “If others, such as the United States, decide to stay out of it, that’s their decision,” added Germany’s top diplomat.

Christoph Bals, chief policy officer at the environmental NGO Germanwatch, told DW the rhetoric at the talks had given him hope. 

“It was really a joint acknowledgement to say, ‘when one big emitter and the biggest economy moves out, that’s a real problem, but we have to deal with this and we want to do it together,'” he said.

Ambitious climate plans good for business

UN Secretary-General Antonio Guterres, speaking via video link at the two-day conference, pointed to “enormous” investments in renewables and the economic damage caused by climate change-related extreme weather.  

“Renewables are renewing economies. They are powering growth, creating jobs, lowering energy bills, and cleaning our air. And every day, they become an even smarter investment,” said Guterres, referring to the news that 2024 was a record year for renewables growth.  

Renewable energy like wind and solar accounted for more than 90% of total power expansion last year, according to a report published today by the International Renewable Energy Agency.

Globally, in 2024, there was almost twice as much investment in renewable energies as in fossil fuels, while spending on clean energy technologies and infrastructure hit around $2 trillion, according to the International Energy Agency. 

“The economic case for — and opportunities of — climate action have become ever clearer — particularly for those who choose to lead,” said Guterres. 

A new study by the Organization for Economic Cooperation and Development (OECD) and United Nations Development Program, released Tuesday, showed less climate action today would also damage future economic growth.  

The analysis found accelerated climate action could boost global GDP by 0.2% by 2040 and 3% by mid-century compared with the status quo.

The OECD-UNDP analysissaid targeted climate policies and investment in clean energy and efficiency could cut emissions while stimulating productivity and innovation.

“Any slowdown in climate action risks delaying much-needed investments, weakening economic resilience and increasing climate damages. The cost of insufficient action is clear: it could threaten future development, economic stability, and long-term prosperity,” said the report. Unclear policies could reduce GDP by 0.75% as early as 2030.

Climate progress will depend on driving “finance to developing countries” and submitting ambitious new nationally determined contributions, known as NDCs, said Guterres.

Countries are due to submit their plans outlining new climate objectives up to 2035 ahead of COP30. But so far, just a handful of countries have done so.

World waiting for CO2 reduction targets

“Everybody is waiting for China and the EU. How ambitious will their new climate target be that they will present?” said Bals. “Those are key points where we will see whether this acceleration can really happen, or whether it’s just empty words.”

Speaking with reporters at the Petersberg Dialogue, EU Climate Commissioner Wopke Hoekstra said the bloc would be submitting its latest NDCs “in the near future.” He acknowledged that seeing the US government turn its back on global climate action was “a significant blow.” But, he added, he was confident US climate action would continue in other ways.

“Many US states will continue on the trajectory they were before, red and blue states alike, because they see the logic, because they see the damage being created, because they see the business opportunities,” said Hoekstra.

Hoekstra was also positive that renewable energy and electric vehicles would continue to buoy the economic argument for stronger climate commitments.

The “solutions and opportunities are emerging more clearly than ever,” said Andre Correa do Lago, president-designate of COP30 at the meeting, adding that countries needed to seize developments to remain competitive, while also building resilience and ensuring energy security.

“No country can solve this crisis alone, we must work in partnership to achieve this common goal,” said the veteran climate diplomat. “Commitments alone are not enough, we must hold ourselves accountable to the promises made and ramp up our actions to meet these targets. We cannot afford to wait any longer.”

Update: This story was first published on 25 March, 2025 and was updated on 26 March with the latest news and quotes from the Petersberg Climate Dialogue in Berlin. 

Edited by: Jennifer Collins