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The June 1, 2017, announcement that the U.S. government intends to withdraw from the 2015 Paris Climate Agreement barely budged energy stocks, coming as it did after five months of dismantling environmental regulation.
Outside the markets, however, the announcement was greeted with a firestorm of international media coverage, condemnation and support, and cheering and hand-wringing from every corner.
Now, the withdrawal may not have much immediate effect. As I said, the markets took it in stride, and it will take at least four years - longer than Trump has left in his first term of office - for the United States to exit the agreement.
But this reshuffling of priorities does mean that America is giving up a leadership position in the absolute fastest-growing, most potentially lucrative segments of the energy sector...
I mean wind and solar, of course.