Everyone who is working toward transforming to a cleaner energy economy acknowledges that the transition might be painful. However, they also assert that the gain, saving the world from the worst effects of climate change, will justify the pain.

In early December, leaders from around the world met in Paris to come to an agreement to slash global emissions and limit the rise of global temperatures to no more than 2 degrees Celsius above pre-industrial levels.

On December 12, 196 of those countries approved the resulting deal. I believe that our country spent a considerable amount of U.S. political capital around the world to secure the deal.

The resulting deal and the EPA Clean Power Plan (CPP) that will be used to achieve the U.S. portion of the goal could have serious consequences for the U.S. economy and our energy prices. As I understand the agreement, I don’t see similar consequences for our main global competitors. In other words, our pain could really be their gain.

The deal sets emissions targets and asks participating countries to re-evaluate their targets every 5 years. Developed countries like the U.S. are expected to slash their emissions in absolute terms; developing nations are simply “encouraged” to do so as their capabilities evolve.

The cost burdens are not necessarily equally shared either. The agreement says that wealthy countries, like ours, will offer financial support to help poor and developing countries reduce their emissions and adapt to climate change. These are the same countries that are “encouraged” to make and meet their emissions targets.

While no dollar amounts are listed in the agreement, wealthy nations previously pledged at least $100 billion annually in climate finance by 2020. These numbers are probably low, the United Nations estimates upward of $1 trillion a year in spending is required to work toward de-carbonizing the global economy.

Those are our tax dollars leaving our economy to fund loosely defined emissions reductions in countries that produce many of the manufacturing goods against which our US businesses compete.

Don’t get me wrong, I think combatting climate change is a worthy goal. And, I think the U.S. needs to continue to support investment in the technological advances that will ultimately transition our energy economy.

However, the Paris Climate Accord isn’t going to do that. Most experts agree that the initial targets will not put the world on a path to meet the long-term temperature goal. Bjorn Lomborg, a world-renowned economist, recently released a peer-reviewed study that shows that even if more than 190 nations implement their pledges, it will result in a reduction in global temperature of just one-sixth of a degree Celsius by 2100.

So, I worry that the U.S. is putting global interests over U.S. interests. This is a potential problem. Could we have better used our political capital toward other issues of national importance? Should we be pledging significant actual capital to transforming energy outside our borders?

Yes, Paris is a world away. Yes, we all have something to gain by a cleaner environment. I simply hope that the U.S. isn’t left standing alone and absorbing all the pain.

Tony Anderson