President Donald Trump on Thursday pulled the U.S. out of an historic accord aimed at combating climate change, breaking with the overwhelming majority of the world's countries.
The accord is "the latest example of Washington entering into an agreement that disadvantages the United States to the exclusive benefit of other countries", Trump told the American public from the Rose Garden.
"In order to fulfill my solemn duty to protect America and its citizens, the United States will withdraw from the Paris Climate Accord," he said to applause, "but begin negotiations to re-enter either the Paris Accord, or an really entirely new transaction on terms that are fair to the United States, its businesses, its workers, its people, its tax payers."
As part of Trump's decision, the U.S. will immediately halt contributions to the Green Climate Fund, a UN body that helps developing countries adopt climate-friendly policies.
Former President Barack Obama, who spearheaded the Paris effort, slammed his successor's decision, saying the countries still within the agreement will "reap the benefits in jobs and industries created.
"Even in the absence of American leadership; even as this Administration joins a small handful of nations that reject the future; I’m confident that our states, cities, and businesses will step up and do even more to lead the way, and help protect for future generations the one planet we’ve got," he said.
The U.S. under Obama was one of 195 original signatories to the Paris Climate accord, which seeks a gradual reduction in global carbon emissions to fight the increased temperatures and destructive weather patterns collectively known as climate change.
Scientists warn that a two degree Celsius (3.6 degree Fahrenheit) increase in global temperatures could have dire effects.
Opponents of the deal have said it will hamper America's economic growth and cost jobs.
Trump said it "handicaps" the U.S. economy "while imposing no meaningful obligations on the world's leading polluters".
Washington now joins Syria and Nicaragua as the accord's sole detractors.
Scores of U.S. business leaders earlier this week urged Trump to remain in the agreement, including tech savant Elon Musk who sits on Trump's business counsel. Musk said that should Trump choose to renege on the agreement he would have no choice but to step down from the position.
He confirmed the move on Twitter shortly after Trump's address, writing "Climate change is real. Leaving Paris is not good for America or the world."
During his election campaign Trump called global warming "a hoax" and promised to scrap the agreement.
General Electric CEO Jeff Immelt also weighed in saying he is "disappointed with today’s decision on the Paris Agreement.
"Industry must now lead and not depend on government," he added on Twitter.