Jun 2, 2017

U.S. cities commit to the Paris accord after Trump withdraws

Charlie Riedel / AP

The decision is galvanizing opponents in a way that neither side fully anticipated, with a drive under way to meet the U.S. commitments in spite of Trump.

N.Y. Times p. A12, "Bucking Trump, These Cities, States and Companies Embrace Accord," by Hiroko Tabuch and Henry Fountain:

"Representatives of American cities, states and companies are preparing to submit a plan to the United Nations pledging to meet the United States' greenhouse gas emissions targets under the Paris climate accord, despite President Trump's decision to withdraw from the agreement."

"The unnamed group — which, so far, includes 30 mayors, three governors, more than 80 university presidents and more than 100 businesses — is negotiating with the United Nations to have its submission accepted alongside contributions to the Paris climate deal by other nations." Politico later noted that the group is called the United States Climate Alliance.

Governors from California, New York and Washington are all part of the alliance. The three states contributed a collective 11% of carbon emissions in 2014, per Politico.

"Bloomberg Philanthropies, Mr. Bloomberg's charitable organization, is offering to donate $14 million over the next two years to help fund the budget should it be needed, a spokeswoman said. That figure represents the United States' share, she said."

Go deeper

SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.