The stock markets in Europe, the US, the UK, Japan and other major economies will be closed for a day on Saturday to allow the public to vote on a “resignation of power” over global climate change, an unprecedented move that will make it more difficult for the fossil fuel industry to fight climate change and limit global warming.
As of Friday afternoon, about 3.2 million people had signed a petition calling on the European Union and the International Monetary Fund to withdraw from the Paris Agreement, a landmark international climate agreement agreed by nearly 200 countries in Paris last year.
The world’s largest stock markets are scheduled to close on Saturday.
In the US and the UK alone, trading in stocks closed at a record low of about 6.8% on Friday morning, while the Dow Jones Industrial Average closed down about 10%.
The Nikkei 225 index, which measures the broader economy, closed down more than 1%.
In response, the International Energy Agency (IEA) said it was “extremely concerned” about the possibility of a global climate “resignment”.
The global price of fossil fuels rose to an all-time high last year, according to the IEA, and the price of oil, which is used to generate most of the world climate’s emissions, also surged to new all-year highs.
A spokesman for the International Federation of Trade Unions said: “The international trading system needs to be able to work effectively to ensure the fair and efficient functioning of markets, and this is a clear example of the challenges we face.”
We hope the global trading system can be re-engineered to work better for all sectors and countries and will work to improve the conditions of workers, workers’ rights and fair compensation for workers in the global economy.
“The EU’s environment minister, Christiane Taubira, said the EU will take a “positive stance” and urged member states to respect the decision by their governments.
The US Environmental Protection Agency said it would suspend implementation of a plan by the Trump administration to cut greenhouse gas emissions from the US power sector by more than 20% from 2025 to 2030.
The decision came after the US Senate voted to block the White House’s climate change agenda and after the White Houses Climate Action Plan was criticised by environmental groups and the US Chamber of Commerce.US President Donald Trump has repeatedly vowed to roll back the climate progress made under President Barack Obama, who won re-election in 2016 with a promise to reverse the climate-related damage caused by his administration.US officials have previously said the US economy is still benefiting from the policies of the Obama administration.
The EU has been in a state of flux over the past year, with the bloc seeking to get a handle on the fallout from Brexit, the decision to leave the European bloc and the possibility that Germany could follow in Britain’s footsteps.
Last week, the EU also agreed to allow a new round of talks to take place between the EU’s leaders in Brussels, the European Council and the 27 member states of the bloc.EU leaders will also meet on Friday for their first summit since the US election to try to work out how to keep the EU in a reformed, climate-friendly climate deal.