President Donald Trump announced on Thursday that his administration is backing out of the Paris Climate Accord that was agreed upon in 2015 by nearly 200 countries.

Trump said that the pact, which aims to combat climate change by reducing fossil fuel emissions, hurts American citizens and businesses.

"Compliance with the terms of the Paris accord ... could cost America as much as 2.7 million lost jobs by 2025," Trump said.

"As someone who cares deeply about the environment, which I do, I cannot in good conscience support a deal that punishes the U.S.," he added.

He explained that the agreement is a massive redistribution of U.S. wealth to other countries.

Watch Trump's speech above.

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