The paperwork was formally submitted on Monday as President Donald Trump took the step to legally withdraw the U.S. from the Paris climate accord. While Trump first announced his intention to pull out of the agreement — which Barack Obama unilaterally signed — back in 2017, Monday marked the first day any nation could officially opt out of the deal.

Secretary of State Mike Pompeo explained, “President Trump made the decision to withdraw from the Paris agreement because of the unfair economic burden imposed on American workers, businesses and taxpayers by U.S. pledges made under the agreement.” Pompeo added, “The United States has reduced all types of emissions, even as we grow our economy and ensure our citizens’ access to affordable energy.”

Indeed, the U.S. has led the world in reducing emissions, while other major polluters like China continue seemingly unchecked even though they signed onto the Paris agreement. Predictably, however, Democrats decried Trump’s decision as a “willful abdication of U.S. leadership.” Yet Myron Ebell, director of Competitive Enterprise Institute’s Center for Energy and Environment, argues that it’s just the opposite. Withdrawal allows the U.S. to “reclaim its sovereign right to set its own energy policy,” he says. “This is a great day for America, particularly for the future economic success and security of countless Americans.”

Indeed this is good news for Americans — the deal would have cost an average American family of four an estimated $20,000 in higher energy prices over the next 15 years. Furthermore, it would have led to a loss of 400,000 manufacturing jobs. Ironically, abiding by the Paris restrictions would make no discernible impact on the global climate. In other words, it amounted to $2.5 trillion climate virtue signal. Thankfully, Trump is acting to putting an end to this nonsense.

The process of withdrawing from the agreement will be completed a year from now, one day after the 2020 presidential election.