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U.S. withdrawal from the world's primary climate pact will have a bigger impact - in the U.S. and globally - than the country's first retreat in 2017, analysts and diplomats told Reuters.

DAVOS, Switzerland — As expected, day two of the World Economic Forum at Davos, Switzerland, witnessed strong responses to U.S. President Donald Trump’s decision to withdraw from the Paris climate agreement, with European leaders stating in no uncertain terms that they will hold fort and remain a part of the global climate pact.

US President Donald Trump announced on Monday that the United States will withdraw from the Paris Climate Agreement for a second time, a move experts warn will undermine global climate efforts, harm the US' international reputation, and result in lost economic opportunities for the country.

US exit could provide green investment opportunities for UK - but Labour will also face an emboldened domestic opposition to climate policies

EU chief Ursula von der Leyen said the 27-nation bloc will stick to the landmark Paris climate accord, despite President Trump's decision to withdraw from the agreement.

Ursula von der Leyen, President of the European Commission, speaks at the Annual Meeting of World Economic Forum in Davos, Switzerland