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Trump's climate decision under fire from business leaders Trump's climate decision comes under fire from business leaders
(35 minutes later)
Share prices rose after President Trump's announcement he would take the US out of the Paris climate deal. US coal producers welcomed President Trump's decision on Thursday to pull the US out of the Paris climate deal.
Several business executives had argued against the move, but President Trump said it would be good for the US economy. The Dow Jones closed up 0.6%. But the move drew criticism from other business executives, who said it would hurt US companies' ability to work abroad and inhibit innovation.
The move was criticised by some business leaders, including GE's Jeff Immelt who said "industry must now lead" on climate change. Mr Trump cast his move as part of a bigger 'America first' agenda, aimed at restoring US jobs in struggling industries.
Tesla's Elon Musk confirmed he will leave the president's advisory council. The Dow Jones closed up 0.6% following the widely expected announcement.
Before Mr Trump formally made the announcement, a slew of major companies issued statements urging him to remain in the deal. Before Mr Trump confirmed he would go ahead with his campaign pledge to withdraw, a slew of major companies issued statements urging him to remain in the deal.
Afterward, they expressed disappointment. After the announcement, they expressed disappointment.
"Climate change is real," tweeted Jeff Immelt, chief at GE. "Industry must now lead and not depend on government." "Climate change is real," tweeted Jeff Immelt, chief executive of GE. "Industry must now lead and not depend on government."
The US withdrawal from the 2015 Paris agreement, negotiated under former US President Barack Obama and signed by 195 countries, makes good on a frequent pledge Mr Trump made on his campaign. Tesla boss Elon Musk confirmed he would quit his seat on White House advisory groups.
The US, which accounts for about 15% of global greenhouse gas emission, had committed to a 26% to 28% reduction from 2005 levels by 2025. He wrote on Twitter "Am departing presidential councils. Climate change is real. Leaving Paris is not good for America or the world."
The US also promised $3bn in aid to poorer countries to tackle climate change problems. Several other major companies, including Morgan Stanley, Unilever, Intel and big tech firms, such as Apple, had opposed withdrawal, saying it would have spurred energy innovation in the US, among other benefits.
In his announcement on Thursday, Mr Trump said the deal, which involved voluntary commitments, put the US at a disadvantage. He said he would be willing to re-sign under different terms. Energy companies including Exxon Mobil and Chevron, had also pressed the administration to remain in the pact.
'They went wild'
Under the deal, the US, which accounts for about 15% of global greenhouse gas emission, had committed to a 26% to 28% reduction from 2005 levels by 2025.
The US also promised $3bn in aid to a United Nations fund to help poorer countries to tackle climate change problems.
In his announcement on Thursday, Mr Trump said the deal, which involved voluntary commitments, put the US at a disadvantage. He said he would be willing to renegotiate under different terms.
"The rest of the world applauded when we signed the Paris Agreement -- they went wild; they were so happy -- for the simple reason that it put our country, the United States of America, which we all love, at a very, very big economic disadvantage," he said.
"They don't put America first," he said. "I do, and I always will."
'Saving coal jobs''Saving coal jobs'
For the US coal lobby, the decision by US President Donald Trump to withdraw from the global Paris agreement on climate change was a win, however. For the US coal lobby, the decision by US President Donald Trump to withdraw from the global Paris agreement on climate change was a win.
Murray Energy, a coal mining company based in Ohio, applauded the move, describing it as an important part of the Trump administration's broader environmental agenda.Murray Energy, a coal mining company based in Ohio, applauded the move, describing it as an important part of the Trump administration's broader environmental agenda.
"In following through on his promise, President Trump is supporting America's uncompromising values, saving coal jobs, and promoting low-cost, reliable electricity for Americans and the rest of the World," chief executive Robert Murray said in a statement."In following through on his promise, President Trump is supporting America's uncompromising values, saving coal jobs, and promoting low-cost, reliable electricity for Americans and the rest of the World," chief executive Robert Murray said in a statement.
Paul Bailey, the president of the coal lobbying organisation American Coalition for Clean Coal Electricity, said the standards established under the Obama administration were too stringent. Paul Bailey, the president of the coal lobbying organisation American Coalition for Clean Coal Electricity, said the standards established under the previous Obama administration were too stringent.
"We support President Trump's decision to withdraw from the Paris agreement," he said. "Meeting President Obama's goal would have led to more regulations, higher energy prices, and dependence on less reliable energy sources.""We support President Trump's decision to withdraw from the Paris agreement," he said. "Meeting President Obama's goal would have led to more regulations, higher energy prices, and dependence on less reliable energy sources."
Musk departs Market reaction
But the view is not shared by everyone. Oil stocks such as ExxonMobil and Chevron climbed on Thursday, as did the overall market.
Major companies, including Morgan Stanley, Unilever, Intel and big tech firms, such as Apple, had opposed withdrawal. The broad S&P 500 share index and the technology index, the Nasdaq, closed at new highs, having already been climbing throughout in the day.
Tesla boss Elon Musk confirmed he would quit his seat on White House advisory groups, repeating a threat he made yesterday. But investors had been expecting President Trump's announcement and reaction was mixed.
He wrote on Twitter "Am departing presidential councils. Climate change is real. Leaving Paris is not good for America or the world." Peabody Energy, the US's largest publicly traded coal company, saw its shares slide 0.66% on Thursday.
Even within the oil and gas industry, companies such as Exxon Mobil and Chevron, had pushed the administration to remain in the pact. Peabody welcomed the decision to leave the Paris accord.
At Exxon's shareholder meeting on Wednesday, chief executive Darren Woods repeated the firm's support for the deal, saying a global challenge requires global solutions. "We believe that abiding by the accord, without significant changes, would have substantially impacted the U.S. economy, increased electricity costs and required the power sector to rely on less diverse and more intermittent energy," the company said.
After the president's announcement, Chevron also said it supported a global framework.
"Reducing greenhouse gas emissions is a global issue that requires global engagement and action," the company said.