US Inc upset with Trump's Paris move

Disney's Iger and Tesla's Musk quit President's business council

Captains of industry, corporations and business groups distanced themselves from the White House on Thursday, as many expressed frustration with President Donald Trump’s decision to withdraw from the Paris climate accord.

The reactions from across the business world — including oil producers, the tech sector and finance — stood apart from Trump’s portrayal of the decision as a needed corrective to rules that could stymie commerce.

Disney Chief Robert Iger followed suit, saying he was resigning from the panels “as a matter of principle.” 

“Protecting our planet and driving economic growth are critical to our future, and they aren’t mutually exclusive,” he said in a statement. “I deeply disagree with the decision to withdraw from the Paris Agreement and, as a matter of principle, I’ve resigned from the President’s advisory council.”

Musk said he would follow through on his earlier pledge to quit the council should Trump abandon Paris. “Climate change is real,” he tweeted. “Leaving Paris is not good for America or the world.”

Other tech and industrial sector representatives expressed frustration with the White House’s decision and pledged to continue working to combat global warming.

“Disappointed with today’s decision on the Paris Agreement,” Jeff Immelt, CEO of General Electric, wrote on Twitter.

“Industry must now lead and not depend on government.” The Information Technology Industry Council was equally scathing.

“This is clearly disappointing, and a setback for America’s leadership in the world,” ITI President Dean Garfield said in a statement.

“Despite this, the tech industry’s determination to innovate and problem-solve for the threats posed by climate change and generate clean energy opportunities that create jobs and grow our economy remains unchanged.” In his first ever tweet, Goldman Sachs CEO Lloyd Blankfein called the decision a “setback” for the environment and for US global leadership.

The statement created clashing appearances, with several former Goldman bankers having taken on important roles in the administration, including former Chief Operating Officer Gary Cohn, who was present for Trump’s announcement in the White House Rose Garden.

Oil super majors ExxonMobil and Chevron reiterated their support for the endangered agreement, while automaker General Motors said the White House’s decision would not lessen its resolve on the climate.

“GM will not waver from our commitment to the environment and our position on climate change has not changed,” the company said in a statement.

“International agreements aside, we remain committed to creating a better environment.”

Chevron spokeswoman Melissa Ritchie said her company “supports continuing with the Paris Agreement as it offers a first step towards a global framework.”

The accord aligns with the company’s own policy on carbon emissions, she said.

An Exxon spokesman said the 2015 accord was “critical” given the rising emissions from India and China.

“It’s the first major international accord to address climate change that includes emissions reduction pledges from both developed and developing economies,” he told AFP.

“To everyone for whom the future of our planet is important, I say let’s continue going down this path so we’re successful for our Mother Earth”- Angela Merkel, German Chancellor

 

“We believe that the United States is well positioned to compete within the framework of the Paris agreement.” The US Chamber of Commerce, a business lobby, said had it had not taken a position on the Paris Agreement but favoured policies that both promoted energy production and protected the environment.

“America should choose a path for an energy future that is achievable, affordable and most importantly meaningful,” the organisation said in a statement.

Michael Bloomberg, founder and majority owner of Bloomberg, is organising a group of American states, cities and businesses to meet the emissions targets under the Paris accord.

“We’re going to do everything America would have done if it had stayed committed,” Bloomberg said in an interview with the New York Times.

Virgin Group founder Richard Branson’s response was, perhaps, the most personal: The decision, he wrote, made him “want to cry.” BlackRock CEO Laurence D Fink said he will remain a member of the White House’s CEO forum, while disagreeing with the withdrawal plan.

“I do not agree with all of the President’s policies and decisions, including today’s announcement to exit the US from the Paris Agreement which I believe is a critical step forward in addressing climate change,” Fink said in an emailed statement on Thursday. “I will continue on the CEO forum as long as I believe there is the potential to have a positive impact.”

Dow CEO Andrew Liveris, meanwhile, stopped short of walking away from his role on the panel Musk and Iger abandoned. 

While Liveris wrote in an email that he was disappointed with Trump’s decision, he said he understands “there are always many potential solutions to challenges and are eager to work toward alternative solutions.”

Even Twitter’s leader felt the need to respond. “This is an incredibly shortsighted move backwards by the federal government,” tweeted CEO Jack Dorsey. “We’re all on this planet together and we need to work together.”

Facebook CEO Mark Zuckerberg also took to his own platform to register his objection. He said the decision was “bad for the environment, bad for the economy, and it puts our children at risk.” He said the world’s largest social networking platform has committed to powering all new data centres it builds with 100 per cent renewable energy.

Sundar Pichai, Google’s CEO tweeted that he was disappointed with the decision on the Paris agreement and that the company will “keep working hard for a cleaner, more prosperous future for all.”

EBay CEO Devin Wenig also vowed to keep his company’s commitment to “doing our part on climate change” in a tweet that also said he was disappointed with the decision on the Paris pact.

“There is no reverse gear to energy transition. There is no backsliding on the Paris Agreement” Jean-Claude Juncker- President, European Commission

 

Conoco, the world’s largest independent oil producer by market value, also expressed support for the climate agreement on Wednesday. “It gives the US the ability to participate in future climate discussions to safeguard its economic and environmental best interests,” spokesman Daren Beaudo said in an email. BP CEO Bob Dudley, speaking on Bloomberg Television Thursday, said “We’ve got to transition the world to lower-carbon forms of energy.”

Opec Secretary-General Mohammad Barkindo emphasised the difficulty of keeping global warming below international targets without US cooperation.

“To achieve our common goal of 2 degrees Celsius or below without the US to me looks very challenging, and almost a task that the world will have to revisit this agreement in subsequent COPs,” he said at the St Petersburg International Economic Forum in Russia.

Melbourne-based BHP Billiton, the world’s largest mining company, said the withdrawal plan “does not impact our long-held support for the agreement.” The company will “share market experience to support governments in delivering the changes in policy and regulation required to successfully address climate change,” it said Friday in an emailed statement.