Just a few years ago, the US business world was using all its weight to impede climate talks, notably leading to the collapse of a 2009 summit in Copenhagen.
Trump pledged during his presidential campaign to withdraw the US from the pact immediately after taking office, but had wavered on the issue since winning the election.
CBS News has learned the president has told his advisors he will withdraw the US from the agreement.
A pullout by Washington would deal a devastating blow to global efforts to combat climate change less than 18 months after the historic 196-party pact was signed in Paris.
The United States, along with more than 190 other countries, signed the agreement to reduce greenhouse gas emissions in 2015. Our energy policies are contributing to rising ocean levels, more violent storms, and shrinking resources. In it the USA had agreed to reduce its emissions by 26 percent by 2025 when compared to levels in 2005 - about 1.6 billion tons. The president has yet to make an official decision, but confirmed on his Twitter account that an announcement would be made within days.
That's what Trump says in a tweet, and he adds: "MAKE AMERICA GREAT AGAIN!"
White House officials cautioned that details were still being hammered out and that, although close, the decision on withdrawing from the 195-nation accord - agreed to in Paris in 2015 - was not finalized.
Following Tesla (tsla) CEO Elon Musk's suggestion that he would quit his positions on several White House advisory councils if Trump's decision is to exit the deal, as has been widely reported, other firms and business leaders have also come out in favor of the pact.
US coal company shares slumped alongside renewable energy stocks.
Pulling the United States from the accord could further alienate American allies in Europe already wary of Trump and call into question USA leadership and trustworthiness on one of the world's leading issues.
It was described by former US President Barack Obama as "a turning point for our planet".
ConocoPhillips thinks that being part of the Paris Agreement allows the U.S.to continue having a role in shaping efforts to reduce carbon emissions. German Chancellor Merkel said it was "very unsatisfactory".More news: Are Analysts Bullish about Grainger PLC (LON:GRI) after last week?
More news: Speaker says Illinois Legislature will miss budget deadline
More news: Japan launches rocket with satellite to build its own GPS
If President Donald Trump pulls the United States out of the Paris climate agreement, it likely won't be a quick, overnight process.
Other major tech companies, including Apple, Facebook, Google and Salesforce, have put their names to a full-page ad that will run on Thursday in the New York Times and the Wall Street Journal, calling on Trump to "advance U.S. interests by remaining a full partner in this vital global effort".
"For you skeptics out there", Edwards said, "our own defense department says this is going to cost us tens of billions of dollars a year in maintenance on our naval bases and other military facilities because of climate change and sea level rise".
US allies rallied behind the Paris accord on Wednesday.
Though it remains the largest global carbon emitter, China also leads the world in total installed solar and wind capacity.
Trump's daughter, Ivanka, favours staying in, the official said, and she has sought to ensure her father heard all sides in the debate.
Tajani said earlier he would confer with Tusk and Juncker about "joint initiatives to be adopted together as a European Union" to offset the decision.
But Trump has insisted that the accord costs the US economy trillions of dollars and thousands of jobs, while producing few tangible benefits. For him, a withdrawal might be a way of making good on his pledge to put "America First", ahead of global obligations negotiated by his predecessors.
Deese said if the US pulls out, it will lose an important opportunity to add jobs and economic growth as a leader in the clean energy economy.
Under Trump, who once called climate change a "hoax", the country has resisted intense pressure from its partners to commit to respecting the global accord.
Some Republicans have argued the agreement isn't fair to the United States and have warned the president that it could be used as a weapon by environmental groups seeking to fight Trump's policies.
India and Spain on Wednesday expressed their commitment to fighting climate change and reiterated their support for implementing the Kyoto and Paris accords.
The Trump administration could withdraw from the entire United Nations Framework Convention on Climate Change, an global treaty ratified by the US Senate and signed by President George H.W. Bush in the 1990s.