Bank of America signed letter backing Paris pact, but stays quiet after Trump’s withdrawal

Bank of America CEO Brian Moynihan was among a group of CEOs who signed a letter to President Donald Trump last month urging him to keep the U.S. in the Paris climate agreement.

But unlike some of his peers, Moynihan hasn’t spoken out since Trump pulled the U.S. from the enviromental action agreement on Thursday. Goldman Sachs CEO Lloyd Blankfein, for instance, used his first-ever tweet to decry the move on Thursday.

“Today’s decision is a setback for the environment and for the U.S.’s leadership position in the world,” the Goldman CEO, who also signed the letter, wrote.

Bank of America did not respond to a request for comment Friday.

Signed in 2015 by 195 nations, the Paris climate agreement was intended to unite global leaders in combating climate change. Trump said the pact imposed unfair environmental standards on American businesses and he wanted to negotiate a better deal for the U.S.

In their May 10 letter, the CEOs wrote that they were concerned about “keeping the doors open for the global flow of American manufactured goods and products.”

“Based on our vast experience doing business all over the world, we believe there is strong potential for negative trade implications if the United States exits from the Paris Agreement,” the letter reads.

The Paris agreement strengthens American competitiveness, benefits manufacturing, supports investment and expands markets for clean-energy technologies, according to the letter.

“Our business interests are best served by a stable and practical framework facilitating an effective and balanced response to reducing global GHG emissions,” the CEOs wrote. “The Paris Agreement gives us that flexible framework to manage climate change while providing a smooth transition for business.”

The CEOs of Tesla, The Goldman Sachs Group, JP Morgan Chase, General Electric, The Walt Disney Group and Morgan Stanley also signed the letter. Procter & Gamble Company CEO David Taylor is a Charlotte native.

Another bank with a big Charlotte presence, Wells Fargo, did not sign the letter. The bank declined to comment Friday.

Moynihan said in a December television interview that the Charlotte-based company is working to combat climate change.

“We believe in the science at Bank of America,” Moynihan said. “We believe we have to get off fossil fuels.”

Trump’s move will have little practical effect on Carolinas businesses, local experts say — power companies are already moving toward cleaner energy processes, and many smaller companies are working to reduce carbon emissions.

This story was originally published June 2, 2017 at 4:37 PM with the headline "Bank of America signed letter backing Paris pact, but stays quiet after Trump’s withdrawal."