Trump signed the order at the Environmental Protection Agency (EPA), keeping his campaign promise to support the coal industry.
Trump said the order will "eliminate federal overreach" and "start a new era of production and job creation".
"With today's executive action, I am taking historic steps to lift the restrictions on American energy, to reverse government intrusion and to cancel job-killing regulations," Trump said after signing the order.
"My action today is the latest in the series of steps to create American jobs and to grow American wealth. We're ending the theft of American prosperity and rebuilding our beloved country," Trump said.
"This executive order will help to ensure that we have clean air and clean water without sacrificing economic growth and job creation," he said.
The order directs all agencies to conduct a review of all regulations, rules, policies and guidance documents that put up roadblocks to domestic energy production.
The order directs the EPA to take several actions to reflect the President's environmental and economic goals, including a review of the new performance standards for coal- fired and natural gas-fired plants that amount to a de facto ban on new coal plant production in the US.
"We are going to start a new energy revolution, one that celebrates American production on American soil. We want to make our goods here, instead of shipping them in from other countries. All over the world, they ship in, ship in, take the Americans' money, take the money, go home, take our jobs, take our companies, no longer folks, no longer," he said.
"We believe in those really magnificent words, made in the US. We will unlock job producing natural gas, oil and shale energy. We will produce American coal to power American industry. We will transport American energy through American pipelines made with American steel, made with American steel, can you believe somebody would actually say that?" he said.
"We risk throwing away decades of hard work growing the clean energy economy and connecting our nation's workers to the jobs of the future with this partisan and misguided action," said Indian-American Congressman Ami Bera, who is a Ranking Member of the Space Subcommittee of the House Committee on Science, Space and Technology.
"Putting America first means continuing our role as a global leader in reducing carbon emissions. Our work over the last decade to reduce carbon emissions put America first - and this irresponsible executive order throws into uncertainty how we prepare for and tackle the very real consequences of climate change," Bera said.
Outside the White House, a few hundred protesters gathered to vent their displeasure at the executive order.
During the campaign, Trump had vowed to pull the US out of the Paris climate deal agreed in December 2015.
Among the initiatives now rescinded is the Clean Power Plan, which required states to slash carbon emissions to meet US commitments under the Paris accord.
"The Administration's spiteful assault on the Clean Power Plan will not bring back jobs to coal country, it will only poison our air and undermine America's ability to win the good-paying jobs of the future," she said.
However, Congressional Western Caucus praised Trump for his executive order.
House Speaker Paul Ryan said Trump's executive order will help America's energy workers and reverse much of the damage done.
Senator John McCain said Trump's executive order on energy independence was an important step forward in rolling-back the Obama Administration's unconstitutional executive overreach on Arizona small businesses and consumers.
"These onerous regulations would have done far more harm to the our state's economy than good for the environment. For example, regulations on power plants alone would have created millions in compliance costs for Arizona utilities, which would have been forced to pass on costs to Arizona consumers in the form of high monthly energy bills," he said.
American Iron and Steel Institute (AISI) welcomed the executive orders signed by Trump.
"EPA regulations that disproportionately impact coal-generated electricity have put the affordability and reliability of electricity for steel producers at risk, and we are pleased that the Administration is taking another look at their impact for domestic manufacturers," he said.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
