He will also end the leasing of federal lands and waters to "massive wind farms that degrade our national landscape".
UN climate chief Simon Stiell said that America risks missing out on a global clean energy boom that was worth $2tn last year.
"Embracing it will mean massive profits, millions of manufacturing jobs and clean air," he said in a statement.
"Ignoring it only sends all that vast wealth to competitor economies, while climate disasters like droughts, wildfires and superstorms keep getting worse, destroying property and businesses, hitting nationwide food production, and driving economy-wide price inflation."
President Trump's previous effort to pull the US out of the Paris agreement served as a rallying cry for many Americans who were dismayed by leaving.
Internationally the US withdrawal was also a unifying force for countries.
This time round though the pull-out may be far more damaging to the global effort to limit emissions, as climate change has dropped down the list of priorities for governments.
There are other countries such as Argentina, who might follow in the US footsteps.
Developing nations are also fuming after COP29 in Azerbaijan when the richer world struggled to improve funding support.
But having survived the previous Trump attack, there is also a sense that this may not be the last US word on the Paris pact.
"The door remains open to the Paris agreement, and we welcome constructive engagement from any and all countries," said the UN's Simon Stiell.