On June 25, President Obama released his Climate Action Plan. The Plan is long on aggressive goals and short on details, but clearly will impact businesses in a number of economic sectors. The Plan revolves around three high-level goals, with specific objectives for each goal. This Client Alert concentrates on those objectives most directly relevant to businesses.

Goal 1 - Cut Domestic Carbon Pollution:

The central pillar of this aspect of the Plan is a directive to the U.S. Environmental Protection Agency (EPA) to set emission standards for greenhouse gases generated by power plants. In a companion memorandum to EPA, the Plan sets deadlines for these standards...