5 takeaways for business from Obama's plan to address climate change
By Kent Hoover
Washington Bureau Chief
Young people show their support for President Barack Obama's climate change plan at Georgetown University, where the president spoke today.
The biggest news is that Obama is directing the Environmental Protection Agency to impose carbon pollution standards on existing power plants, as well as new ones. Business groups such as the National Association of Manufacturers said this will increase energy prices and make U.S. businesses less competitive with their global counterparts.
Here are five other takeaways for business from Obama's climate change plan:
Don't assume Obama won't approve the Keystone XL pipeline
The president reassured environmentalists that his administration will take carbon emissions into account when it decides whether to approve a permit for the Keystone XL pipeline, which would bring crude oil from Canada's tar sands to Gulf Coast refineries. The pipeline's net effects on climate "will be absolutely critical" in making the decision, he said.
“Our national interest will be served only if this pipeline does not significantly exacerbate the climate problem,” he said.
Environmentalists contend the pipeline would increase greenhouse gas emissions because it would encourage tars sands oil production.
But the State Department, the agency in charge of the Keystone XL permit, concluded in March that the pipeline would have only a small impact on carbon pollution because Canadian oil producers would just find another way to get their tar sands oil to the market.
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