Obama Approves EPA-Proposed Carbon Rules for Fossil-fueled Power Plants

The Environmental Protection Agency (EPA) announced plans to cut 30 percent of carbon emissions over the next decade and a half. The proposed rule creates a flexible framework that allows states to cut emissions through utility efficiency programs, renewable energy procurement, on-site pollution controls and regional cap-and-trade programs.

Last fall, the EPA had finalized a carbon rule for new power plants. But the regulation of carbon pollution from existing power plants was publicly set in motion last June 2, 2014. For the next four months, EPA will welcome any additional comments and then will finalize the rule by June of next year.

"This plan is all about flexibility," said EPA Administrator Gina McCarthy. "We looked at where states are today, and we followed where they're going. Each state is different, so each goal, and each path, can be different." she added.

Some describe this as the most important development in Obama's second term. It will also be one of the most important developments for the renewable energy and efficiency industries since getting $90 billion through the 2009 stimulus package.