Having solved the Iranian problem US President Barack Obama has selected climate change as the next building block in the construction of his legacy.
The contents of his “clean power plan”, which he trailed at the weekend, are important for their substance and, equally, for their political impact — not just for the Paris climate negotiations in December but more importantly for the presidential election next year.
On the substance, the move is an unprecedented peacetime assertion of political authority over the private sector. Even if some states resist the instruction to cut emissions by about a third from a 2005 base within 15 years, many will obey — with serious consequences for the businesses involved and their investors. Coal-fired power plants will be closed and, with export potential limited, dozens of US coal mines will close as well. No wonder the reaction from the industry is fierce.