US President Barak Obama may face serious opposition in Congress and the Senate on emissions controls for proposing new powers for the Environmental Protection Agency ... but he's got a law from the 70's on his side.

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PART ONE

It's Tuesday, January 4th.

Goldman Sachs has invested 450 million dollars in Facebook.

Currently, Goldman has now secured what many in the industry thought would be impossible - a friend.

This is The Current.

EPA Changes - Terry Tamminen

On the night before, the night before Christmas, the United States fossil fuel sector got a lump of metaphorical coal from President Barack Obama. Facing the prospect of lawsuits from environmental groups, President Obama proposed new powers for the Environmental Protection Agency ... powers that would allow it to impose limits on the greenhouse gas emissions from existing power plants and oil refineries.

The announcement came hot on the heels of another expansion of the EPA's powers. And it has sparked a fierce political debate in the United States ... as well as questions about how it will affect Canada's environmental policy and Canadian businesses.

Terry Tamminen has been following the saga closely. He was an environmental advisor to former California Governor Arnold Schwarzenegger. He's also the former Secretary of the California Environmental Protection Agency. His new book is Cracking the Carbon Code: The Key to Sustainable Profits in the New Economy. Terry Tamminen was in Santa Monica, California.

EPA Changes - Jeff Holmstead

Jeff Holmstead is far less enthusiastic about the new regulations. He was the EPA's Assistant Administrator for Air and Radiation under President George W. Bush. He now heads the Environmental Strategies Group at the law firm Bracewell and Giuliani. He was in Washington, D.C.

EPA Changes - John Drexhage

Here in Canada, business leaders are following the EPA's moves with great interest and some trepidation. We heard from Jean-Michel Laurin, the Vice President for Global Business Policy with the Canadian Manufacturers and Exporters.

The Canadian government also has a stake in what the EPA decides to do about regulating greenhouse gas emissions. That's because the Harper Government's policy has been to follow the U.S. lead on climate policy.

So for his thoughts on how this may play out in Canada, we were joined by John Drexhage. He is the Director of Climate Change and Energy with The International Institute for Sustainable Development. He's also a former negotiator at international climate talks. He was in London, England.

The Current did put in a request to Environment Minister John Baird. We did not get a response.

Related Links:

• EPA Agrees to Limit Emissions From Power Plants, Refineries by Gabriel Nelson - New York Times
• EPA To Enforce New Emission Rules On Power Plants by Elizabeth Shogren - NPR
• U.S. to impose new emission rules on power plants, refineries by Shawn McCarthy - Globe & Mail

Other segments from today's show:

• First Nations Obestiy
• Terrorism Against Cuba