Update at 2:38 p.m. ET. Obama Lays Out Plan:
In an address at Georgetown University in Washington, President Obama laid out a sweeping new plan to address climate change.
As expected, Obama said his plan seeks to cap the carbon emissions of power plants.
Obama also said the Keystone XL pipeline, which would carry oil from Canada to Texas, would only be approved by the State Department if it aligned with the "nation's interest."
That is if "this project does not significantly exacerbate the problem of carbon pollution," Obama said.