Set aside for the moment the idea that the U.S. — the world’s worst emitter, historically speaking — is ethically obliged to make greater sacrifices than others. Effective action on climate will require some kind of international agreement, and Obama’s regulations are a key part of executing that strategy.

What people tend to forget is that India and China also have a very strong interest in preventing catastrophic climate change. These are developing countries with a limited ability to adapt and huge populations that remain in poverty. Even a marginal rise in sea levels will stretch both countries as they struggle to respond to extreme weather and other disasters, which are precisely the kinds of events that can upend existing power structures, even in communist China.

America is in a much different position. First of all, it can afford to spend a lot more money. Second, it is quite energy inefficient, which means there’s a lot of room to slash consumption without inflicting much actual pain. Europe, by contrast, is already fairly efficient, and would struggle to post efficiency gains that the U.S. could make without blinking.