From the fact sheet:
We have a moral obligation to leave our children a planet that’s not polluted or damaged, and by taking an all of-the-above approach to develop homegrown energy and steady, responsible steps to cut carbon pollution, we can protect our kids’ health and begin to slow the effects of climate change so we leave a cleaner, more stable environment for future generations. Building on efforts underway in states and communities across the country, the President’s plan cuts carbon pollution that causes climate change and threatens public health. Today, we have limits in place for arsenic, mercury and lead, but we let power plants release as much carbon pollution as they want – pollution that is contributing to higher rates of asthma attacks and more frequent and severe floods and heat waves.
The whole plan can be found here.
The most important initiative is that the President will call for the EPA to set new carbon emissions limits for NEW and EXISTING power plants. The new limits will go into effect in 2015. There will also be a call for stricter building codes at home and seven billion for emerging economies so they might prepare for whatever effects AGW brings down upon them. The "all-of the above" approach mentioned also puts a lot of attention of developing U.S. natural gas reserves as a "bridge fuel' to renewables. So there's continued fracking in that country's future. Nothing in the plan requires congressional approval. And, incidentally, there's nothing about Keystone XL at all in the document.