An initiative that would have ended the state’s “cap and invest” program failed, leaving the program in place.
Washington state voters rejected an effort that would have ended the state’s carbon tax trading program, reports Carl Smith in Governing.
The 2021 Washington Climate Commitment Act created a “cap and invest” program that taxed certain businesses per ton of carbon emissions and capped the total emissions allowed for the state. “Washington is the second state, after California, to cap emissions and require businesses that release large amounts of carbon to pay for the right to do so. Since its program was implemented in January 2023, it has brought more than $2 billion to the state — money used to fund clean energy, transportation, conservation and tribal-led projects.”
Washington Governor Jay Inslee calls the initiative’s defeat “a bugle call to action” for other states and could lead to more collaboration between states and provinces, which would stabilize the carbon market, according to Inslee.
FULL STORY: Washington Voters Say 'Yes' to Taxing Carbon Emissions
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