Washington raises $300M in its first auction for carbon pollution permits – here s what it means – GeekWire geekwire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from geekwire.com Daily Mail and Mail on Sunday newspapers.
Last spring Washington State passed a comprehensive Cap-and-Invest program as part of the Climate Commitment Act (CCA), the second state in the United States to have an economy-wide program for CO2 cap-and-trade program, which they named “Cap-and-Invest”. This followed a fierce political battle where progressive environmental activists were pitted against one another, for and
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Washington Adopts Economy-Wide Climate Legislation: “Cap-and-Invest” Approach Sets a Price For Carbon Emissions And Allows Washington To Join Existing Emissions Credit Markets Wednesday, May 19, 2021
On May 17, 2021, Washington Gov. Jay Inslee signed the Washington Climate Commitment Act (CCA), which will create an economy-wide cap on greenhouse gas (GHG) emissions and create a system in which GHG credits are auctioned and can be traded. In combination with the Clean Energy Transformation Act, enacted in 2019, and the newly-enacted Clean Fuel Standard, the legislation sets a course for the state to decarbonize its economy by 2050.
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Key Takeaways
Beginning on January 1, 2023, Washington will adopt a cap-and-trade system for reducing GHG emissions economy-wide, with a declining cap on GHG emissions and a system for trading emissions credits that will tie into existing trading regimes in California, Quebec, and elsewhere.
Washington Adopts Economy-Wide Climate Legislation: Cap-and-Invest Approach Sets a Price For Carbon Emissions And Allows Washington To Join Existing Emissions Credit Markets | Beveridge & Diamond PC jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
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or years, lawmakers in Olympia have considered whether Washington should implement its own cap-and-trade program on carbon emissions or require transportation fuels to be less polluting. This session, they decided the state should do both. The two major policies, the Clean Fuel Standard and a program putting a cap on greenhouse gas emissions and requiring clean energy investments called the Climate Commitment Act, will act in concert with one another. They ll reduce greenhouse gas emissions, reduce air pollution, and require investments in cleaner buildings, electric vehicle infrastructure, and more. Both bills need to be signed by Gov. Jay Inslee to become law. In the meantime, here are answers to some of the common questions about each.