A groundbreaking law in Washington state, known as the Climate Commitment Act, is facing a potential repeal by voters less than two years after its implementation. The law, considered one of the most progressive climate policies ever passed by a state Legislature, aims to reduce carbon emissions significantly while generating funds for climate programs.
Under the Climate Commitment Act, businesses producing at least 25,000 metric tons of carbon dioxide are required to purchase allowances for their emissions. These allowances decrease annually, pushing companies to find ways to cut their emissions. The law targets a reduction in emissions to nearly half of 1990 levels by 2030.
Conservatives critical of the law argue that it has led to increased energy and gas costs in Washington, which currently has the third-highest gas prices in the nation. The group Let's Go Washington, backed by hedge fund executive Brian Heywood, is spearheading the repeal effort, citing a rise in consumer gasoline costs since the law's implementation.
Supporters of the Climate Commitment Act emphasize the importance of the revenue it generates for various climate programs, including initiatives for air quality, fish habitat, wildfire prevention, and clean energy. The potential repeal could result in the loss of billions of dollars in state revenue over the coming years.
Washington, as the second state to implement such a carbon pricing program after California, faces the possibility of disrupting plans to link its carbon market with others and hinder efforts to assist other states in launching similar programs.
A diverse coalition, including federally recognized tribes, tech giants, environmental groups, and even a fossil fuel company, is advocating to maintain the carbon pricing policy. BP America, a participant in the auctions, has contributed significant funds to support the law, citing the regulatory certainty it provides for planning purposes.
With both sides actively campaigning, the fate of the Climate Commitment Act will be decided by voters in November, as Initiative 2117 has garnered enough signatures to appear on the ballot.
