The state held its second carbon emission auction to allow gas and oil companies to bid against each other to buy a limited amount of carbon emission allowances.
, which established a comprehensive, market-based program to reduce carbon pollution and achieve the greenhouse gas limits set in state law.
The price per allowance or credit reached $56.10 — compared to the first auction’s price of $48.50 — and was high enough to trigger an additional auction later this summer. Each credit is equivalent to one metric ton of greenhouse-gas emissions.According to Todd Myers with the Washington Policy Center, this program will mean drivers will pay approximately 45 cents more per gallon of gas and 54 cents more for diesel.
“Fundamentally, Washington’s climate policies are designed to be inflexible and narrow the scope of climate innovation,” Myers wrote in a statement. “That lack of flexibility drives the tax on CO2 emissions up, putting more money into the state budget. Washington could more effectively and efficiently reduce emissions, but the system is designed to prioritize the government, not the climate.
The state aims to generate revenue for clean energy projects and programs to support communities affected by climate change and air pollution. Over the next two years, these auctions are projected to generate $1.7 billion in revenue, with the CAA requiring more than one-third of the revenue to be invested in environmental and economic benefits for disproportionately-impacted communities.
The cap will continually be reduced over time, in four-year increments, to ensure Washington hits its
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