Voters in Washington state are considering whether to repeal a groundbreaking law that is forcing companies to cut carbon emissions while raising billions of dollars for programs that include habitat restoration and helping communities prepare for climate change.
OLYMPIA, Wash. —
The law requires major polluters to pay for the right to do so by buying “allowances.” One allowance equals 1 metric ton of greenhouse gas pollution. Each year the number of allowances available for purchase drops — with the idea of forcing companies to find ways to cut their emissions.Those in favor of keeping the policy say not only would repeal not guarantee lower prices, but it would jeopardize billions of dollars in state revenue for years to come.
Gas has gone as high as $5.12 per gallon since the auctions started, though it stood at $4.03 in October, according to GasBuddy. And the state’s historic high of $5.54 came several months before the auctions started in February 2023.
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