In Gov. Bob Ferguson’s effort to balance this year’s state budget, he suggests siphoning more than a half-billion dollars raised from carbon polluters to fund annual rebate checks to lower-income residents.
But this sweep of funds raised through the state’s Climate Commitment Act carries risks for lawmakers. A wide majority of voters recently made clear they believe the state should fight climate change and mitigate its effects. Deviating from that clear mission could erode public trust. …
A quick recap: The Climate Commitment Act’s purpose is to ratchet down emissions by the state’s biggest carbon polluters. Companies purchase allowances at auction to cover their emissions, and, over time, fewer allowances will be sold. That’s a powerful incentive to reduce pollution. But it also means those allowances, and the money flowing into state coffers, will decline over time.
More than $4.3 billion has been raised from the auctions since 2023. It’s used for various programs: making transit free for youth, investing in electric heat pumps and car charging stations, and more. …
… Public trust in government currently rests near historic lows. Locally, the Climate Commitment Act’s image was recently battered by faulty accounting of emissions reductions by the state’s Commerce and Ecology departments. Instead of 8.6 million tons kept out of the atmosphere, the Act’s investments thus far will yield a reduction closer to 308,000 tons. A credibility crisis already looms.
… These next few years could make or break Washington’s climate leadership. Swings in gas prices could lead to another signature drive and attempt to repeal the landmark law.
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