OLYMPIA — The state’s first-ever auction of pollution allowances generated roughly $300 million for programs to reduce greenhouse gas emissions and combat the effects of climate change in Washington. …
The 2021 Climate Commitment Act created a cap-and-trade program aimed at getting the state’s largest polluters to reduce emissions. Under the program, the state places a limit on the amount of carbon pollution that can be emitted by certain industries, requiring businesses with high emissions to purchase allowances to cover their carbon output.
The number of allowances available will be gradually reduced, encouraging companies to invest in cleaner technologies and processes, according to the state Department of Ecology. Allowances will be sold in quarterly auctions. The next one is in May. …
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