Ecology Dept. confirms Washington’s first emissions auction raised just under $300M

(The Center Square) – Washington state’s inaugural auction of emissions allowances under the cap-and-trade program established by the Climate Commitment Act brought in just under $300 million, according to a Monday report from the state Department of Ecology. …

Per the Climate Commitment Act passed by the state Legislature and signed into law by Gov. Jay Inslee in 2021, Washington’s cap-and-trade program requires emitters to obtain “emissions allowances” equal to their covered greenhouse gas emissions. …

Money raised from the auctions goes to the Legislature, which intends to spend it on programs mitigating the effects of climate change, as well as clean energy programs.