Current:Home > MarketsLandmark Washington climate law faces possible repeal by voters -BeyondProfit Compass
Landmark Washington climate law faces possible repeal by voters
View
Date:2025-04-12 17:10:19
Follow live: Updates from AP’s coverage of the presidential election.
OLYMPIA, Wash. (AP) — 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.
Just two years after it was passed, the Climate Commitment Act, one of the most progressive climate policies ever passed by state lawmakers, is under fire from conservatives. They blame it for ramping up energy and gas costs in Washington, which has long had some of the highest gas prices in the nation.
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.
The law aims to slash carbon emissions to almost half of 1990 levels by the year 2030.
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. Many programs are already funded, or soon will be, by the money polluters pay — including investments in air quality, fish habitat, wildfire prevention and transportation.
For months, the group behind the repeal effort, Let’s Go Washington, which is primarily bankrolled by hedge fund executive Brian Heywood, has held more than a dozen events at gas stations to speak out against what they call the “hidden gas tax.”
The group has said the carbon pricing program has increased costs from 43 to 53 cents per gallon, citing the conservative think tank Washington Policy Center.
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.
Without the program, the Office of Financial Management estimates that nearly $4 billion would vanish from the state budget over the next five years. During the previous legislative session, lawmakers approved a budget that runs through fiscal year 2025 with dozens of programs funded through the carbon pricing program, with belated start dates and stipulations that they would not take effect if these funds disappear.
Washington was the second state to launch this type of program, after California, with stringent annual targets. Repeal would sink Washington’s plans to link up its carbon market with others, and could be a blow to its efforts to help other states launch similar programs.
veryGood! (5581)
Related
- Angelina Jolie nearly fainted making Maria Callas movie: 'My body wasn’t strong enough'
- Connecticut governor to replant more than 180 trees, thousands of bushes cut down behind his house
- Princess Diana's Celebrity Crush Revealed By Son Prince William
- J.D. Power 2024 U.S. Initial Quality Study: American car makers fare well in major study
- Krispy Kreme offers a free dozen Grinch green doughnuts: When to get the deal
- How did a bunch of grave markers from Punchbowl end up at a house in Palolo?
- Big East Conference announces media rights agreement with Fox, NBC and TNT through 2031
- Beyoncé Shares Rare Glimpse Inside Romantic Getaway With Husband Jay-Z
- Man can't find second winning lottery ticket, sues over $394 million jackpot, lawsuit says
- JoJo Siwa Unveils New Arm Tattoo Featuring a Winged Teddy Bear
Ranking
- House passes bill to add 66 new federal judgeships, but prospects murky after Biden veto threat
- A first up-close look at the U.S. military's Gaza pier project, which has struggled to get aid to Palestinians
- Jenni Rivera's children emotionally accept posthumous Hollywood star
- Marilyn Monroe’s former Los Angeles home declared a historic monument to save it from demolition
- Pressure on a veteran and senator shows what’s next for those who oppose Trump
- Killer Mike will likely avoid charges after Grammys arrest
- A 988 crisis lifeline for LGBTQ youths launched a year ago. It's been swamped.
- Vermont man who gave state trooper the middle finger and was arrested to receive part of $175,000 settlement
Recommendation
Scoot flight from Singapore to Wuhan turns back after 'technical issue' detected
That job you applied for might not exist. Here's what's behind a boom in ghost jobs.
Michigan deputy is fatally shot during a traffic stop in the state’s second such loss in a week
Ballooning U.S. budget deficit is killing the American dream
US appeals court rejects Nasdaq’s diversity rules for company boards
The legal odyssey for OxyContin maker Purdue Pharma and its owners is complex. Here’s what to know
Soft-serve survivors: How Zesto endured in Nebraska after its ice-cream empire melted
The Fate of Perfect Match Revealed After Season 2