Businesses that emit over 25,000MT of carbon a year in Washington State will now pay for each metric tonne in total after the first permits were auctioned under its Climate Commitment Act.
The carbon cap programme, in the making for around a decade, is set to deliver up to $1bn in revenues which can be channelled into sustainability initiatives.
Speaking at a press conference, Governor Jay Inslee said, “This is something we legitimately can crow about. We do have the best suite of policies to build clean energy in our state in the United States. And now we can show them real results – not just promises of action.”
Businesses can buy a limited number of pollution permits and proceeds will go towards reducing pollution and helping hardest hit communities.
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