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WA Initiative 2117 - Prohibit carbon tax credit trading
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> United States > Washington > Initiatives to the People > 2024 Initiatives > Initiative 2117 - Prohibit carbon tax credit trading
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| Office | |
| Type | Referendum |
| Filing Deadline | May 01, 2024 - 12:00am |
| Polls Open | November 05, 2024 - 09:00am |
| Polls Close | November 05, 2024 - 10:00pm |
| Term Start | November 06, 2024 - 12:00pm |
| Term End | December 31, 3999 - 11:55pm |
| Contributor | RP |
| Last Modified | RP April 04, 2024 12:06pm |
| Data Sources | |
| Description | This initiative would prohibit any state agencies from implementing a cap and trade or cap and tax program.
The initiative would repeal the 2021 Washington Climate Commitment Act (CCA), a state law that provided for a cap and invest program designed to reduce greenhouse gas (GHG) emissions by 95% by 2050. The cap and invest program, overseen by the Washington Department of Ecology, sets a cap on the total carbon emissions in the state. Under the program, businesses with emissions exceeding 25,000 metric tons of carbon dioxide per year must obtain allowances equal to their allowed greenhouse gas emissions. The allowances can be obtained through quarterly auctions hosted by the state department of ecology or on a secondary market similar to a stock market. The cap and invest program was designed to allow businesses that reduce emissions to sell their remaining carbon emission allowance permits to other companies, thereby incentivizing companies to lower their emissions.
About 75% of the state's total emissions are covered by the CCA's cap and invest program. Business types covered under the cap and invest program include fuel suppliers, natural gas and electric utilities, waste-to-energy facilities (beginning in 2027), and railroads (beginning in 2031). The program exempts emissions from fuel used for agricultural purposes, aviation fuels, and marine fuels combusted outside of the state.
Businesses that do not comply with the program are subject to a fine of up to $50,000 per violation per day.
Businesses that are classified as emissions-intensive, trade-exposed or (EITEs) are given a certain amount of allowances at no cost through 2034. One example of a large businesses with high emissions in Washington that is classified as an EITE is Boeing, which operates major airplane manufacturing and assembly facilities throughout the state, including its facility in Everett. |
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