Washington state held its first cap-and-invest auction last month, and recent reports have stated nearly $300 million was spent by oil and gas companies bidding against each other to buy a limited amount of carbon emission allowances.
The state has a limit on the amount of carbon emissions released into the environment, making companies who wish to do business in Washington obtain allowances equal to their covered greenhouse gas emissions. These allowances can be obtained through quarterly auctions hosted by the Washington State Department of Ecology.
WA carbon emissions highest since 2007, but well below 1999 peak
“I’m fairly cynical about it because if you have a certain amount of credits
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