Washington state held its first cap-and-invest auction on Feb. 28, which raised nearly $300 million from oil and gas companies bidding against each other to buy a limited amount of carbon emission allowances.
The cap-and-invest program sets a limit on carbon emissions within the state, requiring businesses to 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. They can also be bought and sold on a secondary market, like a stock or bond.
This program was established in 2021 within the Climate Commitment Act (CCA), which established a comprehensive, market-based program to reduce carbon
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