· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:
🗞️ Driving the news: A ballot initiative in Washington aims to repeal the state's Climate Commitment Act, a cap-and-invest carbon pricing law that seeks a 95% reduction in emissions by 2050
• Campaigns for and against the repeal have drawn significant attention, with tech billionaires like Steve Ballmer and Bill Gates supporting the law, while opponents organize gas-price rollbacks to highlight its economic impact
• The initiative's outcome is being closely monitored as other states consider similar programs
🔭 The context: Washington's law requires companies emitting over 25,000 tons of CO2 annually to purchase emissions allowances, generating over $2 billion for decarbonization efforts
• The program coincided with gas price hikes, reportedly between 20-60 cents per gallon, fueling criticism
• The law's auctions have seen allowance prices drop recently, with a possible linkage to California and Quebec's carbon markets being considered
🌍 Why it matters for the planet: The law's repeal could hinder Washington's ability to implement future cap-and-trade programs, setting back climate action
• Cap-and-invest systems are viewed as vital tools for reducing greenhouse gas emissions, providing a market-based solution to incentivize pollution cuts
• The initiative’s fate may influence similar policies in other U.S. states
⏭️ What's next: With the election approaching, campaigns are intensifying efforts through gas station events and door-to-door outreach
• If repealed, the state will lose a key mechanism to regulate carbon emissions, impacting linked initiatives across North America
• The earliest anticipated linkage with California and Quebec’s markets could occur by late 2025
💬 One quote: "2117 means more pollution," – Mark Prentice of the No on 2117 campaign, emphasizing the potential environmental impact of repealing the law
📈 One stat: Washington’s latest carbon auction price dropped to $29.88 per ton in September, down from earlier levels
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