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illuminem summarizes for you the essential news of the day. Read the full piece on Grist or enjoy below:
🗞️ Driving the news: Washington’s “cap-and-invest” system, part of the Climate Commitment Act, has generated $2.2 billion for climate change action since its implementation
• However, it faces potential repeal due to a backlash, largely over increased gas prices
• A repeal initiative funded by hedge fund manager Brian Heywood could reach voters in November, potentially dismantling the law and preventing similar future measures
🔭 The context: The Climate Commitment Act, effective since 2021, sets a statewide greenhouse gas emission limit, reducing over time
• It allows businesses to buy allowances for their carbon emissions, encouraging emission reductions and generating funds for climate initiatives
• This system, similar to California's, aims to cut Washington's emissions by nearly half by 2030, using 1990 levels as a baseline
🌍 Why it matters for the planet: The revenue from this program funds various climate and clean energy efforts, such as solar projects and electric vehicle incentives, significantly contributing to reducing emissions
• The law's success or failure could influence other states’ decisions on similar climate policies, with potential ripple effects on national and global climate action strategies
⏭️ What's next: The fate of Washington’s climate law is pivotal. If it survives, it could encourage other states to adopt similar measures. However, its repeal might deter states from enacting stringent carbon-cutting laws
• The situation underscores the need for clear communication and tangible demonstration of such policies' benefits
💬 One quote: “This is going to force us to do a better job communicating and defending our policies,” (Joe Nguyễn, Washington State Senator and Chair of the Environment, Energy, and Technology Committee)
📈 One stat: Washington’s gas prices soared to $4.91 a gallon in June, the highest in the country, partially attributed to the state’s carbon pricing program
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