Washingtons carbon emission auction sells out as price climbs

Washington's carbon emission auction sold out, with allowances fetching $58. 51 each, an increase from $50 in March. The June auction raised around $322 million, pushing total revenue from the cap-and-invest program to nearly $3. 2 billion over two and a half years. These funds will finance a range of green-energy projects, including electric school buses, solar installations, and energy credits.

The auction's success comes after the program faced scrutiny due to Initiative 2117, which aimed to abolish it last November. The Washington State Department of Ecology sees this upswing in prices as a rebound for the cap-and-invest initiative. Increased participation indicates a growing market interest in carbon allowances, reflecting a broader commitment to environmental sustainability. The program's revenue supports local economies through investments in clean energy infrastructure. Continued auction success may influence future climate policies and initiatives in Washington.