OLYMPIA, Wash. – Washington residents vote to reject Initiative 2117 in the 2024 General Election, according to the Associated Press.
Washington Initiative 2117, known as the Prohibit Carbon Tax Credit Trading Initiative, would repeal the 2021 Washington Climate Commitment Act (CCA), a law that offers a cap-and-invest program designed to reduce greenhouse gas emissions by 95 percent by 2050.
The CCA cap-and-invest program caps total carbon emissions in the state, making businesses with emissions exceeding 25,000 metric tons of carbon dioxide per year purchase allowances equal to their allowed greenhouse gas emissions. Businesses with reduced emissions are allowed to sell their remaining emission allowance permits to other companies, incentivizing companies to lower emissions.
Washington Initiative 2117 would prohibit state agencies from imposing any carbon tax credit trading programs, repealing the cap and invest program to reduce greenhouse gas emissions by specific entities.
