Seattle Times: WA’s carbon-pricing auctions collect nearly $1.5 billion as allowances reach record price
The price of Washington’s carbon emission allowances reached an all-time high in the state’s fourth auction last week, with revenues from the program nearing $1.5 billion in its first year.
The revenue has far outpaced early estimates, and now a group that helped advocate for and pass the legislation that created the carbon-pricing market is calling on lawmakers to get more of the collected money back in the hands of Washingtonians.
The program, which was designed to make it costlier to pollute, has been linked to an increase in prices at the gas pump as refiners, suppliers and other businesses may pass along their compliance costs.
The group, Clean and Prosperous Washington, is advocating for lawmakers to infuse the extra revenue in programs to lower the cost of transportation, reduce car-tab fees for two years and increase incentives for electric-vehicle purchases.