“The future ain’t what it used to be”
Yogi Berra was right. “The future ain’t what it used to be.” Though he may have been thinking about baseball, he could very well have been referring to clean energy.
On the same day that the world committed to transition away from fossil fuels at COP28, Washington state’s Cap-and-Invest Climate Commitment Act generated another half a billion dollars to lead the shift to cleaner and cheaper transportation fuels for our state’s residents and businesses.
Reporting from Dubai, Bloomberg News says,
The COP28 climate talks in Dubai ended in a historic deal that committed the world to a transition away from all fossil fuels for the first time. The final agreement calls for countries to quickly shift energy systems away from fossil fuels in a just and orderly fashion.
The COP28 language pushing a decline in fossil fuel use will send a signal to investors about the future of energy markets, said Jennifer Morgan, Germany’s climate envoy, as she was leaving the final plenary meeting at Dubai Expo City. “Every investor should understand now that the future investments that are profitable and long-term are renewable energy — and investing in fossil fuels is a stranded asset.”
The text also includes agreements to triple the deployment of renewable power and double the rate of efficiency gains by the end of the decade.
Here at home, in Washington state, the Climate Commitment Act is working to fuel our deployment of renewable power and accelerate our efficiency gains.
In Olympia, the Department of Ecology released the results of the fourth quarterly CCA auction. Regulated parties purchased nearly $500 million in order to comply with our state’s carbon emissions limit. Closing prices averaged $50.13, dropping over 20% from the 3rd quarter auction settlement price.
Here’s the full report from the Department of Ecology: Auction #4 Summary Report
Today’s auction results show a continuing pattern of success where the marketplace is validating a firm cap on carbon emissions as an effective tool to fight climate change.
The money raised from CCA auctions is the “green” power Washington needs to lead the country in transitioning away from fossil fuels and forward to cleaner, cheaper transportation fuels. Already more than 150,000 Washington residents and businesses are driving EVs for the equivalent of $1.50 per gallon. We urge the legislature to SURGE our investment in this transition by giving a sales tax holiday on every purchase of a zero-emission vehicle in Washington state. CCA auction revenues make this possible.
Yogi Berra also said, “When you come to a fork in the road, take it.”
States and regions that take the road away from fossil fuels will be the economic winners in the clean energy future. Every electric vehicle on our roads, and every heat pump in our homes keeps our energy dollars circulating within our local economies, while reducing costs for households and businesses. The Climate Commitment Act is the engine driving Washington to cheaper and cleaner fuels for a better future.