New Climate Commitment Act spending report released
EVERETT — In a new report released on Nov. 26, the Washington Department of Ecology detailed how $1.5 billion of Climate Commitment Act dollars were invested in the 2023-2025 biennium.
The Climate Commitment Act, passed by the Legislature in 2021, is designed to reduce pollution to 95% of 1990 levels by 2050.
The law works by putting a price on greenhouse gas emissions and capping the amount of emissions allowed in a year. Companies then compete to buy allowances for emissions or pay heavy fines for failing to meet limits. As years pass, the state issues fewer and fewer allowances, forcing companies to adopt cleaner practices.
The revenue generated from the allowances and fines is then reinvested into climate change solutions and resilience projects with an emphasis on communities historically overburdened by climate change effects.
https://www.heraldnet.com/news/new-climate-commitment-act-spending-report-released/