Washington introduces ‘cap-and-invest’ program to charge companies for CO2 emissions
Washington state on Tuesday kicked off a program aimed at cleaning the environment by forcing companies to pay for how much carbon dioxide they release into the atmosphere. Washington’s new law, the Climate Commitment Act, requires businesses that emit over 25,000 metric tons of carbon annually to pay for each metric ton in total. The state joins 14 others that have implemented some form of a program that sets declining caps on emissions from companies. Washington’s cap-and-invest program most closely reflects California’s cap-and-trade program, which began in 2013. Many major companies with manufacturing plants and refineries in Washington, including BP, Tyson and Boeing, exceed this threshold, as do the state’s energy companies. The program is estimated to bring in $1 billion annually, with most of that money earmarked for environmental-related programs. “A cap-and-trade program is a way of giving everyone incentive to take the damage of CO2 into account,” said Bill Shobe, a profess...