Why Washington State’s landmark climate law may be repealed soon

A groundbreaking climate law in Washington State, known as the Climate Commitment Act, is under threat of repeal by voters this fall. The law, which aims to slash emissions to almost half of 1990 levels by 2030, requires businesses to pay for the right to produce greenhouse gases by buying allowances. Supporters of the policy argue that a repeal would not guarantee lower costs and would put billions of dollars in state revenue for climate programs at stake. The group behind the repeal effort, Let's Go Washington, claims that the carbon pricing program has increased consumer gasoline costs by between 43 and 53 cents per gallon. However, supporters of the law argue that the revenue generated from the program funds important projects on air quality, fish habitat, wildfire prevention, and clean energy. The repeal effort is primarily bankrolled by hedge fund executive Brian Heywood, while a diverse coalition, including tech giants and environmental groups, is backing the movement to keep carbon pricing. The Office of Financial Management estimates that repealing the program would result in a loss of $758 million in state revenue in the next fiscal year and $3.1 billion over the following four years. The law has also received support from BP America, which contributed over $2 million to the campaign, citing the need for regulatory certainty. The repeal side has submitted over 400,000 signatures to get Initiative 2117 on the November ballot, while supporters of the law have raised over $16 million to campaign against the repeal. If the repeal succeeds, it would not only impact Washington State but also potentially sink plans to link up with other states' carbon markets and hinder efforts to help other states launch similar programs.