{"id":23008,"date":"2023-03-07T18:04:06","date_gmt":"2023-03-07T23:04:06","guid":{"rendered":"https:\/\/blogs.edf.org\/climate411\/?p=23008"},"modified":"2025-12-03T11:18:13","modified_gmt":"2025-12-03T16:18:13","slug":"the-auction-results-are-in-washington-states-cap-and-invest-program-is-off-to-a-strong-start","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/climate411\/2023\/03\/07\/the-auction-results-are-in-washington-states-cap-and-invest-program-is-off-to-a-strong-start\/","title":{"rendered":"The auction results are in: Washington state\u2019s cap-and-invest program is off to a strong start"},"content":{"rendered":"

This blog was co-authored by Delia Novak, Western States Climate Policy Intern, U.S. Region<\/span><\/i><\/p>\n

Today, the Washington State Department of Ecology (ECY) released the results from Washington\u2019s first cap-and-invest auction held last Tuesday, February 28. The results of this auction indicate long-term confidence in the program from covered entities and are an encouraging sign of what\u2019s to come from the Evergreen State<\/strong>. Additionally, the ECY summary report shows that the auction operated smoothly, with oversight and regulatory mechanisms in place to ensure the integrity of the auction and ease of interface for bidders.<\/p>\n

<\/p>\n

This inaugural quarterly auction marks a critical milestone for Washington\u2019s cap-and-invest program, which sets the most ambitious limit \u2014 or cap \u2014 on climate pollution of any state in the nation through mid-century. Put simply, it\u2019s where the rubber meets the road on progress toward the state\u2019s climate goals. During the auction, Washington\u2019s major polluters purchase emissions allowances to cover their climate pollution<\/strong>. The requirement to hold one allowance for every ton of greenhouse gas pollution emitted creates a strong incentive for polluters to find ways to reduce their emissions<\/strong> as the number of available allowances shrinks over time in line with the declining pollution limit. This is also the first time that Washington\u2019s cap-and-invest program has raised revenue from the sale of allowances \u2014 revenue that will be invested in Washington\u2019s communities to slash pollution and build climate resilience. (For more background on Washington\u2019s cap-and-invest program and auction process, check out our recent blog<\/strong><\/a>.)<\/p>\n

February auction results<\/h3>\n

At the auction, administered by the Department of Ecology, participating facilities submitted their bids for allowances. Each regulated business that emits over 25,000 metric tons of carbon annually is required to hold one allowance for every ton of greenhouse gas that it emits. Here are the results<\/a>, released today<\/strong>:<\/p>\n