{"id":24510,"date":"2024-12-11T17:13:12","date_gmt":"2024-12-11T22:13:12","guid":{"rendered":"https:\/\/blogs.edf.org\/climate411\/?p=24510"},"modified":"2025-12-02T15:18:05","modified_gmt":"2025-12-02T20:18:05","slug":"in-first-auction-after-voters-defended-the-program-washingtons-cap-and-invest-brings-in-record-high-revenue-for-the-year","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/climate411\/2024\/12\/11\/in-first-auction-after-voters-defended-the-program-washingtons-cap-and-invest-brings-in-record-high-revenue-for-the-year\/","title":{"rendered":"In first auction after voters defended the program, Washington\u2019s cap-and-invest brings in record high revenue for the year"},"content":{"rendered":"<p>Last month, Washingtonians voted to protect their landmark cap-and-invest program, showing support for the program\u2019s <strong>strong limit on pollution<\/strong> and <strong>game-changing investments<\/strong>. Thanks to this resounding win, the cap-and-invest program continues to deliver for Washington communities \u2014 with today&#8217;s results bringing in record revenue for the year.<\/p>\n<p><!--more--><\/p>\n<p>The results <a href=\"https:\/\/apps.ecology.wa.gov\/publications\/documents\/2414063.pdf\" target=\"_blank\" rel=\"noopener\">released today<\/a> are for Washington\u2019s fourth quarterly auction of 2024, administered last Wednesday by the department of Ecology (Ecology). During the auction, participating entities submitted their bids for allowances. Under the Climate Commitment Act \u2014 Washington\u2019s landmark climate law that sets a binding, declining limit on pollution \u2014 Washington\u2019s major emitters are required to hold one allowance for every ton of greenhouse gas that they emit, with the total number of allowances declining each year. With fewer allowances available each year, this system requires polluters in Washington to reduce their emissions in line with the state\u2019s climate targets.<\/p>\n<h3><b>December auction results<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All 5,312,871 current vintage allowances offered for sale by Ecology were purchased, resulting in the <\/span><b>8th consecutive sold out quarterly auction.\u00a0<\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The current auction settled at $40.26, $16.24 above the price floor of $24.02 and $10.38 above Washington\u2019s <\/span><a href=\"https:\/\/blogs.edf.org\/climate411\/2024\/09\/11\/washington-states-landmark-climate-law-continues-to-build-a-greener-future-for-washingtonians\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">last quarterly auction<\/span><\/a><span style=\"font-weight: 400;\"> price of $29.88.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All 2,222,832 advance auction allowances offered for sale by Ecology were purchased, settling at\u00a0 $26.00, $1.98 above the previous advance auction settlement price of $24.02.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This auction is projected to generate roughly $272 million in revenue, which will be invested into Washington communities to enhance climate resilience, create jobs, and improve air quality. A report from Ecology confirming the amount of revenue raised in this auction will be published on December 31.\u00a0<\/span><\/li>\n<\/ul>\n<h3><b>What factors may be at play with these results?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">This is the first auction conducted since voters <\/span><a href=\"https:\/\/www.edf.org\/media\/washington-voters-defend-gold-standard-climate-law-underscoring-ambitious-action-popular\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">decisively defeated Initiative 2117<\/span><\/a><span style=\"font-weight: 400;\">, preserving this cornerstone of Washington\u2019s climate policy. With the program\u2019s future now more secure, covered entities appear to be bidding more aggressively, which could contribute to higher allowance prices compared to the last auction. The defeat of Initiative 2117 has likely bolstered confidence among market participants, removing uncertainty around the program\u2019s future and reinforcing its durability. Higher prices reflect robust demand for allowances, signaling that covered entities are prioritizing compliance and long-term planning within this transformative program.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The prices today are also more stable than some market analysts were predicting, which may reflect the efficacy of several aspects of the program\u2019s design. One is the function of the Allowance Price Containment Reserve (APCR), a\u00a0<\/span><a href=\"https:\/\/blogs.edf.org\/climate411\/2023\/06\/07\/washington-states-second-cap-and-invest-auction-shows-strong-demand\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">price containment mechanism<\/span><\/a><span style=\"font-weight: 400;\"> that was built into Washington\u2019s cap-and-invest program to help keep allowances stable and predictable.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The APCR contains a number of allowances that were set aside ahead of time and are still part of the overall allowance budget set by Ecology to keep Washington on track to meet its climate targets. Releasing these additional allowances through an APCR auction helps to stabilize allowances prices by making a specific set of allowances available to covered entities at a transparent, predictable, predetermined price point.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ecology can hold APCR allowances if prices at the quarterly auctions reach a predetermined price point \u2014 which they have not hit this year \u2014 <\/span><i><span style=\"font-weight: 400;\">and<\/span><\/i><span style=\"font-weight: 400;\"> they can be held at least once a year prior to the annual compliance deadline, which <\/span><a href=\"https:\/\/ecology.wa.gov\/about-us\/who-we-are\/news\/2024-news-stories\/nov-15-washington-aces-first-climate-commitment-act-compliance-event\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Washington recently<\/span><\/a> <span style=\"font-weight: 400;\">completed. Covered entities can choose to participate in this auction if they have a need to obtain more allowances \u2014 at the set price point of $56.16 \u2014 before the deadline to turn over allowances to cover their emissions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Washington held their pre-compliance APCR auction in October, where covered entities had the opportunity to buy more allowances if they needed them, which may have helped covered entities feel less pressure to out-bid each other for current vintages at this auction. Similarly, covered entities had the chance to purchase future vintage allowances at last week\u2019s auction (something that\u2019s not offered at every quarterly auction), which may have further stabilized the price of the current vintage allowances.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Overall, today\u2019s results emphasize the importance of all the program features that were designed to help keep this market stable and effective, even during an uncertain year in which the program faced repeal. This program is proving its durability and its ability to deliver crucial revenue for the state, while driving down emissions.\u00a0<\/span><\/p>\n<h3><b>Boosting community investments with growing revenues<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Higher allowance prices not only signal robust demand but also amplify the impact of Washington\u2019s cap-and-invest program by increasing the funds available for reinvestment. These revenues are the financial backbone of the Climate Commitment Act (CCA), enabling transformative projects that cut emissions, enhance climate resilience, and improve public health \u2014 especially in communities disproportionately affected by climate change.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">From electrified public transportation and expanded renewable energy infrastructure to wildfire prevention and improved air quality, these investments are reshaping Washington\u2019s landscape. Importantly, the program is designed to ensure that benefits flow to communities most in need, creating a more equitable transition to a sustainable future.<\/span><\/p>\n<p><a href=\"https:\/\/blogs.edf.org\/climate411\/2024\/10\/15\/new-modeling-shows-the-power-and-potential-of-cap-and-invest-in-washington-state\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Recent modeling<\/span><\/a><span style=\"font-weight: 400;\"> underscores the program\u2019s economic potential. Over the next eight years, CCA investments could <\/span><b>create more than 45,000 jobs<\/b><span style=\"font-weight: 400;\"> and <\/span><b>generate $9.1 billion in economic activity<\/b><span style=\"font-weight: 400;\">, yielding a net return of $3.9 billion. These figures highlight the dual impact of the program: advancing climate goals while fueling local economies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By securing the program\u2019s future through the defeat of Initiative 2117, Washingtonians have ensured that this critical funding pipeline will continue to support bold climate action and economic opportunity statewide.<\/span><\/p>\n<h3><b>Looking ahead<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Washington\u2019s cap-and-invest program is more than a mechanism for reducing emissions \u2014 it\u2019s a blueprint for how states can address the climate crisis while driving economic growth and improving equity. By setting a binding, declining cap on greenhouse gas emissions and investing auction revenues in transformative projects, the program showcases the potential of ambitious, market-based climate policies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The state is also pursuing linkage with the joint California-Quebec market, known as the Western Climate Initiative. By linking markets, Washington can create a larger, more stable system that facilitates deeper emission reductions while stabilizing compliance costs for covered entities.<\/span><\/p>\n<p><strong>Washington\u2019s cap-and-invest program <a href=\"https:\/\/blogs.edf.org\/climate411\/2024\/12\/05\/as-the-u-s-braces-for-environmental-attacks-its-up-to-states-to-lead-on-climate\/\">underscores the importance of state leadership<\/a> in driving climate progress, offering a proven framework for other states to follow as they work to meet their own climate and economic goals. With a clear mandate from voters, the state\u2019s cap-and-invest program is well-positioned to continue delivering on its promise of a cleaner, more resilient future.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last month, Washingtonians voted to protect their landmark cap-and-invest program, showing support for the program\u2019s strong limit on pollution and game-changing investments. Thanks to this resounding win, the cap-and-invest program continues to deliver for Washington communities \u2014 with today&#8217;s results bringing in record revenue for the year.<\/p>\n","protected":false},"author":151379,"featured_media":24511,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71676,107925,202,20,44],"tags":[],"coauthors":[107971],"class_list":["post-24510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-carbon-markets","category-cities-and-states","category-greenhouse-gas-emissions","category-news","category-policy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>In first auction after voters defended the program, Washington\u2019s cap-and-invest brings in record high revenue for the year - Climate 411<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.edf.org\/climate411\/2024\/12\/11\/in-first-auction-after-voters-defended-the-program-washingtons-cap-and-invest-brings-in-record-high-revenue-for-the-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"In first auction after voters defended the program, Washington\u2019s cap-and-invest brings in record high revenue for the year - Climate 411\" \/>\n<meta property=\"og:description\" content=\"Last month, Washingtonians voted to protect their landmark cap-and-invest program, showing support for the program\u2019s strong limit on pollution and game-changing investments. 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