{"id":25486,"date":"2025-12-10T15:47:01","date_gmt":"2025-12-10T20:47:01","guid":{"rendered":"https:\/\/blogs.edf.org\/climate411\/?p=25486"},"modified":"2025-12-15T15:36:08","modified_gmt":"2025-12-15T20:36:08","slug":"washingtons-fourth-cap-and-invest-auction-of-the-year-shows-strong-demand","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/climate411\/2025\/12\/10\/washingtons-fourth-cap-and-invest-auction-of-the-year-shows-strong-demand\/","title":{"rendered":"Washington\u2019s fourth cap-and-invest auction of the year shows strong demand"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Results were <\/span><a href=\"https:\/\/apps.ecology.wa.gov\/publications\/documents\/2514083.pdf\"><span style=\"font-weight: 400;\">released today<\/span><\/a><span style=\"font-weight: 400;\"> for the fourth and final auction of the year in Washington\u2019s cap-and-invest program, with strong demand projected to raise $394 million in revenue for investments in communities, affordability and climate resilience.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As Washington wraps up its third full year in operation, this still-young program continues to demonstrate how effective an ambitious cap-and-invest program can be at reducing pollution and raising revenue. And with program linkage with California and Quebec\u2019s linked market on the horizon, Washington is at an exciting point in its program trajectory.<\/span><\/p>\n<p><!--more--><\/p>\n<h3><b>Cap-and-invest auctions 101<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Washington\u2019s cap-and-invest auctions are administered quarterly 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 major emitters in Washington are required to hold one allowance for every ton of greenhouse gas they emit, with the total number of allowances decreasing each year. This system requires Washington\u2019s polluters to reduce their emissions in line with the state\u2019s climate targets, as fewer allowances become available annually.\u00a0<\/span><\/p>\n<h3><b>December auction results<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All 7,424,390 current vintage allowances offered for sale by Ecology were purchased, resulting in the 12th consecutive sold out quarterly auction for Washington.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The current auction settled at $70.86, $45.01 above the price floor of $25.85 and $6.56<\/span> <span style=\"font-weight: 400;\">above <\/span><a href=\"https:\/\/blogs.edf.org\/climate411\/2025\/09\/10\/washington-states-cap-and-invest-program-continues-to-deliver-for-communities\/\"><span style=\"font-weight: 400;\">Washington\u2019s last quarterly auction price<\/span><\/a><span style=\"font-weight: 400;\"> of $64.30. Since this auction settled above the<\/span><a href=\"https:\/\/blogs.edf.org\/climate411\/2023\/11\/15\/as-washington-state-considers-linking-carbon-market-with-california-quebec-this-cost-containment-tool-ensures-that-its-program-continues-to-run-smoothly\/\"> <span style=\"font-weight: 400;\">Allowance Price Containment Reserve (APCR)<\/span><\/a> <span style=\"font-weight: 400;\">Tier 1 price of $60.43, today\u2019s results will trigger an<\/span> <a href=\"https:\/\/blogs.edf.org\/climate411\/2023\/11\/15\/as-washington-state-considers-linking-carbon-market-with-california-quebec-this-cost-containment-tool-ensures-that-its-program-continues-to-run-smoothly\/\"><span style=\"font-weight: 400;\">APCR auction<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All 1,945,905 future vintage allowances offered for sale were purchased, at a settlement price of $29.40. This is $3.55 above the price floor, and $2.79 above the <\/span><a href=\"https:\/\/apps.ecology.wa.gov\/publications\/documents\/2514037.pdf\"><span style=\"font-weight: 400;\">last settlement price for future vintages<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This auction is projected to generate roughly $394 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 later this month.\u00a0<\/span><\/li>\n<\/ul>\n<h3><b>A return to strong demand after a year of uncertainty<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Today\u2019s results cap off a year of resurgent market demand, after prices dropped throughout 2024 while <\/span><a href=\"https:\/\/www.edf.org\/media\/washington-voters-defend-gold-standard-climate-law-underscoring-ambitious-action-popular\"><span style=\"font-weight: 400;\">ballot initiative I-2117 <\/span><\/a><span style=\"font-weight: 400;\">threatened to repeal the cap-and-invest program entirely. In 2023, the program\u2019s first full year in operation, we saw similarly strong demand with prices reaching the APCR Tier 1 level in both the <\/span><a href=\"https:\/\/blogs.edf.org\/climate411\/2023\/06\/07\/washington-states-second-cap-and-invest-auction-shows-strong-demand\/\"><span style=\"font-weight: 400;\">June 2023<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/blogs.edf.org\/climate411\/2023\/09\/06\/washington-states-carbon-market-continues-to-raise-major-investments-as-state-leaders-consider-linking-to-california-quebec-market\/\"><span style=\"font-weight: 400;\">September 2023<\/span><\/a><span style=\"font-weight: 400;\"> auctions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A strong price signal is what creates the financial incentive for covered entities to invest in reducing their emissions (and thus having to purchase fewer allowances in the future), and the declining, binding cap is what ensures those emissions go down at the necessary rate. The results of this auction \u2014 and the auctions throughout the year, which settled at an overall average of $60.91 \u2014 may reflect a return to long-term confidence in the program as entities work to out-bid each other for a declining pool of emissions allowances.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The settlement price for future vintages, which can be used starting in 2028, was much lower \u2014 and far closer to the <\/span><a href=\"https:\/\/blogs.edf.org\/climate411\/2025\/11\/26\/californias-latest-cap-and-invest-auction-highlights-opportunity-for-stronger-climate-action\/\"><span style=\"font-weight: 400;\">recent settlement price in California<\/span><\/a><span style=\"font-weight: 400;\">. This lower settlement price on future vintages could indicate Washington-covered entities\u2019 anticipation of market linkage with California and Quebec by the time these allowances are eligible for use.<\/span><\/p>\n<h3><b>Linking with California and Quebec<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The results today \u2014 and throughout this year \u2014 further highlight the benefits of securing a linked market between Washington, California and Quebec. California and Quebec have been operating a linked market for over ten years now, and all three jurisdictions have expressed their interest in welcoming Washington\u2019s program into this broader market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Linking markets would <\/span><a href=\"https:\/\/blogs.edf.org\/climate411\/2022\/07\/20\/why-linking-carbon-markets-boosts-climate-and-economic-benefits-for-us-states\/\"><span style=\"font-weight: 400;\">bring about significant advantages<\/span><\/a> <span style=\"font-weight: 400;\">for all participating markets, including bringing down and stabilizing the prices of allowances for covered polluters and business in Washington while also enabling <\/span><a href=\"https:\/\/www.rff.org\/publications\/reports\/considerations-for-washingtons-linkage-negotiations-with-california-and-quebec\/\"><span style=\"font-weight: 400;\">deeper regional cuts in climate pollution<\/span><\/a><span style=\"font-weight: 400;\"> compared to an unlinked scenario.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Washington has been making steady progress towards their linkage rulemaking, which they\u2019re expecting to finalize in mid-2026. California has been working to update their own program rules, including <\/span><a href=\"https:\/\/blogs.edf.org\/climate411\/2025\/11\/18\/california-can-cut-emissions-faster-while-lowering-costs-for-working-families\/\"><span style=\"font-weight: 400;\">reducing their emissions allowance budgets<\/span><\/a><span style=\"font-weight: 400;\">, and are expected to take up their own linkage process next year as well.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Linkage is a key opportunity for regional leadership for both states, to take a step that will strengthen one of our best and most cost-effective tools to reduce emissions and raise revenue for community investments.<\/span><\/p>\n<h3><b>Growing momentum<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Cap-and-invest programs have been a focal point in multiple high-stakes gubernatorial races in the past month: Virginia Governor-elect Abigail Spanberger supported the state rejoining RGGI as part of her platform to <\/span><a href=\"https:\/\/abigailspanberger.com\/wp-content\/uploads\/2025\/06\/Spanberger_EnergyAffordabilityPlan_L4.pdf?utm_source=Spanberger+for+Governor+Press+List&amp;utm_campaign=10313b826c-EMAIL_CAMPAIGN_2025_06_09_07_05&amp;utm_medium=email&amp;utm_term=0_-10313b826c-506626301\"><span style=\"font-weight: 400;\">make energy bills more affordable<\/span><\/a><span style=\"font-weight: 400;\">, and defeated her opponent, a vocal opponent of RGGI, by roughly 15 points.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Clean and affordable energy also played an important role in New Jersey\u2019s gubernatorial race, where Governor-elect Mikie Sherrill defeated her anti-RGGI opponent by more than 14 points. <\/span><a href=\"https:\/\/blogs.edf.org\/climate411\/2025\/12\/08\/how-cap-and-invest-can-cut-pollution-and-bring-down-costs-for-coloradans\/\"><span style=\"font-weight: 400;\">And just this week<\/span><\/a><span style=\"font-weight: 400;\">, Colorado Senator and candidate for Governor, Michael Bennet, published a proposal to create a cap-and-invest program in the state.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Momentum is growing for ambitious climate action at the state level, and cap-and-invest programs will be a key policy tool for states to cut pollution while cutting costs. Linking programs together takes these already beneficial programs to the next level, helping them deliver greater emissions reductions for years to come.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Results were released today for the fourth and final auction of the year in Washington\u2019s cap-and-invest program, with strong demand projected to raise $394 million in revenue for investments in communities, affordability and climate resilience.<\/p>\n","protected":false},"author":151379,"featured_media":25487,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[200,71676,107925,202,20,44],"tags":[],"coauthors":[107971],"class_list":["post-25486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-california","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 - 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