{"id":25885,"date":"2026-03-11T15:15:51","date_gmt":"2026-03-11T20:15:51","guid":{"rendered":"https:\/\/blogs.edf.org\/climate411\/?p=25885"},"modified":"2026-03-11T15:15:52","modified_gmt":"2026-03-11T20:15:52","slug":"washington-states-first-cap-and-invest-auction-of-the-year-shows-growing-confidence-as-momentum-builds-towards-linkage-with-california-quebec-market","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/climate411\/2026\/03\/11\/washington-states-first-cap-and-invest-auction-of-the-year-shows-growing-confidence-as-momentum-builds-towards-linkage-with-california-quebec-market\/","title":{"rendered":"Washington state\u2019s first Cap-and-Invest auction of the year shows growing confidence as momentum builds towards linkage with California-Qu\u00e9bec market"},"content":{"rendered":"\n<p>Results were <a href=\"https:\/\/apps.ecology.wa.gov\/publications\/documents\/2614003.pdf\" id=\"https:\/\/apps.ecology.wa.gov\/publications\/documents\/2614003.pdf\">released today<\/a> for the first auction of the year, and 13th overall, in Washington\u2019s Cap-and-Invest program. With prices down over $5 from Washington\u2019s last auction, today\u2019s results may be a reflection of covered entities\u2019 growing confidence in a future linked market, following on the <a href=\"https:\/\/www.edf.org\/media\/washington-state-california-and-quebec-release-draft-agreement-link-cap-and-invest-programs\" id=\"https:\/\/www.edf.org\/media\/washington-state-california-and-quebec-release-draft-agreement-link-cap-and-invest-programs\">release last week<\/a> of a <a href=\"https:\/\/apps.ecology.wa.gov\/publications\/documents\/2614018.pdf\" id=\"https:\/\/apps.ecology.wa.gov\/publications\/documents\/2614018.pdf\">draft linkage agreement<\/a> between Washington, Qu\u00e9bec and California.<\/p>\n\n\n\n<p>The auction showed a continuation of the strong demand seen in all of Washington\u2019s auctions thus far, and is projected to generate $183 million in revenue for investments in communities, affordability and climate resilience in Washington State.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Cap-and-Invest 101<\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">March auction results<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>All 5,315,841 current vintage allowances offered for sale by Ecology were purchased, resulting in the 13th consecutive sold out quarterly auction for Washington.<\/li>\n\n\n\n<li>The current auction settled at $65.26, $37.34 above the price floor of $27.92 and $5.60 below Washington\u2019s <a href=\"https:\/\/blogs.edf.org\/climate411\/2025\/12\/10\/washingtons-fourth-cap-and-invest-auction-of-the-year-shows-strong-demand\/\" id=\"https:\/\/blogs.edf.org\/climate411\/2025\/12\/10\/washingtons-fourth-cap-and-invest-auction-of-the-year-shows-strong-demand\/\">last quarterly auction price of $70.86<\/a>. Since this auction settled at exactly the <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\/\" id=\"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\/\">Allowance Price Containment Reserve (APCR)<\/a> Tier 1 price of $65.26, today\u2019s results will trigger an <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\/\" id=\"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\/\">APCR auction<\/a>.<\/li>\n\n\n\n<li>This auction is projected to generate roughly $183 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.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">What these results mean<\/h2>\n\n\n\n<p>Today\u2019s results come just over a week after the release of a <a href=\"https:\/\/apps.ecology.wa.gov\/publications\/documents\/2614018.pdf\" id=\"https:\/\/apps.ecology.wa.gov\/publications\/documents\/2614018.pdf\">draft linkage agreement<\/a> between California, Washington and Qu\u00e9bec. The decline in auction prices seen in today\u2019s results may be a reflection of improved confidence among covered entities that, upon finalization of linkage processes in each jurisdiction, they will have access to a larger pool of allowances from a future joint market with California and Qu\u00e9bec.<\/p>\n\n\n\n<p>California and Qu\u00e9bec have shared a linked market for over a decade, demonstrating that well-designed linked cap-and-invest programs can lead to deeper pollution cuts while <a href=\"https:\/\/www.greenlineinsights.com\/investments-for-californias-future\" id=\"https:\/\/www.greenlineinsights.com\/investments-for-californias-future\">supporting economic growth<\/a>. Adding Washington to this established partnership would build on a proven model and <a href=\"https:\/\/www.rff.org\/publications\/reports\/considerations-for-washingtons-linkage-negotiations-with-california-and-quebec\/\" id=\"https:\/\/www.rff.org\/publications\/reports\/considerations-for-washingtons-linkage-negotiations-with-california-and-quebec\/\">strengthen the programs of all participants<\/a>. Merging into a larger market would likely lead to <a href=\"https:\/\/washingtonstatestandard.com\/2026\/03\/05\/wa-takes-another-step-to-link-its-carbon-market-with-california-and-quebec\/\" id=\"https:\/\/washingtonstatestandard.com\/2026\/03\/05\/wa-takes-another-step-to-link-its-carbon-market-with-california-and-quebec\/\">more stable, predictable allowance prices<\/a>, which is crucial for polluters to make decisions about compliance planning and investing in decarbonization.<\/p>\n\n\n\n<p>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 <a href=\"https:\/\/blogs.edf.org\/climate411\/2025\/11\/18\/california-can-cut-emissions-faster-while-lowering-costs-for-working-families\/\" id=\"https:\/\/blogs.edf.org\/climate411\/2025\/11\/18\/california-can-cut-emissions-faster-while-lowering-costs-for-working-families\/\">updating their emissions allowance budgets<\/a>, and is expected to take up its own linkage process this year as well. Linkage is a key opportunity for climate 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.<\/p>\n\n\n\n<p>With a draft agreement now published, Washington, California and Qu\u00e9bec are taking a significant step towards market linkage and stronger programs that can drive long-term emissions reductions with greater certainty. Washington\u2019s Department of Ecology is taking public feedback on the draft through May 1, and the linked market could launch as early as 2027. The need for scalable, durable climate action at the state level has never been greater, and these jurisdictions are showing how working across borders can drive meaningful progress.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Results were released today for the first auction of the year, and 13th overall, in Washington\u2019s Cap-and-Invest program. With prices down over $5 from Washington\u2019s last auction, today\u2019s results may be a reflection of covered entities\u2019 growing confidence in a future linked market, following on the release last week of a draft linkage agreement between &#8230;<\/p>\n","protected":false},"author":151379,"featured_media":25886,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71676,107925,202,20,44],"tags":[],"coauthors":[107971],"class_list":["post-25885","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>Washington state\u2019s first Cap-and-Invest auction of the year shows growing 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