{"id":26312,"date":"2026-06-10T15:28:18","date_gmt":"2026-06-10T20:28:18","guid":{"rendered":"https:\/\/blogs.edf.org\/climate411\/?p=26312"},"modified":"2026-06-10T15:28:19","modified_gmt":"2026-06-10T20:28:19","slug":"washingtons-latest-cap-and-invest-auction-shows-growing-confidence-as-linkage-processes-move-forward","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/climate411\/2026\/06\/10\/washingtons-latest-cap-and-invest-auction-shows-growing-confidence-as-linkage-processes-move-forward\/","title":{"rendered":"Washington\u2019s latest cap-and-invest auction shows growing confidence as linkage processes move forward"},"content":{"rendered":"\n<p><a href=\"https:\/\/apps.ecology.wa.gov\/publications\/documents\/2614039.pdf\" id=\"https:\/\/apps.ecology.wa.gov\/publications\/documents\/2614039.pdf\">Results were released today<\/a> for the second auction of the year, and 14th overall, in Washington\u2019s Cap-and-Invest program. The auction, conducted last week, followed shortly after Washington\u2019s Department of Ecology officially launched its <a href=\"https:\/\/ecology.wa.gov\/getattachment\/44f46670-6294-4d40-bd30-c82c4a929623\/WSR-26-12-055.pdf\" id=\"https:\/\/ecology.wa.gov\/getattachment\/44f46670-6294-4d40-bd30-c82c4a929623\/WSR-26-12-055.pdf\">formal rulemaking process<\/a> to link Washington\u2019s Carbon Market with the California-Qu\u00e9bec market.<\/p>\n\n\n\n<p>This is the second major linkage milestone achieved this year; in March, Washington, California and Qu\u00e9bec released a <a href=\"https:\/\/apps.ecology.wa.gov\/publications\/documents\/2614018.pdf\" id=\"https:\/\/apps.ecology.wa.gov\/publications\/documents\/2614018.pdf\">joint draft linkage agreement<\/a>, which lays out the logistics of integrating Washington into the California-Qu\u00e9bec market.<\/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. During the auction, participating entities submitted their bids for allowances.<\/p>\n\n\n\n<p>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 climate pollution they emit, with the total number of allowances decreasing each year.<\/p>\n\n\n\n<p>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\">June auction results<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>All 2,800,000 current vintage allowances offered for sale by the Department of Ecology were purchased, resulting in the 14th consecutive sold out quarterly auction for Washington.<\/li>\n\n\n\n<li>The current auction settled at $64.56, $36.64 above the price floor of $27.92 and $0.70 below Washington\u2019s <a href=\"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\/\" id=\"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\/\">last quarterly auction<\/a> price of $65.26. Since prices did not reach 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<\/a> Tier 1 price of $65.26, this auction will not trigger an APCR auction.<\/li>\n\n\n\n<li>All 1,750,000 future vintage allowances offered for sale by the Department of Ecology were purchased at a settlement price of $30.00, $2.08 above the price floor of $27.92 and $0.60 above the <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 settlement price for future vintages<\/a>.<\/li>\n\n\n\n<li>This auction is projected to generate roughly $233 million in revenue, which will be invested into Washington communities to enhance climate resilience, create jobs and improve air quality. A report from the Department of 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, which settled below the APCR trigger price for the first time in a year, continue the gradual cooling trend in the Washington market which began earlier this year following 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 of a draft linkage agreement<\/a> between Washington, California and Qu\u00e9bec.<\/p>\n\n\n\n<p>This second quarterly auction was conducted just a few days after the announcement on June 1 that the Washington Department of Ecology was launching its formal rulemaking process on linkage, and the auction results seen today may reflect the growing 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<h2 class=\"wp-block-heading\">Background on linked markets<\/h2>\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>.<\/p>\n\n\n\n<p>Linking these three markets would <a href=\"https:\/\/blogs.edf.org\/climate411\/2022\/07\/20\/why-linking-carbon-markets-boosts-climate-and-economic-benefits-for-us-states\/\" id=\"https:\/\/blogs.edf.org\/climate411\/2022\/07\/20\/why-linking-carbon-markets-boosts-climate-and-economic-benefits-for-us-states\/\">bring about significant advantages<\/a> for all participants, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bringing down and <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\/\">stabilizing the prices<\/a> of allowances for covered polluters and business in Washington \u2014 which is crucial for polluters to make decisions about compliance planning and investing in decarbonization; and<\/li>\n\n\n\n<li>Enabling <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\/\">deeper regional cuts in climate pollution<\/a> compared to an unlinked scenario.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Looking ahead<\/h2>\n\n\n\n<p>Linkage is a key opportunity for climate leadership for Washington, California and Qu\u00e9bec, 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. With Washington\u2019s linkage rulemaking underway, we expect to see similar steps taken by Qu\u00e9bec and California in the coming months.<\/p>\n\n\n\n<p>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 second auction of the year, and 14th overall, in Washington\u2019s Cap-and-Invest program. The auction, conducted last week, followed shortly after Washington\u2019s Department of Ecology officially launched its formal rulemaking process to link Washington\u2019s Carbon Market with the California-Qu\u00e9bec market. This is the second major linkage milestone achieved this year; &#8230;<\/p>\n","protected":false},"author":152900,"featured_media":26313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[200,71676,107925,202,20,44],"tags":[107934,108270,108269],"coauthors":[107971],"class_list":["post-26312","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","tag-carbon-markets","tag-linkage","tag-washington"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Washington\u2019s latest cap-and-invest auction shows growing confidence as linkage processes move forward - 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\/2026\/06\/10\/washingtons-latest-cap-and-invest-auction-shows-growing-confidence-as-linkage-processes-move-forward\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Washington\u2019s latest cap-and-invest auction shows growing confidence as linkage processes move forward - Climate 411\" \/>\n<meta property=\"og:description\" content=\"Results were released today for the second auction of the year, and 14th overall, in Washington\u2019s Cap-and-Invest program. 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The auction, conducted last week, followed shortly after Washington\u2019s Department of Ecology officially launched its formal rulemaking process to link Washington\u2019s Carbon Market with the California-Qu\u00e9bec market. 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