Washington Explores Linking Carbon Markets with California and Québec

The Washington Department of Ecology has taken a significant step towards strengthening the state's cap-and-invest program by considering the possibility of linking it with carbon markets in California and Québec. This preliminary decision by Director Laura Watson opens the door for discussions with potential partners to create a more robust and effective carbon market system.

The move aligns with Washington's commitment to reducing carbon emissions and fighting climate change. Linking with similar programs across North America has the potential to enhance the state's ability to achieve its carbon reduction goals. Moreover, it sends a powerful message to the world about the importance of collaboration in addressing climate challenges.

The decision to explore this linkage was based on an evaluation of specific criteria outlined in the Climate Commitment Act and incorporated input from various stakeholders, including Tribes, Washington's Environmental Justice Council, and the public. The resulting report highlighted the potential benefits of a linked market, such as increased size and liquidity, reduced compliance costs for businesses, and enhanced price stability.

While this preliminary decision is a promising step forward, it doesn't guarantee a linkage with California and Québec. Each jurisdiction will need to follow its own process to determine whether linking is viable and what regulatory changes may be required. Negotiations and decision-making are expected to continue until 2025 or later.

This is just the beginning of the journey towards a potential linkage agreement, involving multiple steps like policy alignment, Environmental Justice Assessment, and public input. Throughout the process, Washington's cap-and-invest program will operate independently.

Director Watson emphasized that the decision represents the start of a collaborative effort with California and Québec to explore the possibilities and create a sustainable, linked market. The goal is to ensure that Washington's economy and communities can reap the benefits of this linkage, demonstrating the state's dedication to environmental progress.

As the dialogue unfolds, the potential for a stronger, interconnected carbon market system holds the promise of a more sustainable future in the fight against climate change.

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