California and Washington to join forces on carbon markets, aiming to cut pollution and raise billions

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Set us as preferred California is moving forward with plans to link its signature climate program, cap-and-invest, to that of Washington State, a major step officials say will cut more pollution and increase revenue for key state programs.Gov.Gavin Newsom announced the move at Climate Week in New York City, where he is meeting with international officials and positioning himself as a climate leader in opposition to President Trump.

The governor’s action will allow the California Air Resources Board, the state’s top air agency which also administers the cap-and-invest program, to begin the public process to link the two state’s markets.“By joining forces with our partner in Washington State, we will build a stronger, more durable carbon market that will drive investment, cut pollution, and power the clean economy of the future,” Newsom said in a statement.The changes are estimated to provide $10 billion in direct relief to electricity customers through bill credits and generate an estimated $8 billion for the state’s climate fund, the Greenhouse Gas Reduction Fund, through 2030, according to the governor’s office.

Climate & Environment New laws aim to rework California’s climate spending, close an environmental review loophole and rein in electricity rates, among other measures.California’s cap-and-invest program was nation-leading when it launched in 2013.It forces major polluters such as power plants, oil refineries and industrial facilities to pay for each ton of planet-warming carbon they emit, and lets them buy or sell unused pollution credits, or allowances, at quarterly auctions.

This allows companies to decide whether they would rather reduce their emissions or pay for allowances to cover them.Each year, fewer allowances are created, lowering the total annual climate pollution in the state.The...