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Washington State wrapped up its first full year of auctions for tradable emission allowances in December, as the state considers joining an integrated regional greenhouse gas reduction program with California and Québec.that creates tradable emission allowances as a measure to reduce and limit greenhouse gas emissions over time. This program is intended to help the state move toward a low-carbon economy. One allowance equals one metric ton of carbon dioxide-equivalent emissions.
Washington’s cap-and-invest program, the latest addition to U.S. carbon market programs, aims to reduce the state’s greenhouse gas emissions to 45% below 1990 levels by 2030, 70% below 1990 levels by 2040, and net-zero emissions by 2050. Under this market-based initiative, the Washington State Department of Ecology issues allowances for greenhouse gas emissions. The Department of Ecology allocates some allowances to certain businesses for free, as directed by the law, and it sells the rest at quarterly auctions. Businesses can apply these allowances to meet annual compliance requirements, save them to offset future emissions, or trade them in a secondary market.
At the first cap-and-invest program auction, allowances sold at $48.50 per allowance, and the price increased to about $56.00 at the second auction and about $63.00 at the third auction due to strong demand. To address the demand, the Department of Ecology activated its. The APCR is as a separate allowance pool the Department of Ecology can release into the market when prices surpass a predetermined threshold.
The settlement price in the program’s fourth auction was about $52.00 per allowance, down from about $63.00 per allowance in the third auction.. By linking these three programs, it intends to harmonize efforts across jurisdictions and combine carbon markets through various components, such as compliance periods, allowance prices, and offsets.
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