Washington’s new law requires businesses that emit over 25,000 metric tons of carbon annually to pay for each metric ton in total. The state joins 14 others that have implemented some form of a program that sets declining caps on emissions from companies.
“A cap-and-trade program is a way of giving everyone incentive to take the damage of CO2 into account,” said Bill Shobe, a professor of public policy at the University of Virginia. “We take the money that we earn from protecting the atmosphere and plow it right back into the economy.”
Cap-and-trade programs have been touted for decades as an effective way to reduce emissions. The Bushwas the first to implement a cap-and-trade program on a large scale, with the “Clear Skies Initiative” aimed at reducing sulfur dioxide pollution, which causes acid rain. Programs similar to this one were viewed as bipartisan until the Obama administration sought to curb carbon emissions.
The Washington legislation stipulates that 35% of the proceeds will be reinvested into communities disproportionately impacted by pollution and an additional 10% will be funneled to back tribal-supported projects.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
First cap-and-trade auction held in Washington stateWashington's landmark cap-and-trade law hits a major milestone, as some of the state's biggest emitters of greenhouse gases line up to buy permits to cover their annual emissions.
Les mer »
Washington moves forward with program to charge companies for greenhouse gas emissionsWashington state's cap-and-invest program imposes a statewide limit, or cap, on planet-warming greenhouse gas emissions.
Les mer »
Investor says tech has yet to bottom — and reveals the mega-cap stocks to avoidBear market rally or a new bull market? Market pros are undecided about this year's tech rally, but tech investor Mark Hawtin thinks the worst is yet to come.
Les mer »
UK energy bills set to rise despite lower price capBritish energy regulator Ofgem on Monday lowered its price cap on household energy bills from April, but it will offer little relief to consumers as costs continue to rise.
Les mer »
Russian oil is being sold way above the EU price cap, researchers sayWhat You Need To Know About Markets And The Economy
Les mer »