Washington state mulling carbon market
Washington state may be next in line to adopt a carbon market to address climate change.
Speaking to a group tasked with drafting a plan to reduce state emissions back to 1990 levels by 2020, Governor Jay Inslee indicated his preference to implement a carbon market to help meet this target.
Washington could potentially link its system with California’s carbon market which launched last year and has already raised over $1 billion from the sale of carbon allowances.
The Canadian province of Quebec already plans to link with the California market next year, establishing the second largest carbon market in the world.
Other states including Oregon and Ontario have also expressed interest in pursuing a regional carbon market.
California carbon allowances have been trading in the $12 range for the past few weeks.
Recently the first California carbon offsets were issued and they are valued at roughly $9.