Cap and Trade Arrives in the Other Washington
Public Policy & Regulation Partner Alexander Holtan was quoted in a POLITICO Pro article about Washington state's new cap-and-invest program. The program, which was established under the Climate Commitment Act, imposes a statewide limit on greenhouse gas emissions. It also requires businesses to purchase pollution allowances through a secondary trading market or a quarterly online auction. These allowances will become increasingly costly and act as an incentive for businesses to curb emissions. Mr. Holtan commented that the program will likely serve as a model for New York and other states that want to launch similar programs.
"I think they've realized that the prospects of the federal government putting in place something similar to the California cap and trade program on a national level is unlikely to happen in the near- or even medium-term," Mr. Holtan said. "So states have taken things into their own hands."
READ: Cap and Trade Arrives in the Other Washington (Subscription required)