The Low Carbon Prosperity Institute (LCPI) is supporting legislative action to enact a Cap & Invest policy for Washington State. The bill would place a cap on total emissions, create a market mechanism to encourage competition and innovation, and an investment fund for carbon-reducing projects and green transportation infrastructure.
Here’s why we’re doing this:
- Voters want something done about climate change, and a strong majority in every Washington county are willing to prioritize it over the economy, if necessary.
- Legislative solutions are likely to produce better vetted bills than public initiatives. In 2019, the Legislature passed the landmark 100% Clean Energy bill with broad industry and stakeholder engagement. The Cap & Invest bill (SB5981) is being developed with the same inclusive methodology.
- California’s Cap & Trade system is out-performing expectations, combined with sector-specific measures, achieving its 2020 carbon reduction goals while the economy expanded. “California is proving that smart climate policies are good for our economy and good for the planet,” said Governor Newsom.
- Business profits and family costs of living will improve, as demonstrated by LCPI research:
- The energy sector is engaging constructively:
- Leading utilities worked hard to pass last year’s game-changing clean energy bill.
- Nationally, oil and natural gas interests are increasingly supportive of Cap & Invest.
- Carpe Diem! If we don’t seize the 2020 legislative opportunity, we delay yet another year of action making the GHG reduction curve steeper and more difficult to achieve.
We’re building a broad coalition of businesses, including oil, gas, clean tech and beyond, to create a broad platform on which to build our future.
We ask you to join our efforts.
System Requirements & Principles
Enact a system which achieves a legislatively capped emissions trajectory at maximum economic benefit.
Scope: Applies to GHG emissions across the entire economy but does not include mitigation or emissions otherwise managed under existing regulations.
- Provides appropriate relief from direct costs borne by low-incomes households
- Treats Emissions-Intensive Trade-Exposed parties (EITEs) reasonably and fairly
- Creates an economy-wide program
Integration and potential expansion:
- Harmonious with existing laws, such as the Washington Clean Energy Transformation Act (100% Clean Energy bill)
- Capable of integrating with other trading markets, such as California and Oregon, to create a trading zone equivalent to the 5th largest world economy
- Preempt other measures that unnecessarily pancake costs onto consumers
- Review existing laws and rules, and sunset or amend appropriately
Provides funds for GHG reduction projects and related green transportation infrastructure:
- Considers all cost-effective means of reducing net carbon emissions
- Competitive GHG emission reduction grants
- Priority given to highly impacted communities and tribes without increasing overall cost
- Private and public partnership focused implementation
- In-state funding, providing minimum requirements for in-state use of funds
- Sign the Declaration, personally or representing a business or organization.
- Work with us as part of the coalition working with the legislature to develop and enact Cap & Invest in Washington state.
- Become a Low Carbon Prosperity Institute Steering Committee member.