Residents in the state of Washington can let out a sigh of relief after a millionaire failed in his efforts to get rid of a program that is essential in the fight to reduce pollution.
As explained in the Vital Signs newsletter from the Environmental Defense Fund, Washington's cap-and-invest program has raised more than $2.5 billion to support social and environmental projects while also implementing a statewide limit on carbon pollution from heavily polluting industries. Hedge fund manager Brian Heywood was trying to repeal the program for quite some time, and he even "poured millions of his own fortune" toward his goal.
However, voters who did not share Heywood's questionable ideals made their presence felt during election season this past November, voting against his assertion to get rid of the program.
"If you're looking for a ray of hope in last year's elections, look to Washington state," Caroline Jones, a climate policy expert at Environmental Defense Fund, told Vital Signs. "A whopping 62% of voters shot down the ballot initiative to take this program away."
Had Heywood been successful in scrapping the cap-and-invest program, Washington would've lost an estimated $9 billion over the next five to eight years, per Vital Signs. It was noted that "more than 500 organizations, including tribal nations and labor unions, came together to protect" the program.
State policies like Washington's cap-and-invest program are crucial in reducing planet-warming gas pollution that causes the planet to overheat and contributes to the ongoing changing climate.
As NBC News previously explained, "The cap-and-invest program creates a limited number of state-issued carbon permits to be auctioned four times a year to companies that exceed the 25,000-metric-ton threshold. The number of permits available at auctions will decrease every year, lowering the cap for overall emissions in the state."
By implementing this strategy, Washington expects to bring down "the total emissions in the state to near zero by 2050," per Vital Signs. Projects funded by the program include energy bill rebates that make home upgrades more accessible for low-income residents, brush clearing to prevent wildfires, expanded transportation options to provide alternatives to gas-guzzling cars, sustainable energy like solar panels and battery storage for public institutions, and more.
Thanks to voters making their voices heard at last November's elections, Washington can now move forward with linking its program to similar efforts in California and Quebec, which have had connected programs for over a decade. If these neighbors combined their programs, it would create a larger market for even more ambitious efforts to reduce carbon pollution, and more states could follow suit.
"Washington is a really powerful example to other states looking at starting their own cap-and-invest programs," Jones told Vital Signs. "Maryland, New York, Vermont: take note. You don't have to be as big as California to make this work. There are real economic, social and environmental benefits to be realized and when put to the test, real people want them."
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Heck yes! 💯 If you're looking to make your voice heard the way Washington voters did, be sure to support pro-climate candidates and eco-conscious businesses going forward. The Vital Signs newsletter is a great resource for similarly inspiring stories and actions you can take related to the changing climate.
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