WA greenhouse gas allowance auction raises estimated $300M

Washington state's first auction of greenhouse-gas pollution allowances has generated an estimated $300 million as companies, consumers and the Legislature get a glimpse of the cost of emitting greenhouse gases that are increasing climate catastrophes. The Seattle Times reports the Department of Ecology announced Tuesday it had sold all of its almost 6.2 million allowances, each representing one metric ton of greenhouse-gas emissions. The price was $48.50 per ton, more than double the floor price of $22.20. The program is the centerpiece of the state’s 2021 Climate Commitment Act. It sets a statewide cap on greenhouse-gas emissions that gradually decreases, with a goal of decarbonization by 2050.