By Timothy Gardner
(Reuters) – A ballot initiative to ax Washington state’s carbon market would, if passed next week, send an ominous signal to other U.S. states and Canadian regions looking to build markets aimed at cutting emissions that scientists blame for climate change.
The carbon market, formed by the state’s Climate Commitment Act (CCA), has raised more than $2 billion for programs including transit, wildfire protection, and salmon protection since its 2023 launch.
It is supported by Native American tribes and environmental groups, as well as BP, a global energy company preparing for the potential wider adoption of such markets.
Hedge fund manager Brian Heywood is leading the initiative in the Nov. 5 elections to repeal it. He blames CCA, which puts emissions limits on about 100 of the state’s largest polluters, for spiking Washington’s gasoline prices to the highest in the U.S. in mid-2023.
Heywood, the millionaire Republican and CEO of Taiyo Pacific Partners, holds rallies for the initiative at gas stations, where he gives drivers money to reduce the cost of fill-ups.