Washington Voters Face $4.6 Billion Climate Funding Risk with Ballot Initiative to End Carbon Market

Washington state voters may jeopardize $4.6 billion in climate funding if they pass a ballot initiative to end the state’s carbon market. The market, launched last year, forces big businesses to pay for carbon pollution as part of Washington’s efforts to reach net-zero emissions by 2050. State leaders plan to use the funds for everything from electric school buses and ferries to $200 utility bill credits. The initiative was funded by Republican megadonor Brian Heywood, who is spending millions to repeal laws from the state’s Democratic-led Legislature. Supporters argue that the carbon market has increased gasoline prices and utility bills.