States Combat Climate Change with Cap-and-Trade Success
States are taking matters into their own hands to combat climate change, with the tradingview system proving to be a valuable tool. This market-based policy generates revenue for states while helping them meet their decarbonization goals, as federal climate action remains stagnant.
The emissions trading system, also known as cap-and-trade, was first implemented in California in 2013. It works by setting a limit on the amount of greenhouse gases that can be emitted, with companies buying and selling permits to pollute. This year, Washington state joined California in adopting this approach.
So far, the system has generated significant revenue for both states. In California, over $11 billion has been raised since 2013, funding projects that reduce emissions and benefit disadvantaged communities. Washington expects to raise around $1 billion annually once its program is fully operational.
With federal climate action slow, states like California and Washington are demonstrating the potential of the tradingview system. By reducing emissions and generating revenue, this market-based approach is proving to be an effective tool for states to meet their decarbonization goals.
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