Under Inslee’s proposal, more than three-quarters As the moves away from fossil fuel use, nations of the revenue will be directly invested in emission- and states are increasingly competing for clean reducing programs that help put more electric energy jobs. Washington is home to some of the vehicles on the road, build more solar panels, world’s most innovative clean tech researchers and update irrigation and water management systems, manufacturers. In fact, the West Coast’s clean- modernize our electrical systems and help more energy industry has grown twice as fast as the rest Washingtonians pay for energy-saving insulation in of our economy since 2012. A carbon tax would their homes. spur unprecedented public and private investment The revenue also will fund programs to reduce the in clean energy measures that will generate long- risk of catastrophic droughts and severe floods, term economic growth and jobs. and lessen the impacts of climate change on Highlights of Gov. Inslee’s proposal vulnerable communities. Energy transformation: Fifty percent of Emissions generated by transportation fuels and the revenue would support reduction of power plants would initially be taxed at $20 a greenhouse gas emissions through measures ton, starting July 1, 2019. The tax rate would then that support the transition to a clean energy increase annually by 3.5 percent, plus inflation. economy. These include clean energy In Washington, the largest sources of carbon and transportation programs that expand emissions include the transportation sector, oil opportunities for residential and utility- refineries, natural gas distribution and plants. scale renewable energy; incentives for clean The tax generate an estimated $1.5 billion in transportation options; and investments in new revenue over the first two years and an research and commercialization of clean estimated $3.3 billion over the next four years. The energy technologies. This could include, for policy will also provide incentives that will by the example, grants for purchasing electric third year generate more than $500 million a year and charging infrastructure, or investments in clean energy investments by utilities. that expand the production of renewable transportation fuels.
Under Inslee’s proposal, more than three-quarters of the revenue will be directly invested in emission- reducing programs that help put more electric vehicles on the road, build more solar panels, update irrigation and water management systems, modernize our electrical systems and help more Washingtonians pay for energy-saving insulation in their homes. The revenue also will fund programs to reduce the risk of catastrophic droughts and severe floods, and lessen the impacts of climate change on vulnerable communities. Emissions generated by transportation fuels and power plants would initially be taxed at $20 a ton, starting July 1, 2019. The tax rate would then increase annually by 3.5 percent, plus inflation. In Washington, the largest sources of carbon emissions include the transportation sector, oil refineries, natural gas distribution and plants. The tax generate an estimated $1.5 billion in new revenue over the first two years and an estimated $3.3 billion over the next four years. The policy will also provide incentives that will by the third year generate more than $500 million a year in clean energy investments by utilities. As the moves away from fossil fuel use, nations and states are increasingly competing for clean energy jobs. Washington is home to some of the world’s most innovative clean tech researchers and manufacturers. In fact, the West Coast’s clean- energy industry has grown twice as fast as the rest of our economy since 2012. A carbon tax would spur unprecedented public and private investment in clean energy measures that will generate long- term economic growth and jobs. Highlights of Gov. Inslee’s proposal Energy transformation: Fifty percent of the revenue would support reduction of greenhouse gas emissions through measures that support the transition to a clean energy economy. These include clean energy and transportation programs that expand opportunities for residential and utility- scale renewable energy; incentives for clean transportation options; and investments in research and commercialization of clean energy technologies. This could include, for example, grants for purchasing electric and charging infrastructure, or investments that expand the production of renewable transportation fuels.
climatechange_policybrief-final.docx