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The following commentary was written by Kelley Trombley, senior manager of state policy at Ceres. See our commentary guidelines for more information.
This campaign season, the state of Washington was a battleground for energy and climate policy. The pitched fight over Initiative 2117 became one of the most expensive ballot measures in state history, drawing millions of dollars in political funding to each side of the issue, which would have repealed Washington’s Climate Commitment Act to end its nation-leading cap-and-invest system. In its first year alone, the policy has driven $2.2 billion into projects designed to protect the state from the effects of climate change while fighting pollution, but faced opposition from those who argued it hurt the economy.
Yet it was some of the top employers in the state – and for that matter on the planet – that urged voters to keep the program in place. Amazon, Microsoft, and REI were among the many companies urging a no vote. And in the end, voters agreed, decisively defeating the ballot measure by a wide margin. It turns out that this kind of climate action is actually an economic boon.
The strong showing of corporate support for the CCA shouldn’t be surprising. Take it from me and my colleagues at Ceres, a sustainability nonprofit that works with businesses and investors across the country on sustainability issues. Over the last decade, leading businesses have increasingly come to recognize that climate and clean energy policies are key economic drivers. Business leaders have rallied to support them – from the federal Inflation Reduction Act of 2022, marking the nation’s largest-ever investment into confronting climate change, to ambitious legislation in states across the U.S., including here in Washington.
To understand why, just think about what businesses need to prosper. Reliable and affordable electricity to power their operations. Good transportation networks to ensure people and goods can get where they need to be. Infrastructure investment and job growth to bolster local economies. Market-based systems to efficiently solve pressing economywide problems. And, last but not least, a healthy workforce.
The CCA is delivering all of that.
By putting a cap on carbon pollution designed to all but eliminate it by 2050, the policy uses basic economic principles to address the challenge and financial risks of climate change. It promises to reduce impacts such as floods, drought, heatwaves, and severe storms that threaten pillars of the economy that businesses depend on, such as infrastructure, facilities, supply chains, and workforces. Not only that, the CCA is also investing in improving and fortifying many of those very things: its revenue is being used to improve and modernize energy and transportation infrastructure, invest in energy efficiency, and protect communities from climate impacts. Repealing it was projected to cost some 45,000 good-paying jobs and do $9 billion in economic damage.
Businesses understood the CCA is about protecting and strengthening our economic future, one that we are all in together. And voters did too. By voting no, Washington has signaled to companies across the U.S. that it is acting to address a major economic challenge and is investing in solutions that businesses of the future will rely on.
There’s a lesson here for state policymakers around the country, especially those committed to strengthening their communities as an attractive and reliable place to conduct business. The private sector will continue to seize business opportunities as clean energy investment grows, and states will find broad support when they address the economic imperative to reduce pollution and advance clean power, transportation, and building policies. In Washington, voters made it abundantly clear that their “no” vote wasn’t about just protecting the climate. It was about protecting the economy as well.
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The post Commentary: Why businesses stood up for Washington state’s cap-and-invest policy appeared first on Energy News Beat.
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