Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Investments»Climate investments in Whatcom, Skagit threatened by statewide repeal initiative
    Investments

    Climate investments in Whatcom, Skagit threatened by statewide repeal initiative

    August 12, 20245 Mins Read


    This election reporting is provided free to all readers as a public service by your locally owned Cascadia Daily News. Thanks for supporting truly local news by donating to CDN or subscribing here.

    Hundreds of millions of dollars in infrastructure and energy investments are at risk in Whatcom and Skagit counties if Initiative 2117, a Climate Commitment Act repeal intended to lower gas prices in the state, is approved by voters in the November election.

    The Climate Commitment Act (CCA) is a cap-and-trade, or as Washington calls it, “cap-and-invest,” program that, since it went into effect in January 2023, has brought in $2.2 billion through the sale of allowances or pollution permits at state auctions. The program is designed to decrease carbon emissions by major emitters, and the revenue goes to a dizzyingly broad range of climate-related community projects — 37 state agencies are authorized to spend the funds.

    Some projects that have been funded partially or fully through CCA in this region include mature forest conservation in Lake Whatcom’s watershed; Skagit Public Utility District’s micro-hydroelectric plants; and solar power projects in public schools. CCA funds were used as seed money to apply for a $1 billion federal infrastructure grant to establish a “hydrogen hub” in the region.

    Last year, many blamed the state’s newly implemented cap-and-invest program when Washington gas prices rose until they were the highest in the country ($4.95 per gallon on July 11, 2023, according to AAA), although other factors like geopolitics also played a role in the spike. (On July 31, 2024, state gas prices were at $4.25, behind California and Hawaii.)

    Multimillion-dollar projects, like flood reduction on the Nooksack River, are contingent on CCA funding being in place next year. The river is shown above in Lynden. (Hailey Hoffman/Cascadia Daily News)

    In response to high gas prices, a CCA repeal campaign spearheaded by political action committee Let’s Go Washington turned in nearly 420,000 signatures last November to get Initiative 2117 on the ballot this year. In response, a coalition of more than 350 organizations have assembled to oppose the initiative, including local nonprofits RE Sources and Sustainable Connections, as well as the Whatcom and Skagit Democratic parties.

    The state Office of Financial Management analyzed the fiscal impact of the ballot initiative and found if the cap-and-invest program is ended, it will cost the state $3.8 billion in revenue through 2029 and will reduce or eliminate funding for emissions reduction, transit, pedestrian safety, ferry electrification, air quality improvement, renewable energy, grid modernization, ecosystem protection, fire prevention and salmon habitat restoration. (The fiscal impact statement will be included in the general election voter guide.)

    At least 35% of CCA funds are required to go to projects that benefit overburdened communities, and at least 10% must go to projects with tribal support. On July 29, the state Department of Commerce announced an energy credit program for eligible electric utility customers funded through the CCA. Households enrolled in a utility’s low-income assistance program will automatically receive a $200 credit on their power bill by mid-September, and anyone else who fits the criteria can apply online for the credit.

    Brian Heywood, the founder of Let’s Go Washington, has called the energy credits a “bribe” to voters that conveniently will hit accounts weeks before the election. But state Rep. Alex Ramel said the purpose of the energy credit and other incentives like home energy efficiency improvements, discounted electric vehicle leases and e-bike rebates, is to ensure that low-income households can participate in a green economy without big overhead costs.

    “The intention is to make sure our transition to a clean energy future doesn’t leave anyone behind — rural communities, the workforces for oil and gas companies, low-income folks, disadvantaged communities,” Ramel said. “Ideally we can be leaders and show the rest of the country not just how to transition to a clean future but how to have a really just transition.”

    Future spending is contingent on what the voters decide, and local agencies are trying to plan around that uncertainty. Whatcom Transportation Authority’s 2024-2029 Transit Development Plan, which the agency voted to approve on Aug. 1, explicitly states that the potential repeal of CCA funding will have a “significant impact” on big future projects like a remodel of the Bellingham Station, a rapid transit program and carbon footprint reduction.

    The 2025 budget passed by the state Legislature has a slate of multimillion-dollar projects in Whatcom and Skagit counties that are contingent on the CCA still being in place next year — projects like flood reduction on the Nooksack River, Padden Creek fish passage improvements, clean energy projects by the Lummi Indian Business Council, electrification of Western Washington University’s steam plant and a new electric ferry for Guemes Island.

    “Our whole plan for rebuilding our state’s ferry fleet is dependent on Climate Commitment Act funding,” Ramel said. “The system has been under-invested in for years and that has real, significant impacts on folks.”

    He also pointed to two local clean energy projects that rely on CCA funding: the exploration of a geothermal power source near Mount Baker; and thermal energy networks such as the new partnership between Puget Sound Energy and Corix that provides efficient heating and cooling to commercial and residential development on Bellingham’s waterfront.

    “If the initiative passes, it will have an immediate and direct impact on a lot of important clean energy and climate work,” Ramel said.

    However, he added, he’s optimistic that voters will “reject it resoundingly.”

    “This is a popular program that’s working well,” Ramel said. “When people learn about it they get excited. It’s not some obscure policy that doesn’t do anything for people.”

    Julia Tellman writes about civic issues and anything else that happens to cross her desk; contact her at juliatellman@cascadiadaily.com.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    How Fed Rate Changes Move Global Markets

    Investments

    Early retirement plan hits inadequate corpus roadblock

    Investments

    Floyd Mayweather ends retirement again to return to professional boxing – BBC

    Investments

    8 Key Financial Questions Baby Boomers Are Asking Experts for Better Retirement Planning

    Investments

    The rebirth of ‘Municipal Bonds’ could trigger new investment opportunities – Money Insights News

    Investments

    Turn Your Savings Into Success

    Investments
    Leave A Reply Cancel Reply

    Top Picks
    Fintech

    Corrie DeCamp Joins Billtrust as Chief Product Officer – FF News

    Fintech

    Fintech lobby pushes for AI expertise in California DOJ

    Commodities

    With crashing commodity prices, farmers should make cash sales for grain, an economist suggests

    Editors Picks

    What Do Investors Need to Know About Real-World Assets (RWAs) in Cryptocurrency?

    August 1, 2025

    Calendrier des dividendes – Investing.com

    April 10, 2025

    Agricultural Trade Deal Cuts Tariffs, Boosts Nut Exports

    July 31, 2025

    South Africa’s BoxCommerce Partners with Mastercard on SME Fintech Solution

    January 22, 2026
    What's Hot

    BCE chair Gord Nixon stepping down, joining U.S. fintech Fiserv

    October 29, 2025

    Hidden 5,000-Year-Old Copper Pollution Found Near The Great Pyramid of Giza

    August 27, 2024

    Un nouveau coup d’arrêt annoncé à la mine d’uranium Langer Heinrich en Namibie

    March 21, 2025
    Our Picks

    Regulatory Certainty, Stablecoins Crucial To Nigeria’s Fintech Fortunes In 2026 – Group

    January 15, 2026

    Quatre mois après son entrée en Bourse, Younited rachète la néobanque Helios

    May 16, 2025

    Falling commodity prices are indicating there is trouble brewing with the economy

    August 12, 2024
    Weekly Top

    Top Fintech Careers and Salary Trends

    February 21, 2026

    Early retirement plan hits inadequate corpus roadblock

    February 21, 2026

    Ofgem shares ‘minor’ change that makes ‘significant’ savings on energy bills

    February 21, 2026
    Editor's Pick

    La fintech ghanéenne Oze lève des fonds pour soutenir 100 millions de PME en Afrique

    February 25, 2025

    Cisco Systems A Top Socially Responsible Dividend Stock

    July 15, 2024

    The State Of The U.S. Office Real Estate Market Heading Into 2026

    October 8, 2025
    © 2026 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.