Washington state’s carbon market raised $4.3 billion in revenue over the past two years, money it’s now spending on hybrid ferries, free transit rides and other climate-focused programs.
The state has allocated nearly $2.8 billion of the money. More than half of the funded projects benefits residents with lower incomes or who face other disadvantages, according to a 565-page state report in November
The report educates state legislators and residents on how revenues from the carbon market, launched in 2023, fund state programs, said Isaac Kastama, government relations director with Clean & Prosperous Washington, a nonprofit group that advocates for action on climate.
Carbon market funds are a “very substantial and important piece of the state budget,” Kastama said. “It’s critical to our transportation program.”
