Washington Carbon Dioxide Storage Lease (with Landowner)
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The Infrastructure Investment & Jobs Act (IIJA)/Bipartisan Infrastructure Law (BIL) established the Carbon Reduction Program to provide funds for projects designed to reduce transportation emissions, defined as carbon dioxide (CO2) emissions from on-road highway sources.
Washington state's cap-and-trade program has brought in $1.3B. What will they do with it? SEATTLE ? As millions more in state revenue rolls in from Washington's marquee policy to combat climate change, discussions are heating up over what to do with the windfall.
In 2021, Washington adopted the CCA, which imposes an economy-wide cap on Washington's GHG emissions and requires ?covered entities? ? those emitting over 25,000 metric tons of carbon dioxide-equivalents annually ? to obtain sufficient allowances or offsets to cover their GHG emissions.
The Climate Commitment Act (CCA) caps and reduces greenhouse gas (GHG) emissions from Washington's largest emitting sources and industries, allowing businesses to find the most efficient path to lower carbon emissions.
Whether buying and selling carbon credits on the voluntary carbon market for a profit ? similar to how you'd make money in the stock market ? or creating carbon credits and selling them, you can earn cash with carbon credits. And you don't have to be a large business to earn these credits, either.
The analysis suggests coal-sourced CO2 emissions can be stored in this region at a cost of $52?$60 ton?1, whereas the cost to store emission from natural-gas-fired plants ranges from approximately $80 to $90. Storing emissions offshore increases the lowest total costs of CCS to over $60 per ton of CO2 for coal.
Each allowance represents 1 metric ton of emissions from the state's biggest greenhouse gas polluters. The carbon-pricing program is the cornerstone of the 2021 Climate Commitment Act, requiring the state's biggest-polluting businesses to reduce their emissions or purchase allowances to cover their emissions.
Carbon offsets are tradable ?rights? or certificates linked to activities that lower the amount of carbon dioxide (CO2) in the atmosphere. By buying these certificates, a person or group can fund projects that fight climate change, instead of taking actions to lower their own carbon emissions.