Washington’s Climate Commitment Act (CCA)
In May 2021, Washington state enacted the Climate Commitment Act (CCA), a major milestone in its drive to reduce greenhouse gas emissions and jumpstart the transition to a low carbon economy.
A well-designed cap-and-invest program, such as the one adopted in Washington state, represents the cornerstone of this framework. It provides the certainty businesses need to invest in the future, and it sends clear signals to the private sector that can yield creative solutions for emissions reductions.
Indeed, it incentivizes and rewards low carbon innovation across the entire economy – from the boardroom to small companies to start-ups. Revenue generated from the CCA can go toward state climate priorities, like clean air, electrified transportation and energy efficiency. In addition, projects are reviewed by an advisory panel created by the legislation that centers on the needs of overburdened communities.
We applaud the Washington state legislature for passing this critical bill for lowering carbon emissions. This historic achievement puts the state on a path to net zero by 2050. We look forward to working with state agencies as they develop rules to implement this program. bp remains firmly committed to delivering on its own net zero ambition and being part of the solution for a low carbon future.
As Washington state has demonstrated, we do not have to choose between the environment and the economy — we can invest in both. bp hopes the Washington program will become a model for other states looking to accelerate their own low carbon transition. It shows what progressive climate policy can accomplish.