INSIGHTSSERIES
Environmental Markets | Carbon Markets
December 16, 2024
Carbon Market Developments Drive Momentum for U.S. Climate Policy
From Washington to Virginia, state actions signal resilience and evolution in cap-and-trade programs amid challenges.
U.S. carbon markets are experiencing a resurgence as key states reinforce their commitment to cap-and-trade systems despite hurdles. Washington’s latest carbon auction saw prices rebound following voter support for its program, while a court ruling has…Read the full report
Key Takeaways
- Washington’s latest carbon auction saw a rebound, with current allowances clearing at a price 35 percent higher than the previous auction, after voters rejected a ballot measure aimed to prohibit the implementation of the program.
- The Circuit Court of Floyd County has ruled that a regulatory action, which withdrew Virginia from RGGI in 2023, is unlawful and without effect.
- RGGI states are considering an additional cap trajectory scenario and exploring ways to accommodate the future participation of other states as part of their third program review.
