Washington state received $100 million less than expected from a recent public auction that raised money for projects to address climate change, according to state figures released Wednesday.
Washington on Dec. 4 had auctioned 5.3 million carbon credits, which emitters buy and redeem if they cannot meet annual state limits.
Analysts predicted credits would sell for $60 — double their price at an auction in September, when people feared that Washington voters would abolish the credit program through a ballot initiative in November. The ballot measure was easily defeated.
But Washington disclosed Wednesday that the credits sold for $40.26, generating roughly $213 million for projects such as electric ferries, wildfire prevention and free public transit for minors.
