Commentary: Why Businesses Support Washington's Cap-and-Invest

The Facts -

Washington Defeats Initiative 2117, Upholds Climate Commitment

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This election, Washington was a battleground for energy and climate policy. The debated Initiative 2117, one of the most expensive ballot measures, aimed to repeal Washington’s Climate Commitment Act, a cap-and-invest system. In its initial year, the policy generated $2.2 billion for climate protection projects but faced criticism for economic impacts.

Top employers like Amazon, Microsoft, and REI advocated against repealing the act. Voters supported this stance, decisively defeating the measure. The initiative highlighted how climate action can drive economic growth.

Ceres, a sustainability nonprofit, notes that businesses now see climate policies as economic drivers. Companies back measures like the federal Inflation Reduction Act of 2022 and ambitious state legislation, recognizing their role in economic prosperity.

Businesses need reliable electricity, transportation networks, infrastructure investment, and a healthy workforce. The CCA delivers these, using economic principles to tackle climate change risks, like floods and storms threatening infrastructure and supply chains. It funds energy infrastructure and efficiency, protecting communities from climate impacts. Repealing it was estimated to cost 45,000 jobs and $9 billion in economic damage.

Washington's decision signals a commitment to tackling economic challenges and investing in future business solutions. For state policymakers, clean energy investment offers business opportunities and broad support, emphasizing that Washington's "no" vote is about economic and climate protection.

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