The cap-and-invest program auctions permits to polluting industries to allow them to emit carbon emissions. The program has raised $2 billion for environmental projects over the past 22 months, which has been spent on numerous programs to combat climate change, from electric ferries to alternative-energy projects, salmon habitat restoration and electric-car charging stations.
The cap-and-invest program has been blamed for gas price increases of 21 to 50 cents per gallon, but fuel prices have gone up and down since the auctions began in early 2023.
Heywood, a Redmond hedge fund manager, formed Let’s Go Washington in 2022 to collect signatures for seven initiatives to date, including the one to repeal
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