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The numbers are in: Washington's carbon credit auction raised nearly $300M

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Washington state's first ever carbon credit auction raised nearly $300 million, according to the Department of Ecology.

This is the first year Washington has implemented its new cap-and-invest program. The first auction for those credits was held in February.

RELATED: Washington state starts 2023 with ambitious new climate efforts

Major polluters in the state cannot surpass a certain pollution amount, unless they buy credits to offset their emissions.

The first auction was highly competitive. A total of six million credits were sold. The final auction price reached $48.50 per ton of carbon dioxide. Added up, the total comes to $299,983,267.

The proceeds go toward funding climate mitigation programs and clean energy projects. The Department of Ecology notes that how exactly the money is used is "subject to appropriation by the Legislature."

Dyer Oxley contributed to this blog post.

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