While SB 5373 is not one of the environmental priorities identified at the Justice Summit, a number of people have expressed interest in the bill. The bill appears to be dead for the session, but there is some possibility of its revival in the budget negotiations. Information below provides some background and notes on a hearing on March 4, 2021.
Provisions of the bill:
- It imposes a carbon pollution tax beginning January 1, 2022, equal to $25 per metric ton of greenhouse gas (GHG) emissions on the sale or use of all fossil fuel within the state of Washington, except for the sale or use of electricity in Washington generated using fossil fuels.
- It increases the tax rate annually by inflation, as measured by the consumer price index, plus 5 percent beginning July 1, 2023.
- It establishes a ten-year climate finance program using carbon tax revenue and a bond program to reduce GHG emissions and increase the resilience of Washington’s natural resources to the impacts of climate change
