OLYMPIA – In the wake of the COVID-19 pandemic, Washington lawmakers are taking action to stimulate local economies and protect those hit hardest. The Washington STRONG Act, developed by Rep. Debra Lekanoff, D-Bow, Rep. Sharon Shewmake, D-Bellingham, and Sen. Liz Lovelett, D-Anacortes, enables new financing tools that will stimulate the economy and create jobs, transition to a clean energy economy, and fund investments that benefit families, businesses, and communities across Washington.
Washington STRONG authorizes a 10-year series of “green” bonds, which could unlock more than $16 billion for direct investment and has the potential to create upwards of 150,000 jobs by providing much-needed local stimulus with a focus on rural economic development and frontline communities. These recovery bonds will be financed by a per-ton price on carbon, imposed once at the time and place of the first sale or use. The proposal has been carefully constructed to minimize the impact on agricultural sectors, moderate and low-income households, and energy intensive and trade exposed businesses. Washington STRONG will generate a sustainable funding stream needed to finance a resilient recovery and transition Washington to a clean economy.
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