Requires the state to limit greenhouse gas emissions to achieve emission reductions for Washington state established by this act.

Requires the director to develop, in coordination with the western climate initiative, a design for a regional multisector market-based system to limit and reduce emissions of greenhouse gas consistent with the emission reductions established in this act.

Requires the department of ecology and the department of community, trade, and economic development to provide a report to the legislature with recommendations regarding a regional multisector market-based system, by December 1, 2008.

Requires the department to adopt rules requiring annual reporting of total greenhouse gas emissions.

Declares that the department of transportation shall adopt broad statewide goals to reduce annual per capita vehicle miles traveled by 2050 consistent with the stated goals of executive order 07-02.

Establishes a comprehensive green economy jobs growth initiative based on the goal of, by 2020, increasing the number of green economy jobs to twenty-five thousand from the eight thousand four hundred jobs the state had in 2004.