Finds that: (1) Washington is especially vulnerable to climate change because of the state's dependence on snow pack for summer stream flows and because the expected rise in sea levels threatens our coastal communities;

(2) Washington's greenhouse gas emissions are continuing to increase;

(3) Washington has been a leader in actions to reduce the increase of emissions, including the adoption of clean car standards, stronger appliance energy efficiency standards, increased production and use of renewable liquid fuels, and increased renewable energy sources by electrical utilities;

(4) Washington has participated with other Western states in designing regional approaches to reduce greenhouse gas emissions;

(5) There is a need to assess the trend of emissions statewide over the next several decades, and to take sufficient actions so that Washington meets its responsibility to contribute to the global actions needed to reduce the impacts and the pace of global warming;

(6) Actions to reduce greenhouse gas emissions will spur technology development and increase efficiency; and

(7) Numerous states and nations have adopted emission reduction goals to assist emission sources with planning for changes in practices and technologies.

Recognizes that companies that generate greenhouse gas emissions or manufacture products that generate such emissions are purchasing carbon credits from landowners and from other companies in order to provide carbon credits.

Intends to establish goals for the statewide reduction in greenhouse gas emissions and reduction in petroleum use, and to adopt the governor's mechanism in Executive Order No. 07-02 to design and recommend a comprehensive set of measures to accomplish the goals.

Declares that immediate actions be authorized in the electric power generation sector for the reduction of greenhouse gas emissions and to accelerate efficiency in the transportation sector.