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A groundbreaking proposal in Washington state that would have ushered in the nation’s first carbon fee is projected to fail after Big Oil spent record sums to defeat it.

As of Wednesday morning, the Secretary of State is reporting the proposal losing 56 percent to 44 percent.

Despite the expected loss, noted author and climate activist Bill McKibben gave props to the Yes campaign, tweeting, “Big Oil had to break every spending record in Washington to narrowly beat this carbon tax. All respect!”

Initiative 1631, backed by a broad range of supporters from the Nature Conservancy to Microsoft to the Suquamish Tribe, has been described as “a chance to tackle climate change head on” and “a possible harbinger of greater state and regional action to come.”

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