After a decade of failed attempts to charge polluters for emitting carbon dioxide, Washington state’s landmark cap-and-trade program finally started up last year, raising billions of dollars for electric school buses, energy-efficient heat pumps, and free transit for young people, among other projects. But now the Climate Commitment Act’s entire existence is in question. Opponents of the law — namely, the hedge fund manager Brian Heywood — have argued that it amounts to a “hidden gas tax” and...