Estonia earns €23.5 million from emissions trading in 2016
13 October 2017 | Trading
Minister of the Environment Siim Kiisler (IRL) on Thursday provided the government with an overview of revenue earned from greenhouse gas emissions trading, according to which Estonia earned more than €23.5 million from auctioning off greenhouse gas emission units within the EU emissions trading system (EU ETS) in 2016.
At least half of the revenue must be invested in environmentally friendly projects, the Ministry of the Environment said.
Around €24.5 million euros of the revenue from 2015-2017 will be invested in the reconstruction of the public sector's buildings to improve their energy efficiency and reduce maintenance costs. The projects were launched this summer and are expected to be completed by the end of 2019.
In addition, innovative startup solutions were supported in 2016. Last year, the Ministry of the Environment also allocated €200,000 to the UN Green Climate Fund.
Since the launch of the EU ETS in 2013, Estonia has earned more than €70 million by auctioning off greenhouse gas emission units. Most of the revenue is used in Estonia, but some of it is allocated to support climate-related activities in developing countries, as they are especially vulnerable to the effects of climate change.