Estonia Earns Over $167Mln Trading CO2 Emission Quotas In 2020 - Environment Ministry

HELSINKI (Pakistan Point News / Sputnik - 07th August, 2021) Estonia made more than 142 million Euros ($167.3 million) last year from selling the greenhouse gas emission quotas, the Ministry of Environment said on Friday.

"Estonia earned 142.3 million euros in 2020 from the sale of CO2 greenhouse gas emission quotas. The funds received were spent on improving the energy efficiency of public and municipal buildings, introducing alternative fuels in transport, Estonia's participation in international cooperation on climate change, and co-financing of the Rail Baltica and pilot projects for the implementation of climate targets," the ministry said in a statement.

The mechanism for trading unused quotas for greenhouse gas emissions is provided for by Article 17 of the Kyoto Protocol, which entered into force in 2005. If a country emits less CO2 than it is allowed by the protocol, it has the right to sell the unused units to other countries under the emissions trading mechanism.

The proceeds from their sales must be further invested in environmental projects that help reduce carbon dioxide emissions and other greenhouse gases in the atmosphere.