Estonia to raise a billion from sale of emission allowances
30.07.2010, 11:43Estonian ministry of environmental affairs has approved draft agreement to sell spare emission allowances to Spain for 688 million kroons and Sumitomo Mitsui Banking Corp. for an unspecified price, according to a statement on the ministry’s website, reported Bloomberg.
The country has agreed to sell 1 billion kroons of Assigned Amount Units, or AAUs, this year, twice as much as planned in the annual budget, according to the statement.
Estonia will spend 359 million kroons of the revenue from Spain in wind energy, cutting carbon dioxide from power production by 1.5 million tons over 20 years and may also buy 110 new buses, the ministry said. It will use the money from Sumitomo’s 500,000 AAUs to renovate 11 buildings, making them more energy efficient. The price per ton wasn’t disclosed.
Estonia is selling spare emission allowances assigned it under the 1997 Kyoto Protocol.