Estonia Funds Energy Efficiency Projects by selling Emission Credits

IF YOU sell your emission credits what would you spend the proceeds on? Wisdom dictates energy efficiency, which is what Estonia is doing, releasing more emissions credits for future sale.

The Estonian government sanctioned today the selling 500,000 United Nations emission credits, Assigned Amount Units (AUU), that they do not need themselves, to Japanese conglomerate Sumitomo Mitsui Banking Corporation.

Estonia will distribute the proceeds from selling the Assigned Amount Units will be spent on improving energy efficiency in 19 public buildings in various municipalities, the government revealed.

At the end of 2010 Estonia sold Sumitomo 230 million euros worth of AAUs, and In January the government decided to sell 1.6 million AAUs more to Sumitomo.

Estonian Prime Minister Andrus Ansip said that it was the biggest such transaction in Estonian history.

If businesses and public sector organisations become energy efficient it frees up emission credits allowing for further returns on the money they have already saved through reduced energy costs.

Picture by Sludgegulper

Thursday 17th February 2011

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