Environment

Montenegro to use carbon credit revenue to subsidize solar panel installation

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Photo: catazul from Pixabay

Published

May 9, 2023

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Published:

May 9, 2023

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Montenegro raised some EUR 9.26 million in an auction of emission allowances for 2022, from a sole bidder – state power utility Elektroprivreda Crne Gore (EPCG). More than half of the available funds will go towards subsidies for solar panel installation under the Solari 3000+ i Solari 500+ projects.

The funds were transferred to the country’s environmental protection fund (Eko-fond), which will distribute about EUR 7.87 million to beneficiaries, while the rest will be charged as tax on profits, the Government of Montenegro said in a statement.

EUR 4.1 million will go towards the Solari 3000+ i Solari 500+ projects

The government’s decision envisages EUR 4.1 million, or 52.1% of the available funds, to go towards subsidies under the Solari 3000+ i Solari 500+ projects. The first project is aimed at helping install solar panels on 3,000 homes, while the other refers to 500 businesses and public buildings.

The government allocated 33.9% of the available revenue from emission allowances, or some EUR 2.7 million, for environmental protection, while the remaining EUR 1.1 million will go towards incentives for innovation.

Montenegro was first in region to introduce emissions trading

Montenegro launched carbon emissions trading and auctions for allowances three years ago, becoming the first country in the Western Balkans to do so. The revenues are intended for environmental protection, renewables development, and innovation.

Countries in the region need to introduce carbon pricing to ensure their exporters do not have to pay the carbon border tax the European Union plans to impose from 2026.

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