Environment

Montenegro to use carbon credit revenue to subsidize solar panel installation

emissions-carbon-credit-trading-montenegro

Photo: catazul from Pixabay

Published

May 9, 2023

Country

Comments

0

Share

Published:

May 9, 2023

Country:

Comments:

0

Share

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.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

International Day of Forests-Forests and innovation new solutions for a better world

International Day of Forests 2024 – Forests and innovation: new solutions for a better world

20 March 2024 - The 2024 International Day of Forests 2024 is all about innovations. They can help us restore, protect, and sustainably utilize our forests.

EU-Critical-Raw-Materials-Act-crma-looser-social-environmental-rules

EU’s Critical Raw Materials Act adopted with looser social, environmental rules

19 March 2024 - Pursuing strategic autonomy, the European Union put together the Critical Raw Materials Act (CRMA) after a major delay in the last phase

global-recycling-day-2024

Global Recycling Day 2024 to celebrate #RecyclingHeroes

16 March 2024 - Global Recycling Day 2024 is putting the spotlight on people, places, businesses and activities that showcase the importance of recycling

Solar Startup Award 2024 Solar Materials recycling

Solar Startup Award 2024 goes to Solar Materials for recycling tech

07 March 2024 - The startup has developed a recycling technology that allows the recovery of raw materials from solar panels at a 98% rate