GT Business Opportunities in Estonia
High level priorities regarding the green transition:
Since the Baltic region, comprising countries such as Estonia, Latvia, and Lithuania, has historically been dependent on energy imports, particularly from Russia – the highest priority is now energy security! Investing in new infrastructure for LNG and electricity enhances energy security by diversifying the energy mix and reducing reliance on a single energy source or supplier.
The Estonian market is small but the Nordic countries have a responsibility and a need to add to the regions stability and safe operation.
Supported by EU the Estonian Government has set a highly ambitious goal (2022) to produce all energy consumed in Estonia using renewable energy sources by 2030.
Estonia
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Estonia’s sustainable development principles was determined by the National Strategy on Sustainable Development “Sustainable Estonia 21” in 2005 and cover the period until 2030. The strategy basics are derived from the Law on Sustainable Development adopted by the parliament in 1995. This Act sets out regulations on sustainable use of natural environment and natural resources.
No separate plan has been compiled to implement the Estonian National Strategy on Sustainable Development: the strategy is implemented through various sectorial strategies and development plans.
The Government established the Estonian Sustainable Development Commission in 1996. The task of the Commission is to make proposals for achieving sustainable development goals and monitor and report on its progress.
The emission intensity of the Estonian economy has fallen rapidly, but it remains 42% above the EU average. The energy production sector is responsible for approximately half of Estonia’s total greenhouse gas emissions. If Estonia’s emissions from electricity production were at the average level for the European Union, its total emissions would be similar to the EU average and would already be below the target set for 2035, which is 8 million tonnes. However, the next step of moving from 8 million tonnes of greenhouse gas emissions to climate neutrality by 2050 will be a major challenge that will probably not be met by the technologies currently available on the market, but will demand new technological breakthroughs.
The most impactful upcoming technologies for Estonia according to experts (Source: Green transition trends and scenarios in Estonia, 6/6/23) can be:
- Alternatives to meat
- Hydrogen technology
- Biorefining
This fully recognizes the fact that to solve the climate crisis we need to change energy production, what we eat and how it is processed, as well as the fuels for transportation.
EU’s green transition support to Estonia consists of 11 different activities for € 354M. The project offers the perfect opportunity for green investments for foreign companies who plan to create new jobs in the area. They can apply for investment support from the Estonian Business and Innovation Agency. The minimum support is 500,000 euros, and the company’s own contribution must be at least 35%. As a result, 153 million euros will be distributed between companies.