Content section

Keskkonnainvesteeringute Keskus

About us

The Foundation Environmental Investments Centre (EIC) is a financial institution, mediating state budget funds (revenues from environmental charges), EU funds, funds from foreign aid programmes and the Green Investment Scheme, and granting loans for the implementation of environmental projects.

Our vision:
Efficient cooperation between EIC and its partners has reduced Estonia’s ecological footprint.

Our mission:
To ensure maximum efficiency by channelling every euro for the benefit of the Estonian people, a healthy living environment, and resource-efficient development of the country.
 

Our main values:

Expertise
We know our field. We operate using the best knowledge, skills, and experience available. We are constantly improving ourselves, to become better and more competent.
 

Openness
We acknowledge and value the diversity of ideas and solutions, and appreciate simplicity and transparency. We are tolerant and loyal to our organisation, and offer creative solutions.
 

Honesty
We are honest and loyal to our organisation, and value certain principles. We do not tolerate misuse of funds. We value cooperation with partners who share our views.
 

Determination
We know our goals. We operate in a dedicated and efficient manner in order to achieve them.
 

Cooperation
We value and establish cooperation that supports environmentally aware behaviour and ensures the best positive impact of environmental investments.

History

May-June 2000

Siim Kallas, the Minister of Finance, signs the decision to found EIC; the centre is registered in the register of foundations and non-profit associations.

June 2000

The first decisions are made by the council of EIC on funding environmental projects from the proceeds from exploitation of environment.

January 2001

EIC is appointed the implementing body for funding of external aid projects from the pre-accession EU structural fund ISPA.

October 2001

Estonia enters into a contract with the Ministry of Finance for mediation of loans from the Nordic Investment Bank to environmental projects.

July 2002

The first yearbook is drawn up.

April 2004

EIC is appointed the implementing body in mediation of the aid from the Cohesion Fund in the period of 2004–2006. From this point on, the projects funded from the ISPA budget are implemented by the rules and with the funds of the Cohesion Fund.

Granting of environmental loans commences.

May 2004

EIC is appointed the implementing body of mediation of the aid from the European Regional Development Fund in the period of 2004–2006.

December 2005

Offices of EIC are opened in all Estonian counties.

May 2006

The most successful developers of environmental projects are acknowledged for the first time – Antsla rural municipality government wins the Ant of the Year award.

January 2008

EIC is named the implementing body of mediating the aid from the Cohesion Fund, the European Regional Development Fund and the European Social Fund in the period of 2007–2013.

August 2008

EIC moves into a new office – from Rävala 8 to a new location at Narva 7a.

September 2009

EIC and the Ministry of Finance enter into a loan contract on the basis of which EIC is allocated for on-lending a share of the loan from the European Investment Bank.

May 2010

10 years pass from the founding of EIC.

July 2010

EIC and the Ministry of the Environment enter into an administrative contract, which obliges EIC to trade with CO2 emission units or the Assigned Amount Units (AAU) and to implement the green investment scheme.

November 2013

The administrative contract between EIC and the Ministry of the Environment is complemented with a provision which enables EIC to organise environmental activities, which support development of the field and help increase the quality of the project applications submitted.

January 2014

EIC will carry on as the implementing body of mediation of the aid from the Cohesion Fund and the European Regional Development Fund in the period of 2014–2020.

May 2015

EIC celebrates its 15th year with a conference, which brings together the players in the field of environmental issues. The County Ant competition is resurrected to acknowledge the implementers of the best project of the year.

September 2015

In the budget period of 2014–2020, the Government extends the loan granted to EIC in 2009 for co-funding water projects in the extent of 30 million euros.

September 2015

The Council of EIC approves the rules and regulations for organising sectoral programmes and the topic of the pilot study.

December 2015

In an international seminar organised in Haapsalu, the project of refurbishing the street lighting in seven Estonian towns, which lasted over two years and cost 16.2 million euros, is drawn to a conclusion. EIC served as the party directing the aid as well as – for the first time – the project manager.

Statutes

I GENERAL PROVISIONS

1.1 The name of the foundation is the Foundation Environmental Investment Centre (hereinafter EIC).
1.2 The founder of EIC is the Republic of Estonia and the founder’s rights are exercised by the Ministry of Finance.
1.3 The location of EIC is Tallinn.
1.4 EIC is founded for an unspecified term.

I GENERAL PROVISIONS

1.1 The name of the foundation is the Foundation Environmental Investment Centre (hereinafter EIC).
1.2 The founder of EIC is the Republic of Estonia and the founder’s rights are exercised by the Ministry of Finance.
1.3 The location of EIC is Tallinn.
1.4 EIC is founded for an unspecified term.

II THE PURPOSE OF EIC

2.1 The purpose of EIC is funding of projects, which are oriented at preserving of the environmental condition, renewal of natural resources, and remedying of environmental damage.
2.2 Based on the purpose specified in article 2.1, the duties of EIC are:
2.2.1 to fulfill the administrative duty arising from the Environmental Charges Act;
2.2.2 to fulfill the administrative duty of an implementing body of structural aid;
2.2.3 to perform other duties assigned based on the law;
2.2.4 to organize the use of other donations, appropriations and loans for the intended purpose of the use of the funds received to the state budget from environmental charges.
2.3 EIC shall fulfill its purpose by granting loans, aid or guarantees or in another manner which is not in conflict with relevant acts of law. Thereat, EIC may organize mediation of loans, aid or guarantees without being the party granting the loans, aid or guarantees.
2.4 EIC may take loans to fulfill its purpose or enter into loan or financial lease contracts for this purpose or participate in an enterprise, the activities of which are directly connected to achievement of the purpose of EIC only on the basis of a unanimous decision adopted by all members of the Supervisory Board.

III THE PROCEDURE OF TRANSFER OF ASSETS TO EIC AND THE SETTLEMENTS AND BUDGET OF EIC

3.1 The sources of the assets of EIC are:
3.1.1 the assets transferred to EIC upon establishing of EIC;
3.1.2 appropriations from the state budget;
3.1.3 appropriations from the budgets of rural municipalities and towns;
3.1.4 donations and targeted appropriations from foreign countries, foreign legal and natural persons, and international organizations;
3.1.5 other donations and appropriations;
3.1.6 the financial revenue of EIC;
3.1.7 other assets transferred to EIC.
3.2 The cash transferred to EIC shall be transferred to the e-treasury account of EIC. Other assets transferred to EIC shall be received by the Management Board of EIC with a respective instrument drawn up. If desired by the person transferring the assets, a contract shall be entered into with the person by EIC, which shall specify all terms and conditions of transferring the assets.
No obligations may be placed on EIC by transferring any assets, which are not in conformity with the purposes of EIC or which grant the person transferring the assets preferential terms or conditions compared to other persons entitled to payments.
3.3 The assets of EIC shall be used for the purposes provided for in the legislation and the Statutes. The assets shall be controlled by the Management Board in the extent and pursuant to the procedure determined by the Supervisory Board.
3.4 The assets transferred to EIC shall be used pursuant to the donor’s wishes, unless such wishes are in conflict with the law or these Statutes.
3.5 By entry into a contract for acquiring of an immovable property or building rights from the state free of charge, EIC shall undertake to compensate to the state 65% of the usual value of the property as at the moment of acquiring the property in the event of transfer of the property or building rights being granted for a property in the favor of a legal person governed by private law within 10 years from acquiring of the property. The compensation shall be transferred to the administrator of state assets that the property was acquired from.
By the above mentioned contract, EIC shall undertake to pay a contractual penalty of at least 25% of the usual value of the property as at the time of transfer of the property in the event of untargeted use of the property.
3.6 As of 01.01.2011, all accounts shall be settled through the treasury.
3.7 A balanced budget shall be drawn up for all revenues and expenditure of EIC, which shall be in conformity with the financial plan of the foundation, with the budget position rules specified in § 6, the net debt rule specified in § 10 and the restrictions established in § 11 of the State Budget Act.
3.8 Every year, EIC shall draw up and submit to the Ministry of Finance a financial plan pursuant to the requirements established in § 12 of the State Budget Act or the regulation enforced on the basis thereof, which shall form the basis for drawing up the budget of EIC.

IV SUPERVISORY BOARD

4.1 The highest management body of EIC shall be the Supervisory Board.
4.2 The Supervisory Board shall plan the activities of EIC, organize the management of EIC and monitor the activities of the Management Board.
4.3 The Supervisory Board shall consist of 9 members of whom four shall be named by a resolution of the Riigikogu on a proposal of the Environmental Committee of the Riigikogu and four by the authority exercising the founder’s rights, taking into consideration the provisions of Chapter VI of the Statutes. The Minister of the Environment shall serve as a member of the Supervisory Board based on his or her position. The authority exercising the founder’s rights shall name three members of the Supervisory Board on a proposal of the Minister of the Environment. Members of the Supervisory Board shall be appointed for five years. The person who appointed a member shall have the right to remove the member at any time.
4.4 Members of the Supervisory Board shall elect the Chairman of the Supervisory Board among themselves who shall organize the activities of the Supervisory Board.
4.5 The Supervisory Board of EIC shall:
4.5.1 appoint and remove members of the Management Board;
4.5.2 determine the competence of the Management Board;
4.5.3 determine the use of the assets and funds appropriated for targeted use;
4.5.4 approve the annual goals and the budget no later than by the beginning of the financial year;
4.5.5 approve the annual report;
4.5.6 appoint and remove the auditor;
4.5.7 establish the principles for granting and taking loans;
4.5.8 approve the financing programs drawn up for following the Environmental Charges Act;
4.5.9 make decisions regarding activities outside of the framework of the daily economic activities;
4.5.10 make decisions regarding other issues arising in the course of the activities of EIC, unless such decision-making is in conflict with the law or assigned to the competence of the Management Board of EIC.
4.5.11 in the end of the financial year, draw up an overview of how the activities of EIC have been organized, managed and monitored by the Supervisory Board, indicating the amount of the remuneration paid to the members of the Supervisory Board and the Management Board in the course of the financial year and participation of the members of the Supervisory Board in the meetings of the Supervisory Board.
4.6 The Supervisory Board shall represent EIC in disputes and transactions with the members of the Management Board.
4.7 The Supervisory Board shall establish the rules of procedure of the Supervisory Board.
4.8 Meetings of the Supervisory Board shall be organized as and when required, but at least four times per year. The members of the Supervisory Board shall be summoned pursuant to the procedure established by the Supervisory Board. The Chairman of the Supervisory Board shall submit to the Minister of Finance the agenda of a meeting of the Supervisory Board at least three working days prior to the date on which the meeting takes place.
4.9 A Supervisory Board meeting shall have a quorum with the participation of more than a half of the members of the Supervisory Board. A decision of the Supervisory Board shall be deemed adopted if more than a half of the participants in the meeting vote in the favor of the decision. In the event of equal distribution of votes, the vote of the Chairman of the Supervisory Board shall be decisive.
4.10 The Supervisory Board may make a decision without calling a meeting with the consent of all members of the Supervisory Board. The procedure of making decisions in the above mentioned manner may be specified in the rules of procedure of the Supervisory Board of EIC. In the event of adoption of a decision of the Supervisory Board without calling a meeting, the Chairman of the Supervisory Board shall submit a draft of the decision simultaneously to the Minister of Finance and the members of the Supervisory Board and, within five working days after the voting, the record of the vote or the results of the vote shall be sent.
4.11 Minutes shall be taken of Supervisory Board meetings. The minutes shall be signed by all participants in the meeting or by all members of the Supervisory Board, who participated in a written vote, and the person who drew up the minutes. Differing opinions of members of the Supervisory Board shall be specified in the minutes of the meeting. The minutes shall be drawn up based on the requirements established by the Minister of Finance, if such requirements have been established. The Chairman of the Supervisory Board shall submit the minutes with the materials of the meeting to the Minister of Finance within one month from the date on which the meeting takes place.
4.12 A member of the Supervisory Board may not take part in a vote to decide execution of a transaction with the member or a person related to the member or a person having an equal economic interest with the member or a vote to decide initiation or closing of a court action against the member by EIC.
4.13 The remuneration paid to a member of the Supervisory Board shall be decided by the authority executing the founder’s rights based on the following principles:
4.13.1 equal remuneration shall be allocated to all members of the Supervisory Board, unless provided otherwise in the law. Higher pay may be allocated to the Chairman of the Supervisory Board. Further remuneration may be allocated to a member of the Supervisory Board in connection with his or her participation in the activities of the auditing committee or another body of the Supervisory Board;
4.13.2 participation of a member of the Supervisory Board in the Supervisory Board meetings and in activities of the bodies of the Supervisory Board shall be taken into consideration in payment of remuneration to a member of the Supervisory Board;
4.13.3 no compensation shall be paid upon removal of a member of the Supervisory Board from the Supervisory Board;
4.13.4 in the event of a failure of the Chairman of the Supervisory Board of EIC to perform the duties assigned to him or her by clauses 4.8, 4.10 and 4.11 of the Statutes, the person who determined the amount of the remuneration to be paid to the Chairman may decide to withhold payment of the remuneration or reduce the amount of the remuneration proportionate to the period during which the duty in question was not performed;
4.13.5 pursuant to subsections 4 (3), 521 (6), 79 (4), and 83 (6) of the Government of the Republic Act, the Supervisory Board member’s remuneration shall not be paid to a minister, assistant minister, the State Secretary, or a county governor.
4.14 The composition of the Supervisory Board and any changes made in the composition as well as the amounts of the remuneration allocated to the members shall be published on the website of EIC within five (5) working days from the date on which the respective decisions are made.

V MANAGEMENT BOARD

5.1 EIC shall have a Management Board of up to three members, which shall manage and represent EIC and control the assets of EIC within the framework of the authorizations arising from the Statutes and granted by the Supervisory Board. Each member of the Management Board may represent EIC in all legal acts. The member(s) of the Management Board shall be appointed by the Supervisory Board for three years. 
5.2 The Management Board of EIC shall:
5.2.1 fulfill all decisions and orders from the Supervisory Board and organize the daily work of EIC;
5.2.2 represent EIC in relationships with third parties within the framework of the authorizations of the Management Board;
5.2.3 submit to the Supervisory Board at least once in every four months a report of the economic activities and economic condition of EIC and report to the Supervisory Board regarding the activities of EIC in other manners;
5.2.4 organize reviewing, systemizing and evaluation of the applications submitted to EIC to receive funding on the basis of the Environmental Charges Act and submission of the applications to the Supervisory Board;
5.2.5 make decisions regarding granting of structural aid and perform the related operations within the competence of the implementing unit and make the decisions and perform the operations related thereto or arising wherefrom;
5.2.6 organize control over targeted use of the funds of EIC;
5.2.7 organize the accounting of EIC and submit the annual accounts to the Supervisory Board of EIC for approval;
5.2.8 perform other duties arising from legislation and contracts;
5.2.9 do everything in its power to fulfill the purpose of EIC.
5.3 In its activities, the Management Board shall follow the lawful orders and restrictions issued by the Supervisory Board.
5.4 The Supervisory Board may remove a member of the Management Board at any time irrespective of the reason.
5.5 Remuneration of a member of the Management Board:
5.5.1 remuneration may only be paid to a member of the Management Board based on the contract with a member of the management board entered into with the person. In the case of a member of the Management Board performing other duties necessary for EIC in addition to the duties of a member of the Management Board, remuneration may be paid for such duties if payment of such remuneration is specified in the contract with the member of the management board;
5.5.2 additional remuneration may be paid to a member of the Management Board taking into consideration the efficiency of his or her work. The amount of the additional remuneration shall be justified; thereat, achievement of the goals set for EIC shall be taken into consideration. The total amount of the additional remuneration paid in the course of a financial year may not be higher than four times the average monthly pay paid to a member of the Management Board in the previous financial year;
5.5.3 severance pay may only be paid to a member of the Management Board in the event of removal of the member on the initiative of the Supervisory Board prior to expiry of his or her term of office. Severance pay may be paid in the extent of up to three months’ remuneration applicable at the time of removal of the member of the Management Board.
5.6 The composition of the Management Board and any changes made in the composition shall be published on the website of EIC within five (5) working days from the date on which the respective decision is made.

VI CRITERIA FOR THE SUPERVISORY BOARD AND MANAGEMENT BOARD MEMBERS

6.1 The following persons shall not be members of the Supervisory Board or the Management Board:
6.1.1 persons whose culpable acts or omissions have resulted in the bankruptcy of any person;
6.1.2 persons whose culpable acts or omissions have resulted in the withdrawal of an activity license issued to a legal person;
6.1.3 persons who are subject to a disqualification from holding director’s, liquidator’s or registered representative’s positions and from pursuing a business as a self-employed person;
6.1.4 whose culpable acts or omissions have caused harm to a legal person;
6.1.5 who have been convicted of an economic criminal offence or of a criminal offence related to the office held, or of a criminal offence against property;
6.1.6 who have important business interests in relation to EIC which, among other things, take the form of holding a qualifying interest in EIC within the meaning of section 9 of the Securities Market Act (hereinafter, the “qualifying interest”) or the form of being a member of a governing body of a company which is an important seller or buyer of the goods offered by EIC, or who provides services to or commissions services from EIC.
6.2 The restrictions specified in clauses 6.1.1–6.1.4 shall be applicable for five years after declaration of the bankruptcy, declaration of the activity license invalid, expiry of the disqualification, or payment of compensation for damages.
6.3 The disqualification provided in article 6.1.5 shall not be extended to persons whose conviction has been spent.
6.4 The following persons shall not be members of the Supervisory Board:
6.4.1 self-employed persons operating in the same area of activity with EIC;
6.4.2 shareholders of general partnerships or general partners of limited partnerships operating in the same area of activity with EIC;
6.4.3 persons whose shares represent at least one-tenth of the share capital of an enterprise operating in the same area of activity with EIC;
6.4.4 members of management bodies of enterprises operating in the same area of activity with EIC, unless the enterprise is a government invested enterprise or an enterprise included in the same group with such enterprise.

VII REPORTS AND THE AUDITOR

7.1 The financial year of EIC shall begin on January 1 and end on December 31. EIC shall organize its accounting based on the legislation regulating accounting and the generally accepted accounting principles.
7.2 Every year, the Supervisory Board of EIC shall appoint an auditor for auditing the annual report and determine the auditor’s fee. The Supervisory Board may remove the auditor at any time irrespective of the reason.
7.3 The Management Board shall draw up the annual report and management report pursuant to the procedure provided for in the law and in the Statutes and submit the documents to the auditor so that the Supervisory Board will be able to approve the audited report prior to expiry of the deadline specified in the law and in the Statutes.
7.4 The Management Board shall submit a copy of the audited and approved annual report and the report specified in clause 4.5.11 to the Ministry of Finance and the National Audit Office no later than 4 months after the end of the financial year.
7.5 EIC shall publish on its website the income statement, the balance sheet and the cash-flow statement once per quarter no later than by the end of the month following the end of the quarter.
7.6 EIC shall ensure functioning of the internal auditing system.
7.7 EIC shall form the position of an internal auditor or subcontract the internal auditing service from a firm of auditors. EIC may forego formation of the internal auditor’s position or subcontracting of the internal auditing service with the founder’s prior consent and based on the decision of the Supervisory Board if this may prove unreasonable form the economic perspective according to the assessment of the Supervisory Board.
7.8 The Supervisory Board shall form an auditing committee pursuant to the procedure established in the legislation. The auditing committee shall be tasked with advising of the Supervisory Board in the areas of accounting, auditing, risk management, internal control and auditing, monitoring, drawing up of the budget, and approval of the annual report as well as with respect to lawfulness of the activities.
7.9 The authority exercising the founder’s rights shall have the right to request conducting of a special audit and use a structural unit of the institution managed by the founder to conduct the audit.

VIII AMENDMENT OF THE STATUTES AND ELMINATION OF EIC

8.1 The Statutes of EIC may be amended on the terms and conditions and pursuant to the procedure established by the Authority Exercising the Founder’s Rights Act.
8.2 In the case of elimination of EIC, the assets remaining after satisfaction of all creditors’ claims and depositing of cash shall be returned to the persons who transferred the assets to EIC. If such persons cannot be identified or specific assets cannot be separated, the assets shall be transferred to the authority exercising the founder’s rights.
8.3 Any merger or division of EIC shall be decided by the authority exercising the founder’s rights only on the basis of an authorization issued by the Government of the Republic. EIC may only merge with a foundation of a similar purpose.

 

The Statutes were approved with Directive No. 64 of the Minister of Finance of 25.04.2014.

 

Sources of funding

The aid and loans granted by EIC are funded from four sources: the environmental charges collected in the Republic of Estonia, the structural funds of the European Union, a share of the European Investment Bank (EIB) loan to Estonia, and sales of Estonian CO2 emission units (also known as the Green Investment Scheme). Funding of the principle activities has changed in the course of the years – while we mainly granted aids from the funds of the Republic of Estonia in our first years of operation, the volume of foreign aid projects has significantly exceeded the volume of the above in the last few years.

Environmental charges are established by the state and there are two types of charges: the natural resources exploitation charge and the pollution charge. The former is intended as a fee paid for exploitation of a natural resource and the latter as a compensation for the pollution resulting from operations. Both types of the charge concern us all indirectly as well as directly. For example, the pollution charge is paid by landfills and, through the charges established by the waste treatment facility, by us as well. Exploitation of natural resources includes, among other issues, fishing and hunting and permits are required for both of these activities with the cash paid to obtain a permit constituting an exploitation charge.

The amounts of the charges are established by the Environmental Charges Act and guidelines for using the proceeds from the charges are provided by a regulation issued by the Minister of the Environment. The funds distributed by EIC in the form of aid are collectively referred to as the environmental programme, which involves ten areas: fishery, water economy, waste handling, nature conservation, forestry, management of environment, marine environment, earth, atmosphere air conservation, and environmental awareness. A share of the proceeds from the environmental charges received by EIC is also allocated for granting of environmental loans (targeted loans for organizing environmental projects).

The lifecycle of funding environmental programme projects from the legislative process to implementation of the project is pictured in the figure below:

Levelling of the economic and social differences between the European Union (EU) Member States and balanced development are among the main priorities of the EU. A common regional policy has been established for decreasing the differences, which is supported through various structural funds. Granting of aid is organised by 7-year periods in the EU and based on the programmes submitted by each Member State.

Estonia joined the EU in 2004. This was in the middle of the aid period of 2000–2006, due to which the period for using the funds was shorter for Estonia, i.e., the programme period was 2004–2006. The current aid period runs from 2014–2020.

In addition to the two above mentioned periods, Estonia also received aid prior to accession to the EU. Preparatory works for drawing up large-scale infrastructure projects and waste and water management projects were funded through the ISPA (Instrument for Structural Policies Pre-Accession). Upon accession of Estonia to the EU, all projects that were ongoing at the time automatically became Cohesion Fund projects and are included in the review of the period of 2004–2006.

The logic of granting of EU aids and the lifecycle of application for aid are pictured in the figure below:

 

The funding activity is assessed at the level of all foundations and measures on the basis of an annual monitoring report. The main data of the report is compiled by EIC and the report is complemented by the Ministry of the Environment by adding evaluations of fulfilling of the environmental policy goals and assessment of the impacts. The monitoring report provides an overview of the results of the measures (this part of the report is drawn up based on the reports of the projects sent by the recipients of aid), with financial indicators and details about the content (what was achieved with the help of the aid) also analysed. The report also discusses the wider impact of the aid on the environmental condition and on implementation of horizontal policies of the European Union (regional development, employment, gender equality, etc).

This consolidated report provides information to the wider public about what has been done with aid from EU and about the progress of implementation of the projects. The review also provides the bodies drawing up the rules for funding an idea of whether the focus or rules of the field of activity require changing.

More information about the work and reports of the monitoring committee of the operational programme “Development of the Living Environment” is available on the website of the Ministry of the Environment.

On the 25th of May, 2009, the European Investment Bank (EIB) and the Ministry of Finance signed a loan contract for 550 million euros, i.e., 8.6 billion kroons. The loan is used for co-financing foreign aid projects and for funding investments into road construction. 130 million euros or a bit more than 2 billion Estonian kroons of this money was lent by the Ministry of Finance to EIC for lending-on to water enterprises and local municipalities in order to ensure self-financing for the water economy infrastructure projects supported from the Cohesion Fund.

In the light of the economic depression which began in 2009, loans from EIC ensure liquidity of enterprises and local municipalities in implementing large-scale projects as the criteria for qualifying for a bank loan have toughened. Targeted loans are also significantly more favourable than the loans offered by private banks. The loans are granted for the maximum of twenty years and all borrowers are granted long periods of grace, which means that the borrower will only be paying the interest for up to two years after completion of the project. The loan interest is based on six months EURIBOR plus the risk margin, which is usually lower than two percent.

In July 2010, the Ministry of the Environment and the EIC signed a contract under public law, according to which the EIC commits to trading with the state’s unused CO2 emission allowance and implementing a green investment scheme, i.e. allocating grants to clean projects from the revenues gained.

SALE OF CO2 EMISSION ALLOWANCE UNDER THE KYOTO PROTOCOL

The sale of the state’s unused emission allowance for the period 2008-2012 is possible due to the Kyoto Protocol, which allows states to sell their unused permitted emission units (AAU) to other states. During the period 2018-2012, Estonia found itself with an AAU surplus as a result of the thorough reorganisation of the economy following the restoration of independence, when the latest technology and alternative energy production methods were adopted, the state began to utilise more renewable sources of energy, austerity measures were implemented in energy use, etc.
Estonia was quite successful when it came to AAU sales and the utilisation of received resources. During the period 2010-2013 it signed a total of 22 deals totalling EUR 392.6 million with the Republic of Austria, the Kingdom of Spain, the Grand-Duchy of Luxembourg and several large Japanese corporations. The received money was used by different institutions to carry out green investment scheme programmes, according to which money was directed towards activities for reducing CO2 emissions and other greenhouse gases.


Sales transactions of the state’s unused emission allowance in 2010-2013

AUCTIONING SYSTEM OF THE EUROPEAN UNION LARGE CORPORATES AAU

Since 2005, the European Union has in place the EU ETS (European Union Emissions Trading System) post-directive 2009/29/EC, which includes 46 Estonian enterprises engaged in energy (production with capacity exceeding 20 MW), the processing of mineral materials, metallurgy or the chemical industry. Trading is carried out via auction on the platform created by the European Union. Using the platform, EU Member States must sell all quantities of AAUs that are not allocated to enterprises for free, and direct at least 50% of revenues to measures and projects related to alleviating and adapting to climate change. Pursuant to the state budgetary strategy of Estonia (SBS), a portion of the revenues received from the auction are also allocated to supporting developing countries.
The estimated revenue from auctions as per 2016 SBS totals is EUR 145.3 million, out of which EUR 118.93 million is directed into energy measures and EUR 26.28 million into nature conservation measures. The auctioning revenue forecast is updated at least twice a year and, if necessary, the list of funded measures (which can be found from www.fin.ee/riigi-eelarvestrateegia.) is also updated at the same time.
The EIC provides funding from SBS auction revenues to the following programmes:

 

EUROPEAN UNION AVIATION CO2 EMISSIONS AUCTIONING SYSTEM

Since 2014, the auctioning of aviation AAUs began post-directive 2009/29/EC, according to which 100% of the auctioning revenues must be used for alleviating and adapting to climate change. The revenue forecast as per the state budgetary strategy for 2013-2020 is a total of EUR 400,000, and information on the use of funds can be found at www.fin.ee/riigi-eelarvestrateegia.

TRADING CO2 EMISSIONS OUTSIDE THE EU LARGE CORPORATES

The state’s unused CO2 emission allowance can be traded on the basis of the EU Effort Sharing Decision No 406/2009/EC, which establishes a commitment to the EU Member States to reduce the greenhouse gas emissions in sectors not included in abovementioned EU Emission Trading System (EU ETS) concerning large corporates. These sectors are transportation, agriculture, waste management and industrial processes (incl. emission of F-gases) and small-scale energy production (in devices with rated output lower than 20 MW), incl. the buildings sector. Emissions from these sectors in the EU as a whole constitute 55% of the state’s total emissions, being nearly 30% in Estonia; however, the proportion in total emissions by Estonia is increasing over time.
In the current period until 2020, there is practically no demand for this type of unit (AEA). Increased demand is foreseen for the period 2020-2030, where the abovementioned legislation is prolonged and the ambition of goals increased. In order to trade, a state must implement a set of more efficient policies and measures aimed at reducing greenhouse gases, in order to primarily ensure fulfilment of annual targets set for the state and to create a surplus of units for trading.
 

Development plan

EIC’s development plan establishes our development directions and forms the basis for the annual working plans and updates to the day-to-day organisation of work, helping us to confidently and quickly move towards fulfilling our mission and vision.
The development plan is in Estonian.

Structure

Yearbook

Since 2002 EIC has published a yearbook each year. We see it as a good chance to sum up and look back to the years behind us.

Yearbook 2010

Reports

Pursuant to the Statutes of EIC, we are publishing our balance sheet, cash-flow statement and income statement on our website on a quarterly basis and the annual report on an annual basis.

Procurements

The public procurements above the simplified procurement threshold announced by EIC can be found on the website of the public procurement register: https://riigihanked.riik.ee. The name of the contractor – “Sihtasutus Keskkonnainvesteeringute Keskus” (Foundation Environmental Investment Centre) – must be typed in the search field and, optionally, other fields may be filled in as well, such as the period of publication, the name of the public procurement, the CPV code, etc. Details of the published public procurements are publically available for those interested in the public procurement register.

Supervisory board

Marko Pomerants
Head of the Supervisory Board

Kalvi Kõva
Member of the Supervisory Board

Valeri Korb
Member of the Supervisory Board

Evelin Oras
Member of the Supervisory Board

Tarmo Leppoja
Member of the Supervisory Board

Rein Randver
Member of the Supervisory Board

Aivar Kokk
Member of the Supervisory Board

Merle Mäesalu
Member of the Supervisory Board

Mati Raidma
Member of the Supervisory Board

The style book and logos of EIC

The visual language of the Environmental Investment Centre is presented in the style book of the foundation. The book includes the rules of how to use the logo and slogan of EIC and how to portray the identity of EIC on data media or souvenirs. Any questions related to the visual identity of EIC should be addressed to the communication unit.

If you would like to use the logo of EIC to refer to an aid from the environmental programme, further information on this can be obtained from the guidelines for referring to aid from EIC.

The logo of EIC is available in three languages: Estonian, English and Russian. In addition to the classic logo in capital letters, the logo of EIC can also be used horizontally. Read more about using the logo of EIC from the style book.

What are we doing to preserve the environment?

Taking into consideration the mission, vision and goals of EIC, which are oriented at preserving a healthy living environment, it is our desire to increase the positive environmental impact of EIC by raising the environmental awareness of our employees. For this purpose, we are following the principles of a Green Office in our daily activities, i.e., responsible work and environmental protection:

  • we are improving the resource-efficiency of our activities and implementing measures to save energy;
  • we are introducing paper-free operations and organisation of more efficient use of paper;
  • we are avoiding waste generation and promoting separate collection of different types of waste;
  • in purchasing products and services (information and communication technology, paper, chemicals, office supplies, catering for information days, etc), we proceed from the principles of environment-friendly procurements, i.e., the green purchasing policy;
  • if possible, we are decreasing the environmental impact arising from business trips and promoting sustainable organisation of transportation;
  • we are ensuring a healthy and socially responsible working environment for our employees (ergonomic working conditions, possibilities for promoting health, increasing the awareness of the employees of health-related and social issues, etc);
  • we are monitoring and evaluating the efficiency of our environmental activities;
  • we are providing comprehensive information to increase the environmental awareness of our employees and partners. We are thinking, discussing and deciding together how to implement the principles of preserving the environment in the best possible manner.

EIC is attempting to take into consideration and implement the above mentioned principles in its daily activities as much as possible. The principles of a Green Office have been introduced to all employees and are accessible to all.

Submitting and receiving documents

 

Submission and receipt of documents at foundation Environmental Investments Centre (EIC)

Documents may be submitted on paper or digitally. A document is deemed officially received by EIC, if it has been signed and submitted on paper or signed digitally and sent by e-mail. The format of the document should be .doc, .docx, .rtf, .pdf, .xls, .xlsx, .dwg, .bdoc or .ddoc.

All digitally signed documents should be sent electronically to the general e-mail address info [at] kik.ee. The software Digidoc Client of AS Sertifitseerimiskeskus (Certification Centre Ltd.) should be used for providing digital signature.

The maximum permitted volume of digitally signed documents sent to EIC is 10 MB. For submitting large documents, the document exchange centre (DEC) or EIC’s file exchange environment (https://failid.kik.ee//) should be used.

The DEC is an information system providing a common central document exchange service for various document management systems (DMS) as well as other information systems that handle documents.
The EIC’s file exchange environment is available to all customers who are required to register first when accessing the page.

Documents sent by post or delivered by hand should be sent to:

SA Keskkonnainvesteeringute Keskus
Narva mnt 7A
10117 TALLINN

The office of EIC is open from 8.45 – 17.15 on business days.
Further information by calling 627 4171.

About submission of documents:

• If possible, please submit documents concerning one specific matter in the same manner – electronically or on paper.
• In the case of submission of documents on paper, please also submit a covering letter, specifying in detail what is being submitted and by whom. In the case of sending documents electronically, the required information should be specified on the subject line and in the content of the e-mail.
• In the case of submitting project-related documents, please always specify the name and number of the project.
• Please specify the names of the files sent electronically properly and clearly (e.g., CC 1, KDNK 1, invoice no. 1250, etc.).
• If possible, please submit project applications, cost claims (CC), contract documents, reports, procurement plans, etc. in separate digital containers. E.g., include the documents of CC no. 10 in one and the documents related to a certain procurement in another digital container.

All documents received are registered in the document management system of the foundation EIC. After registration, the documents are sent to processing based on the field of activity.

 

Internships

The Foundation Environmental Investment Centre can offer professional internships to the students acquiring higher education in the field of economy or the environment. An application and CV must be submitted to apply for an internship. Please see the internship offer here.

Internship applications must include the following information:

1. Reasons for applying for an internship:

  • Why are you interested in an internship at the Environmental Investment Centre?
  • What is the purpose of the internship, with what exactly would you like to get acquainted?

2. Duration and schedule of the internship

 

3. Brief overview of previously written coursework assignments or research works

Please send your application and CV to: Keskkonnainvesteeringute Keskus SA, Narva mnt 7a, 15172 Tallinn; or e-mail to CV [at] kik.ee.

 

All internship applications received are reviewed and the candidates are contacted.

Further information:

Katrin Ligi

Head of Unit - Personnel Manager

627 4172

katrin.ligi [at] kik.ee

Vacancies

There are currently no vacancies.

Partners

The EIC engages in active cooperation with ministries, environmental institutions and organisations, local authorities, occupational associations, non-profit associations, foundations and companies, etc.

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