While Estonia made €248 from the sale of CO2 quotas two years ago, this grew to €333 million by last year. Imre Banyasz, advisor at the Ministry of Climate, said that the sum differs from one year to the next and depends on both quantities sold and the market price.

"We have spent an increasing amount [of proceeds] on transport development, such as sustainable public transport, electrification of the railroad, electric trains etc."

Previously, Estonia has used proceeds from the sale of CO2 quotas on renovating public sector buildings, making apartment buildings more energy efficient and mitigating flood risks.

"Major storms have created relevant risks and indeed real damage in the past. We're talking mainly about Pärnu and Lääne counties, but also other parts," Banyasz said.

In the context of the previous few years' energy crisis, a part of the proceeds has also been spent on alleviating soaring energy prices. The new version of the directive will see quota trading applied to other sectors.

"One is maritime transport that has not had measures aimed at curbing greenhouse gas emissions before. The other is creating a completely new system for road transport and regulating the so-called housing economy or the fuels used there."

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