"What we still lack today is a toolbox for getting us from the current reality to where we need to go. This lack of tools is the greatest obstacle," Hääl said on ERR's online program Otse uudistemajast on Wednesday.

Hääl said there are no financial instruments for investments necessary for curbing carbon emissions as it is difficult for entrepreneurs to show where they stand to benefit. "Because as put by the report by the Tallinn Center of the Stockholm Environmental Institute (SEI) – benefits will be created for society and might be created for the state through quota trading – but that is not something you can take to a commercial bank. Ask them to finance an industrial investment that will not yield any tangible profit for the investor and the entrepreneur for the good of society – that is no way to service interest payments," Hääl found.

The Alexela executive also said that there is no single solution for meeting climate targets and that rather emissions can be curbed by taking various different steps. "It is not so much a question of technological solutions. We cannot just sit idle today and hope a magic wand will appear tomorrow. Many necessary technologies already exist, while there is no golden key. We'll have a combination of various technical solutions and primary energy sources. The question is how to handle the switch and support it through various policy measures," the businessman said.

He added that unlike burning oil shale to generate power, using it to produce shale oil will remain feasible for a few more decades. Additionally, because Estonia has more oil shale than it can turn into shale oil, it is the state's task to promote innovation in a sector where the country has strong competency. "We have it, which is why I would not underestimate scientists who are looking into it and trying to extract the periodic table of elements from the resource," Hääl said.

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