On the website of the Just Transition Fund you can now see a real-time overview of the use of grants sent to Ida-Viru County and ongoing projects. Today, the volume of private investments supported by the fund reaches 197 million euros. :format(webp)/nginx/o/2024/03/15/15946934t1h8cd3.jpg)
The city of Kohtla-Jarve. Photo: Peeter Lilleväli / Põhjarannik
On the website of the Just Transition Fund you can now see a real-time overview of the use of grants sent to Ida-Viru County and ongoing projects. Today, the volume of private investments supported by the fund reaches 197 million euros.
On the website idavirufond.ee/ru you can now see all the projects and initiatives that, with the support of the Just Transition Fund, will contribute to the economic development and sustainable development of Ida-Viru County. A section of the site called " How We're Doing " gives an overview of what projects are in the pipeline and how many have already received support. On the site you can also see how investments are distributed between municipalities and how many new jobs are created thanks to the projects. The data is based on the structural grants register and is automatically updated every day.
According to Just Transition Coordinator Ivan Sergeev, current data better conveys information to stakeholders and ensures transparency in the process. “This is the fastest and most convenient way for everyone – both entrepreneurs and local residents – to get an overview of the progress of activities and monitor the developments taking place in the region,” he said.
“We hope that with the help of this information, those who have until now observed what is happening from the side will be more confident in asking for support for their ideas. The foundation's support is not just for industry or entrepreneurs – the foundation also supports initiatives in education, living environment and other areas that contribute to the well-being of the region."
Referring to published data, government representative in Ida-Viru County Jaanus Purga noted that the financing of business and regional initiatives by the Just Transition Fund in the first half of 2024 has made a big step forward.
“Both the number of applicants and the volume of projects that have already received a funding decision have reached exactly the level we wanted. This good growth trend was mainly facilitated by two things: the easing of the business support measures that came into force at the beginning of the year, and extensive work with investors and local communities. Especially with investors in Estonia, which I personally am very happy about,” added Purga.
According to him, it is clear that another similar opportunity for the region may not open soon. Estonian investors are well aware of geopolitical risks, but they are certainly more courageous and aware than foreign investors.
According to the page , more than half of the total Just Transition Fund has already been allocated to projects, that is, more than 170 million euros and 626 jobs are being created. Since one of the goals of the fund is to stimulate private investment in the region, the initial goal was to attract at least 168 million euros of additional investor money to Ida-Viru County with the support of the fund. To date, the private sector has already invested €197 million in the region and growth continues.
The Just Transition Fund is a financial mechanism created by the European Union that aims to support economies, people and the environment in regions facing significant socio-economic challenges in meeting energy and climate goals. In Estonia, the volume of the fund is 340 million euros and, due to the oil shale industry, the target region is Ida-Viru County.
