Environmental goals of the Group in the long-term perspective
Common environmental policy
The Group has developed a common environmental policy, which is based on the following principles:
The efficiency of the environmental management system in the Group is assessed by means of reporting and analysis within the dynamics of quantitative environmental indicators.
Investments into Environmental Protection
In its activities, VKG is always striving for improving efficiency. The aim is to increase the value of oil shale to the maximum, i.e. using upthe potential of the resource completely. From the perspective of the environmental protection, it means minor environmental effect per one unit of processed oil shale and higher social and economic benefit. We believe that in order to ensure the longevity of production of shale oil, we must make investments into the development of the best possible technologies and environmental protection, take part in working out legal acts, carry out production and environmental monitoring, enhance the efficiency of production, and implement energy-efficient solutions.
In recent years, a lot of hard work has been done in the field of environmental protection. It is only in 2018 that VKG invested about 10 mln EUR into the projects related to the reduction of environmental pollution, implemented by its subsidiary VKG Oil. At the same time, the legislation of the European Union and the Republic of Estonia as well as the increasing production needs establish even higher requirements and new environmental goals for the companies within the Group. In 2018, several legal acts were adopted in the EU that regulate the trade of the emission amounts of greenhouse gases in the upcoming period (2021-2030). Besides, the analysis of assessment of the monetary value of the external effects of environmental use in Estonia, commissioned by the Ministry of the Environment, based on which the valid system of environmental charges in Estonia will be revised, is also being prepared. In 2018 the Government of the Republic decided to retain in force the valid system of calculating tariff rates for natural resource extraction right, belonging to the state, which was developed in 2016. In addition to that, an amendment to the Environmental Charges Act was adopted, in the result of which the income basis consisting of resource and environmental charges paid to local governments will be increased.
VKG divides the investments into environmental protection into two parts:
Direct and indirect investments reducing environmental effect (mln eur)
Enviromental expenditure (MLN EUR)