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The State Audit Office of Latvia has concluded after the audit that use of Emission Allowance Auction Instrument (EAAI) funds is not planned in a cost-effective manner, as the reduction of greenhouse gas (GHG) emissions does not occur with the least use of financial funds. In addition, the available funding has not been spent for climate change mitigation for a long time, having already accumulated 320 million euros by the end of 2023, thus not contributing to the achievement of the GHG emissions reduction targets set for Latvia.
The Emission Allowance Auction Instrument is the funds obtained from the auctioning of emission allowances allocated to Latvia, which can be channelled to measures to promote the achievement of climate targets. An emission allowance is an allowance to emit GHGs that is granted to businesses and countries by the European Union to limit emissions and fight climate change.
