Description/achievement of initiative
The green investment scheme sets up the requirements for the trade in surplus assigned amount units on the international market.
Source: UNCSD Secretariat (2010) Questionnaire for the Member States on Experiences, Success Factors, Risks and Challenges with Regard to Objective and Themes of UN Conference on Sustainable Development (UNCSD)
The possibility to finance green economy initiatives is foreseen in the Special Programme for Climate Change in the Law on Climate Change. There are legal acts adopted in 2010 establishing a green investment scheme (GIS), setting up the requirements for the trade in surplus assigned amount units (AAUs) on the international market. The GIS in Lithuania is a complex of legal acts and administrative measures, creating a financial tool where AAUs trade proceeds to the Special Climate Change Programme and are used to finance different projects reducing greenhouse gases.
The main perceived benefits of implementing the green investment scheme are that projects will be developed and implemented either acquiring the greenhouse gases emission reductions or building up the necessary framework for this process, i. e. projects related to energy consumption effectiveness, renewable energy resources, and to climate change management.