00:00For decades, the Idaviruma region in north-east Estonia relied on shale oil.
00:06The country wants to phase it out to cut CO2 emissions.
00:13Shale oil gave us light and energy and electricity.
00:17Ourselves, we're calling this brown cold.
00:20We used to have in the 90s, we had more than 200,000 people living in this area.
00:25But now we have 130,000 people and the decline will continue.
00:30To ease this transition, the European Union has allocated 354 million euros
00:35to the Just Transition Fund for 2021-2027.
00:40When we had this Just Transition Fund in planning,
00:45we brought together more than 52 different local organisations.
00:49The one thing we understood is what we need is to diversify our economy.
00:54Because to be dependent only from one industry is very dangerous.
00:58Thanks to this support, NAVA, one of the region's main cities,
01:03is now home to Europe's first rare earth magnet plant.
01:07For the head of Estonia's national mining company, this could open up new business lines.
01:13I really hope that the permanent magnet production in Estonia expands.
01:18I really hope that in the future we will also mine the raw material for the magnet.
01:26Here in Estonia, it's not impossible.
01:28And we have a wool value chain from mining to magnets.
01:32Ida Viruma is living up to the challenge of a future beyond shale oil.
01:39so on.
01:47Thank you.
01:48We're following this on the kart
01:50's 부만 Steamерь
01:51– I'm glad you could see this on the també in the home of T� digital.'s
01:52Let Tim Sharp
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