Money to Burn is an investigation by a team of journalists and European newsrooms, led by Argos and funded by Investigative Journalism for Europe.

A cross-border investigation

16 reporters – 11 newsrooms – 8 countries

For a period of three months, our cross-border team investigated everything related to the biomass trade, from subsidies, to certifications, to the European lobby, after learning from a colleague in Tallinn that Estonia was exporting almost all of its pellets overseas, with increasing impact on the country’s forests. The result: a cross-border story about the effect of Western European subsidies on Estonia's forest, plus a series of radio, print and online publications in our partner media.

Media partners

Supported by

More about our partners


Äripäev is an Estonian financial newspaper, founded in 1989. Website.

De Groene Amsterdammer

De Groene Amsterdammer is an independent Dutch weekly news magazine. Website.


ERR is the Estonian public broadcaster. Website.


Expresso is a Portuguese newspaper based in Lisbon. Website.

The Guardian

The Guardian is a British daily newspaper, founded in 1821 as The Manchester Guardian. Website.


Investico is a Dutch platform for thorough and structural journalistic research. Website.


E&T is a monthly magazine and associated website for professional engineers. The magazine is based in the UK. Website.

Latvia Radio

Atvērtie Faili (Open Files) is the investigative desk of Latvia Radio 1. Website.


Público is a Spanish online newspaper with an estimated 7.5 million monthly visitors. Website.

Zeit Online

Zeit Online is the digital version of Die Zeit, a German national weekly newspaper. Website.


5W is a Spanish online magazine with a strong focus on international affairs. Website.



The IJ4EU fund supports cross-border investigations of public interest. In 2020, IJ4EU is providing one million euros in direct support to watchdog journalism.

About Argos

Argos is the award-winning investigative journalism platform of Dutch public broadcasters VPRO and Human. Our in-depth reporting spans more than twenty years, covering a broad range of topics, but always with the aim of uncovering what those in power would otherwise prefer to keep hidden. Our mission is to create impactful journalism, online as and on air, that critically analyses the powers that shape public opinion. We believe that complex issues know no borders. That’s why, in addition to our reporting in the Netherlands, we actively search for and engage in cross-border collaborations.