Iceland and Decarbonization

Iceland is a country that takes sustainability very seriously. It ranks 22nd out of 163 countries on the UN's Sustainability Development Goal Index and was a winner of Sustain Europe's Safe & Sustainable Tourism Awards in 2021. The Icelandic government has ambitious goals of achieving carbon neutrality by 2040 and being completely fossil-fuel-free by 2050, and the country is already a leader in renewable energy. Iceland produces 100% of its electricity and meets 100% of its heating needs through a combination of hydropower and geothermal energy, and it meets 90% of its primary energy needs with renewables.

Geothermal energy is generated by harnessing the heat that is naturally produced by the Earth's core. Iceland is particularly well-suited for geothermal energy production because it is located on the Mid-Atlantic Ridge, where the Earth's tectonic plates are actively moving apart. This creates a large number of geothermal sources, such as hot springs and geysers, which can be used to generate electricity and heat buildings.

Iceland is also a pioneer in climate tech. It is home to the world's first industrial-scale direct air capture facility, located 30 miles outside of Reykjavik. Developed by the Swiss company Climeworks, this plant and others like it extract carbon dioxide from the air, convert it into stone, and permanently store it in underground caverns. While this technology is still in its early stages, if it can be effectively scaled, it could play a critical role in the fight against climate change. In fact, many scientists believe that limiting the temperature increase to 1.5°C is not possible without the deployment of this technology on a large scale.

Iceland Geothermal Plant