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Landsvirkjun announces plan to be carbon neutral by 2025

Iceland’s Landsvirkjun has announced an ambitious action plan to become carbon neutral by 2025.

Landsvirkjun has focused on reducing greenhouse gas emissions and increasing carbon sequestration for more than a decade, according to a press release. During this period, the company has collected comprehensive data on its carbon footprint and published detailed emissions figures in its annual Environmental Report.

The initial action plan, approved in 2015, aimed to achieve carbon neutrality by 2030. A detailed analysis of the company’s carbon footprint and the identification of possible solutions to reduce emissions resulted in an updated and more detailed action plan to replace the 2015 version.

Landsvirkjun operates 18 power stations, with 99% of its energy coming from renewable hydroelectric and geothermal sources. Landsvirkjun generates three-fourths of this energy form hydroelectric power, geothermal energy and wind. It has 15 hydroelectric power stations with a total capacity of nearly 2,000 MW.

 “The fight against climate change is one of the greatest challenges faced by mankind today,” said Hörður Arnarson, chief executive officer. “Renewable energy production is definitely part of the solution and Landsvirkjun therefore plays a major role. All companies, including Landsvirkjun, should strive to minimize their carbon footprint. Our goal of becoming carbon neutral in 2025 is ambitious, but we know what we need to do and we will achieve it.”

Landsvirkjun says it intends to prevent emissions, reduce current emissions and implement a series of countermeasures.

The utility places a price on GHG emissions in its operations, or so-called internal carbon prices. This enables Landsvirkjun to make informed decisions regarding the impact of its operations on the climate, while also considering the financial implications of becoming carbon neutral. The utility intends to implement measures aimed at reducing the carbon footprint created by the purchase of goods and services.

Landsvirkjun says it will “clean” emissions from the Krafla Geothermal Power Station, potentially reducing emissions by 22,000 tonnes of CO2 equivalent per year, and will focus on updating vehicles and machinery, with the aim of using only renewable fuel sources by 2030. The utility will also reduce air travel emissions by 30%.

And the company intends to increase reforestation, revegetation and wetland reclamation to increase carbon sequestration. Carbon sequestration figures would increase from just over 30,000 tonnes of CO2 equivalent in 2018 to 45,000 tonnes in 2025 and 60,000 tonnes in 2030.