Climate change is occurring at a much faster rate than expected and the serious consequences of these developments have received increased attention at the international level. Nations, cities, companies, associations of companies, non-governmental organizations and the public have outlined and promised action, aimed at reaching the Paris Summit goal which aims to keep the increase in temperature below 2 degrees.
Iceland is an active participant in this initiative and plans to be carbon neutral by 2040. Various municipalities and companies in Iceland have participated in the debate and set ambitious targets to reduce their carbon footprint.
Landsvirkjun is at the forefront of this campaign and intends to be carbon neutral by 2030. This is further explained in our Green Accounts.
Landsvirkjun subsequently registered these intentions in Nazca (Non-State Actor Zone for Climate Action).
Landsvirkjun‘s NAZCA goals are:
- To be a carbon neutral company by 2030
- To invest in renewable energy: geothermal, hydropower and wind power
- To ensure that 25% of the Company’s vehicles are powered by electricity by 2020
- To introduce various measures to reduce the impact on the climate including the initiative to create action plans on energy efficiency at the national level
Climate issues are energy issues. We must reduce global energy consumption and accelerate the development of renewable energy production to achieve the objectives of the Paris agreement and to keep global warming below 2 ° C.
Energy generation is the largest producer of greenhouse gases (GHG) and more than 80% of global energy production is still based on fossil fuels. This type of power generation creates an enormous carbon footprint or high GHG emissions per energy unit. The Carbon footprint of renewable energy production, such as hydropower, wind power, geothermal energy and solar energy is generally much less.
The International Energy Agency's forecast for energy consumption by 2040 is expected to show a 30% growth in renewable energy utilisation. However, the massive growth in renewable energy sources will not be enough to reduce coal and oil consumption in energy generation.
Increased renewable energy production is one of the most effective ways to reduce fossil fuel based energy production globally. If the forecasts for the continued growth of energy production with coal and oil become a reality, then the objectives of the Paris agreement will not be achieved. In order to achieve these objectives, we need to reduce energy consumption and increase energy production with renewable energy sources, thus reducing energy generation reliant on coal and oil.
Landsvirkjun’s Green accounts for 2017 can be accessed here.