LANDSVIRKJUN CRUCIAL IN ICELAND’S ENERGY TRANSITION

Landsvirkjun will provide a significant role in the energy transition in Iceland and already reduces its carbon emissions

Landsvirkjun believes that energy issues are environmental issues and sees renewable energy as the way forward, with fossil fuels becoming a thing of the past. The energy transition is necessary if we are to counteract global climate change. Landsvirkjun is leading by example, and its status in environmental issues is excellent, as the company only generates energy from renewable sources and has one of the lowest carbon footprints in the world. The EU’s benchmark for electricity as climate change mitigation is 100 grammes of carbon dioxide emissions per kilowatthour, and Landsvirkjun’s operations only emit 3.6 grammes per kilowatt-hour.

Achieve carbon neutrality by 2025

Landsvirkjun’s goal is to become carbon neutral by 2025, and the company is already well on its way to achieving that goal. As such, the carbon footprint from the company’s operations has been reduced by 61% since 2008. Landsvirkjun’s most significant challenge is reducing emissions from geothermal power by 60%, which the company plans to achieve in three years. Indeed, these emissions are equal to 2.5% of Iceland’s obligations on emissions reduction under the Paris Agreement.

Green hydrogen and methanol for energy transition

The company is working on two projects for electricity fuel: a green hydrogen project and a methanol project intended to support the energy transition in transport. These projects are in a developmental phase. The first project, which aims to develop green hydrogen production, will be used to adapt the energy transition in heavy goods transportation. The project will advance the possibility of reaching Iceland’s targets in climate issues, at least regarding land transport. Hydrogen can replace fossil fuels as a completely carbonfree fuel, reducing emissions considerably, as one large commercial vehicle’s emissions equal dozens of private cars emissions.

Meanwhile, the second project explores the possibility of producing methanol, a fuel considered suitable for the maritime energy transition. Methanol, which is a product made from hydrogen and carbon dioxide, can be effective and is growing in popularity. Engines running on methanol are already in use, and international shipping liners have commissioned new vessels running on methanol. Several Icelandic companies have shown interest in the methanol option, seeing it as a practical first step in their energy transition.

Exporting Icelandic energy expertise

Landsvirkjun is not just committed to energy transition at home in Iceland; it supports the international energy transition via its subsidiary, Landsvirkjun Power, for international projects. Indeed, Landsvirkjun Power exports the knowledge gathered in Iceland regarding renewable energy sources. Landsvirkjun Power provides consultation regarding the preparation, construction, and operations of renewable energy power stations and is involved in their development. The latest project is a 10 MW hydropower station in the country of Georgia. The subsidiary is currently exploring projects in Greenland and Canada to support the energy transition in the Arctic region. www.landsvirkjun.com

Alþingishúsið Austurvöllur, in December 2022, next to the Cathedral which was built in 1796, 85 years before the Alþingishúsið