Combustible Waste to Be Sent to Sweden

recycling iceland

The management of SORPA has entered into negotiations with Stena Recycling AB regarding the reception of combustible waste from the capital area for incineration in Sweden. Plans are currently underway to begin exporting combustible waste by autumn.

Read more: Milk Cartons Sent Abroad for Incineration

With this agreement, Icelandic waste will be utilized for energy production in Sweden instead of being disposed of in Iceland. It is estimated that 43,000 tonnes of combustible waste will be exported annually for incineration.

Stena’s offer was approximately 35% below SORPA’s cost estimate, which will potentially lower the impact on SORPA’s tariff schedule. The export of combustible waste will lead to a substantial reduction of approximately 65% in waste disposal at the Álfsnes facility compared to 2022. According to a statement by SORPA, the export will also significantly decrease waste accumulation nationwide and mitigate the negative impacts of the disposal site on local communities.

Read more: Milk Cartons to Be Recycled in Sweden

Notably, Icelandic waste management practices have recently come under critique when it came to light that milk cartons, which were supposed to be recycled domestically, had been sent abroad for incineration for years.

 

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Nordic and Canadian Delegates Meet in Westman Islands

Prime Ministers Katrín Jakobsdóttir and Justin Trudeau

Prime Ministers and delegates of the Nordic countries and Canada arrived in Vestmannaeyjar yesterday, June 25. The annual summer meeting of the Nordic ministers will take place there today, with Justin Trudeau, the Prime Minister of Canada, being a special guest of the meeting.

Attendees include Prime Minister of Finland Petteri Orpo, Representative Páll Magnússon, Westman Islands Mayor Íris Róbertsdóttir, Prime Minister of Denmark Mette Frederiksen, Prime Minister of Norway Jonas Gahr Störe, Prime Minister of Iceland Katrín Jakobsdóttir, Prime Minister of Canada Justin Trudeau, Åland Premier Veronica Thörnroos, Greenland Premier Múte B. Egede,  Prime Minister of Sweden Ulf Kristersson, and Faroe Islands Premier Aksel V. Johannesen.

The meeting began last night, with the delegates discussing the situation in Russia in Westman Island’s town hall.

Petteri Orpo, Páll Magnússon, Íris Róbertsdóttir, Mette Frederiksen, Jonas Gahr Störe, Katrín Jakobsdóttir, Justin Trudeau, Veronica Thörnroos, Múte B. Egede, Ulf Kristersson, and Aksel V. Johannesen.
Prime Minister’s Office Iceland

Last night, Katrín Jakobsdóttir and Justin Trudeau discussed cooperation and collaboration between the countries in the fields of politics, culture, and trade, in addition to issues relating to immigrants and refugees, the environment, and green energy.

Katrín also met with Petteri Orpo, the Prime Minister of Finland. Orpo assumed office last Tuesday, and his visit to Iceland is his first official visit to a foreign country. Among other topics, the ministers discussed bilateral relations between Iceland and Finland, the security and defence situation in Europe, and matters concerning the Nordic nations generally.

Agreement Reached Between Central Bank and Íslandsbanki

íslandsbanki

In a statement published this morning by the Central Bank of Iceland, an agreement has been reached to conclude the matter of Íslandsbanki’s controversial March 2022 sale of shares.

The statement can be read here, in Icelandic.

The Financial Supervisory Authority of the Central Bank of Iceland has been examining the alleged violations by Íslandsbanki of security trading regulations since last year. The examination by the Financial Supervisory Authority focused on the conduct of Íslandsbanki in the offering of the state’s 22.5% ownership stake in Íslandsbanki in March of last year.

The report states that “the management and CEO of Íslandsbanki have not implemented satisfactory governance practices and internal monitoring, which ensure effective and prudent management, including the failure to ensure that the bank complies with legal requirements regarding the provision of investment services and adherence to its own internal regulations.”

Íslandsbanki to Pay ISK 1.2 Billion in Fines

Preliminary findings of the Financial Supervisory Authority were sent to Íslandsbanki on December 30, 2022. In a letter dated January 6, 2023, Íslandsbanki expressed its intention to resolve the matter through a settlement with the Financial Supervisory Authority of the Central Bank.

By signing the agreement, Íslandsbanki admits to having violated specific provisions of the Act on Securities Transactions, in addition to committing to take remedial measures. Íslandsbanki is required to pay the fine to the treasury by November 1, 2023.

Among the violations described in the report are Íslandsbanki’s failure to record phone calls, providing customers with inaccurate information about the terms of the offering, and incorrectly assessing customers’ applications to be classified as professional investors. The March 2022 offering was nominally only open to professional and institutional investors. However, Íslandsbanki classified eight clients, who were retail investors, as professional investors without meeting the legal criteria.

Additionally, the bank did not take sufficient measures to prevent conflicts of interest, such as the involvement of directors and employees of the bank in the offering and adequate separation of duties, and the bank did not conduct a proper risk assessment in relation to its participation in the sales process.

Finally, Íslandsbanki was found to have failed to fully meet its obligations to operate in a fair, honest, and professional manner, in accordance with “normal and sound business practices.”