Today, Landsvirkjun – the National Power Company of Iceland – will introduce plans to become carbon neutral by 2025, RÚV reports. According to Hörður Árnarson, CEO of Landsvirkjun, the company has monitored greenhouse gas emissions closely over the past ten years. Landsvirkjun’s initiative forms a part of the government’s plans to become carbon neutral by 2040.
Emissions Halved Since 2005
In an interview on Rás 2 this morning, Hörður Árnason stated that Landsvirkjun’s emissions have halved from 2005 when greenhouse gas emissions were approximately 45 thousand tonnes per year. According to Hörður, today Landsvirkjun emits approximately 22 thousand tonnes annually. Most of the emissions can be traced to geothermal power stations, especially Krafla. Landsvirkjun aims to reduce emissions from these sources, while also cleaning emissions.
“The steam is separated and mixed with fluid whereupon it is injected back into the site of its retrieval … it’s not a simple operation and it involves considerable innovation. We believe that such efforts, however, will lead to an accumulation of knowledge that Icelandic engineering firms and others can use to sell to foreign parties.”
A Comprehensive and Costly Initiative
Hörður stated that the operations will be comprehensive and costly. “It’s a big project that we divide into three parts. Prioritisation is key. First, it is important to prevent emissions, which Landsvirkjun has done by adopting an internal carbon price. We’re probably the first company in Iceland to have done so. For all of our projects, we equate greenhouse gas emissions with cost; for every tonne of greenhouse gas emissions we estimate that it costs us approximately $33,” Hörður stated, admitting that the carbon price was relatively low. The second most important aspect of Landsvirkjun’s project is reducing emissions, Hörður added, with carbon sequestration coming third.
Landsvrkjun aims to update all of its cars, machinery, and engines so that in ten years they will be powered by electricity, methane, or hydrogen.
Iceland’s Largest Producer of Electricity
Landsvirkjun’s presentation will be held at Nauthóll at 2.00pm today. The panel of speakers will include Halldór Þorgeirsson, Chair of Iceland’s Climate Council; Kristín Linda Árnadóttir, Deputy CEO of Landsvirkjun; and Eggert Benedikt Guðmundsson, Director of Grænvangur, among others.
Landsvirkjun is Iceland’s largest electricity generator and one of the ten largest producers of renewable energy in Europe. Landsvirkjun operates 17 power plants in Iceland concentrated on five main areas of operation. It is owned entirely by the Icelandic state.