Iceland Could Owe Billions Due to Unfulfilled Commitments to Kyoto Protocol Skip to content
Guðmundur Ingi Guðbrandsson
Photo: Golli.

Iceland Could Owe Billions Due to Unfulfilled Commitments to Kyoto Protocol

Iceland faces possible expenditures of billions ISK (1,000,000,00 ISK – 7,190,623$, 6,117,330€) for not having fulfilled its commitments to the Kyoto protocol, RÚV reports. According to Minister for the Environment and Natural Resources Guðmundur Ingi Guðbrandsson, a team is working on estimating what Iceland’s exact debt is when the commitment period is up at the end of this year.

The 1997 Kyoto Protocol is an international treaty meant to decrease the emission of greenhouse gasses and counteract climate change. Despite getting a special provision which allowed increased emission from large scale industry, Iceland hasn’t fulfilled its commitments. The Kyoto Protocol commitment period is up by the end of the year and it will be time to settle the debt.

“It’s not clear how much it will be. It’s being looked into. There are a few possible ways to respond to this. A team is currently working on it,” Guðmundur said after the Government meeting today. “But I am making it very clear that this is what happens when climate issues aren’t taken seriously. Our current government is taking them seriously and has a credible plan for 2030 to uphold the Paris Agreement. We expect no less than we’ll do our duty there.”

Is not paying an option for Iceland? “We’ll fulfil our commitments, that’s clear. It’s left to see how much it is and in what way this will be done,” replied Guðmundur Ingi.

Guðmundur Ingi is not willing to censure earlier governments but says: “I would have liked to see this differently, that’s for sure. The main thing is that we’re now dealing with climate issues. We have a credible plan to fulfil our commitment for 2030.”

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