E10 Climate Risk Mitigation

Promotes UN‘s Sustainable Development Goals Climate action

Reykjavik Energy Group has, as a cleantech company, established the Reykjavik Energy Green Bond Framework by issuing green bonds. The green framework, and its bond issue, confirms the goal of carbon neutrality by 2030 and supports responsible and sustainable utilisation of resources.

In 2020, Reykjavik Energy Group funded various green projects for a total of ISK 25 billion, where new projects were awarded ISK 9 billion. These projects were, e.g. power production from renewable energy sources, such as electricity production and the expansion of district heating utilities, automatic meter reading of utilities systems, carbon dioxide sequestration in basaltic bedrock, projects to boost the resilience of utilities systems, and more. This funding amounts to 50% of the turnover of Reykjavik Energy Group. Eligible projects for green funding are selected by an interdisciplinary team within the Group, and a review is performed by an external agency.

Carbfix began its operations in January 2020. The company was established in late 2019, with the sole purpose of operating the method of capturing and storing carbon dioxide, which has been used to clean carbon dioxide from the Hellisheidi Geothermal Power Plant with excellent results. The company started as a research- and development project in 2007. Its mission is to tackle the climate crisis by capturing and permanently storing one billion tonnes of CO2 equivalents in 2030.

The Carbfix project is proof that knowledge, time and funding is pivotal for environmental and climate change projects.