Landsvirkjun has introduced an ambitious new action plan to become carbon neutral by 2025. The details of the plan were introduced at the meeting which also included a wider discussion on climate issues.
Landsvirkjun has been focused on reducing greenhouse gas emissions and increasing carbon sequestration for over a decade. During this period, we have collected comprehensive data on the Company’s carbon footprint and published detailed emissions figures in our annual Environmental Report. Extensive knowledge on carbon emissions and identifying their source is fundamental to corporate action against climate change.
The initial action plan, approved in 2015, aimed to achieve carbon neutrality by 2030. A detailed analysis of the Company's carbon footprint and the identification of possible solutions to reduce emissions have resulted in an updated and more detailed action plan to replace the 2015 version. We know what to do and what it will cost.
We place a price on greenhouse gas emissions in our operations or so-called internal carbon prices. This enables us to make informed decisions regarding the impact of our operations on the climate, whilst also considering the financial implications of becoming carbon neutral. We also intend to implement measures aimed at reducing the carbon footprint created by the purchase of goods and services.
We will clean emissions from the Krafla Geothermal Power Station, potentially reducing emissions by 22,000 tonnes of CO2 equivalent per year. We will also focus on updating vehicles and machinery, with the aim of using only renewable fuel sources by 2030. We will also reduce air travel emissions by 30%.
We intend to increase reforestation, revegetation and wetland reclamation to increase carbon sequestration. Carbon sequestration figures would subsequently increase from just over 30,000 tonnes of CO2 equivalent in 2018 to 45,000 tonnes in 2025 and 60,000 tonnes in 2030.
“The fight against climate change is one of the greatest challenges faced by mankind today. Renewable energy production is definitely part of the solution and Landsvirkjun therefore plays a major role. All companies, including Landsvirkjun, should strive to minimise their carbon footprint. Our goal of becoming carbon neutral in 2025 is ambitious, but we know what we need to do and we will achieve it."