Reykjavík Energy carbon neutral by 2030
Emissions:
14,622 metric tons of CO2 -equivalent
Responsible party:
Description:
Reykjavík Energy is an energy and utility company majority owned by Reykjavík City. Reykjavík Energy operates two geothermal power plants: Hellisheiði and Nesjavellir power plants. These plants use geothermal steam to produce electricity and heat. The steam partially contains two greenhouse gases, carbon dioxide (CO₂) and methane (CH₄). Typically, these gases are released from the steam and escape into the atmosphere. However, Reykjavík Energy has developed the CarbFix method, a carbon capture and storage technology (CCS), that permanently mineralizes CO₂.
A cornerstone of Reykjavík Energy's strategy is the implementation of the CarbFix method in the geothermal power plants. Since 2016, the geothermal power plants have accounted for 65-75% of Reykjavík Energy's total greenhouse gas emissions. At Hellisheiði power plant, the current capture capacity is about 25%. However, Reykjavík Energy plans to significantly increase the capture capacity there by 2025, enabling it to capture 95% of the plant's CO₂ emissions by 2025. Pilot injection began at Nesjavellir power plant in early 2023, and Reykjavík Energy aims for full-scale expansion of injection there by 2030.
Reykjavík Energy aims to reduce greenhouse gas emissions by 90% in scope 1 and 2 and by 40% in scope 3 by 2030, compared to emissions in the base year 2016. The climate target has been validated by the Science Based Targets Initiative (SBTi) and meets climate science requirements to keep global warming under 1.5°C. Additionally, Reykjavík Energy aims to reduce emissions in its value chain, scope 3, by 90% by 2040.
All geothermal heating in Reykjavík is provided by Reykjavík Energy. Therefore, emission reductions from Reykjavík Energy directly impact emissions in Reykjavík. With carbon capture and storage at Reykjavík Energy's geothermal power plants, emissions are expected to be reduced by 51,000 metric tons of CO₂ equivalent in 2030 compared to the base year 2016. This reduction consists of a 27,000 metric ton CO₂ reduction from electricity production and a 24,000 metric ton CO₂ reduction from heat production.
Removed/substituted energy, volume, or fuel type
N/A
Emissions category:
Orka