What is Iceland's energy policy?

A balance is to be maintained between the protection of nature and natural resources and the utilization of the energy resources so unique to Iceland. The primary aims of the Energy Policy is to develop a diverse energy system that is shock-resistant and resilient to natural disasters and climate change impacts.

What is Iceland's Sustainable Financing Framework?

Iceland’s Sovereign Sustainable Financing Framework Iceland is committed to the fulfilment of the ambitions of the Paris Agreement on climate change and United Nation’s (UN) Sustainable Development Goals (SDGs).

Will geothermal and hydro power make sense for energy transition in Iceland?

Just as geothermal and hydro power generation made sense for energy transition in Iceland, local conditions elsewhere will determine which renewable resources are the most efficient and how they will be best exploited. Because every country is unique, each transition will be different.

Does Iceland have wind power?

Furthermore, the country has tremendous wind power potential, which remains virtually untapped. Today, Iceland’s economy, ranging from the provision of heat and electricity for single-family homes to meeting the needs of energy intensive industries, is largely powered by green energy from hydro and geothermal sources.

How many hydropower plants were built in Iceland?

In 1950, 530 such small hydropower plants were built in Iceland, creating scattered independent power systems around the country. To further incentivize geothermal energy utilization, the Government of Iceland established a geothermal drilling mitigation fund in the late 1960s.

Does Iceland use geothermal energy?

Iceland’s geography provides the country with access to a vast amount of renewable energy resources. The country currently produces 99.98% of its electricity using renewable energy5 and 97.4% of the heating used is provided by geothermal energy6. 5 Orkustofnun (2021).