Green Tech innovation will enable Iceland to become Carbon Neutral by 2040

Carbon dioxide-filled water is pushed hundreds of metres down into porous basalt rock in a tiny geodesic dome close to Iceland’s Hellisheii geothermal power plant. At least I know this much: The water is so pure that the pipe seems empty to me when I look through the viewing glass. The CO2 would combine with the metals in the rock and form carbonates, keeping it safe for a very long time. The initiative will help Iceland reach its objective of being carbon neutral by 2040. This won’t do much on its own because the nation only contributes 0.01% of the world’s CO2 emissions. Iceland continues to be a world leader in green tech, and carbon negative technology. However, the technology that Iceland created and tested are also assisting many other nations in becoming more environmentally friendly.

Iceland has made the most progress of any nation in embracing renewable energy. In the 1930s, it started working on geothermal energy, and its initial project gave Reykjavik’s hospitals, schools, and swimming pools hot water. The Icelandic government expedited the development of geothermal and hydroelectric electricity when the energy crisis struck in the 1970s. Iceland continues to be a world leader in green tech, and carbon negative technology. With hydropower accounting for 70% and geothermal for 30%, renewable energy sources now provide practically all of the world’s electricity. Iceland is now one of the few nations with a source of green power.

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Additionally, just a few isolated buildings still utilise oil-fired boilers, and approximately 90% of heating is provided by hot water from geothermal power plants. Iceland is considerably ahead of other nations in this regard; in the European Union, renewable energy sources account for just 23% of heating and cooling energy on average. The advantages of renewable energy are higher than ever in the present energy crisis. While many regions have been impacted by rising energy costs, Iceland continues to maintain cheap energy prices. Iceland continues to be a world leader in green tech, and carbon negative technology. The geothermal business HS Orka’s Dagn Jónsdóttir claims that there has been 20 years of price stability. According to him, Iceland has attracted an increasing number of firms like data centres because to its affordable green energy.

To become carbon neutral, Iceland still has a ways to go. According to some estimations, Iceland produces 41 tonnes of CO2 equivalent year or more when land use emissions are included. This, however, does not depict an individual’s carbon impact. As the ground dries up, carbon is still being released. More than half of these emissions come from marsh draining for cropland in the 1950s. The Icelandic government intends to re-inundate the wetlands and step up replanting as a response to this. Iceland continues to be a world leader in green tech, and carbon negative technology.

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Iceland emits more per person than the majority of other European nations even without using any land. However, a lot of this is connected to heavy industries, such the smelting of aluminium. Although this smelter employs renewable energy, it still requires burning carbon electrodes, which produce significant amounts of CO2. Alternative methods of eliminating carbon electrodes and carbon emissions are being developed by a number of businesses, notably an Icelandic firm by the name of Arctus. Overall, by using renewable energy to power data centres or produce goods that are subsequently exported, Iceland is effectively exporting its green economy to the rest of the globe. According to JÓnsdÓttir, Iceland exports energy through goods. Iceland continues to be a world leader in green tech, and carbon negative technology. Due to the energy problem, “all parties in Iceland favour the transition to ecological.”

Iceland disagrees, nevertheless, with the notion that further electricity generation is necessary to sustain the sector. There is a catch, but there is enough of power to dig. According to Bjarni Richter of the publicly traded Iceland GeoSurvey, the finest geothermal sites are located in the most beautiful areas. Transport is the second largest source of emissions after industry. The greening of transportation is referred regarded in Iceland as the third energy transition, following those of electricity and heating. It’s rather simple when using a car. In terms of the number of electric vehicles sold per person worldwide, Iceland is second only to Norway, where sales of gasoline and diesel automobiles will cease in 2030. Even domestic flights might operate sustainably. In 2022, Icelandair started testing miniature electric aircraft, and the company is now thinking about getting a 30-seat hybrid model. Iceland continues to be a world leader in green tech, and carbon negative technology. The low range of these types of aircraft is not a major issue for a tiny nation like Iceland, but transoceanic flights that attract visitors are still more difficult.

The size of Iceland’s fishing fleet is an even bigger issue. Change to renewable methanol as one approach to green your fleet. In Svartsengi, the location of Iceland’s renowned Blue Lagoon, a firm named Carbon Recycling International (CRI) from Iceland constructed the country’s first renewable methanol factory in 2012. Iceland continues to be a world leader in green tech, and carbon negative technology. The little demonstration plant converts water into hydrogen, which is then mixed with a little CO2 from heated water from a geothermal power station to produce “e-methanol.” The Svartsengi geothermal power plant, however, was unable to generate enough CO 2 to support large-scale methanol manufacturing locally. According to Kristjana Kristjánsd ttir, “We have chosen to combine our resources to enable the wider and more international implementation of our technology.”

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The business created the first industrial-scale facility for producing methanol from CO2 and hydrogen, which started up in China in November. The facility replaces the conventional method of producing methanol from coal by converting the waste CO2 produced by the industry into 110,000 tonnes of methanol annually. With a second facility currently under construction in China, CRI expects to decrease carbon emissions by 500,000 tonnes annually. The firm behind the pumping operation I witnessed, CarbFix, is dedicated on properly storing CO2 underground while CRI converts it into fuel. For CarbFix, which filters CO2-rich water, “[it’s not only] a good notion, it’s a proven process,” explains lafur Teitur Gunason. CarbFix provides a method for the Hellisheii plant to securely remove the CO 2 created in hot water. Iceland continues to be a world leader in green tech, and carbon negative technology. The company is also constructing the infrastructure required to import CO2 from Europe for Iceland’s mining. By 2031, it hopes to inject 3 million tonnes annually, and it anticipates applying the method to numerous additional appropriate mineralized locations that are found across the globe. The CarbFix approach may prevent significant amounts of CO 2, according to Gunason. The potential is enormous.

INDUSTRY IN 2040

For decades, Iceland’s energy-intensive businesses have used power generated from renewable sources in their operations. More than half of EU industrial consumption is accounted for by energy-dependent businesses, which are integrated into several important value chains. These sectors of the economy create the commodities and materials that allow for significant emissions reductions in the transportation, building, and power generating industries. These industries must considerably cut their emissions in order to achieve carbon neutrality as a result of the EU ETS Directive (European Emissions Trading Scheme). Iceland continues to be a world leader in green tech, and carbon negative technology. Some of Iceland’s most coveted exports are these goods, which are produced using the renewable energy provided by water falling and geothermal heat. By continuously creating long-term carbon capture and storage techniques, Icelanders are also driving industry R&D efforts to further cut emissions.

TRANSPORT IN 2040

Transport will likely undergo the most transformation of any industry. Particularly after 2030, when the government forbids the import of such cars, fossil fuels will be phased out. The majority of private automobiles will be electric by the time mass transit has fully shifted to green or sustainable solutions. The Borgarlnan Bus Rapid Transit system will be in use, allowing for extensive use of public transportation. Additionally, there will be a significant transition from private car ownership to a ride-sharing model. Iceland continues to be a world leader in green tech, and carbon negative technology. A combination of locally generated alternative fuels, such hydrogen and methane, will boost industry demand for bigger cars and heavy gear. All buses and coaches are propelled by sustainable energy produced nearby. Utilizing Iceland’s existing renewable energy infrastructure, domestic aviation transport will be electrified. Electric vehicles, bicycles, and scooters are provided by the employer for use by the staff. A more wide, safer, and cleanly network of transportation will be the end outcome.

FISHING IN 2040

Future fishing vessels in Iceland will transition from fossil fuels to sustainable energy generated locally. Premium Icelandic fish will be the finest option for environmentally aware consumers as efficiency will grow and CO2 emissions will drop. The fishing industry will reach its objective of a 100% return on investment by putting a circular economy model into practise. There won’t be any wasted fish! Icelandic businesses now have the capability to disclose to customers the precise location of a fish’s capture, processing, logistical information, and even the name of the boat’s captain. Customers are more knowledgeable than ever about their products. Iceland continues to be a world leader in green tech, and carbon negative technology. The whole supply chain will be clear and organic by 2040, allowing customers to see how the entire fish was used. In the port, renewable power will be provided to the fishing fleet starting in 2020. To address the rising need for protein, fish farming is becoming much more prevalent in profitable, efficient, and environmentally sensitive locations. One can only speculate about the spin-off attractions that Icelandic businesspeople will create in this new world.

FOOD IN 2040

Iceland is ready to enhance its output of greenhouse gases due to its excellent geothermal resources and expertise. Tomatoes, bananas, strawberries, coffee beans, and flowers are just a few of the already-grown goods that are produced locally. For its residents and visitors, Iceland has the capacity to become completely self-sufficient in the industrial production of organic and pesticide-free fruits and vegetables. Locally grown, free-range Icelandic lamb is produced even more sustainably, with better yields, and in harmony with the environment. By 2040, Icelandic farmers hope to have certified their whole industry as carbon neutral. Icelandic food manufacturers will incorporate a carbon footprint label along with the product price. Iceland continues to be a world leader in green tech, and carbon negative technology. For instance, to become carbon neutral, restaurants display the menu items’ carbon emissions along with information on how those emissions are offset. All Icelandic food items have complete traceability and verified sustainability information that can be traced directly to the farm or fjord!

LAND USE, TREES & WETLANDS IN 2040

The terrain of Iceland is wide, wild, and sparsely inhabited with both people and trees. Change is a given on the path to carbon neutrality. More trees that directly trap carbon will be planted nationwide as a result of active reforestation activities. Well-maintained woods serve as a haven for wildlife and birds as well as a destination for enjoyment for people. Wetlands’ crucial contribution to carbon sequestration is becoming increasingly widely understood. Iceland continues to be a world leader in green tech, and carbon negative technology. To drastically cut emissions from land usage, those that are not utilised for agriculture are recovered and further preserved. Iceland will provide migrating birds even more habitat by preserving wetlands and promoting forestry initiatives. These initiatives are crucial for certain species’ survival, and bird watchers are flocking to Iceland in record numbers.

About the Author

Ahsan Azam is the author who specializes in avionics as well as research writing. The author has a keen attention to detail and is focused on providing interesting content to the readers.

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