The Climate

Reykjavík Energy aims for carbon neutrality in its own operations by 2030 and also for its supply chain by 2040.

The image below shows how greenhouse gas emissions will be reduced by 90% in scope 1 and 2 and by 40% in scope 3 by 2030, compared to emissions in the 2016 baseline year.

The climate target is confirmed by the Science Based Target initiative (SBTi) and meets the requirements of climate science to keep the temperature increase below 1.5°C.

Climate Accounting

Orkuveitan publishes a climate account that considers about 95% of the direct and indirect greenhouse gas emissions from the company's operations. This includes direct emissions from geothermal power plants, from sewage waste, and the vehicle fleet, but also indirect emissions in the supply chain, where the carbon footprint of purchased goods and services carries significant weight.

Orkuveitan's carbon accounting is prepared in accordance with the Greenhouse Gas Protocol methodology and has been independently certified as meeting the requirements of the international standard ISO 14064-1. The carbon accounts show emissions from individual operational aspects, our goals, and our climate change mitigation measures.

Climate Guide

In the spring of 2025, Reykjavík Energy published a Climate Roadmap describing the key actions to achieve the climate goals, the company's main tools in the fight against the climate crisis, and the opportunities and challenges on that journey. It also sets out the metrics that indicate whether Reykjavík Energy is heading in the right direction.

Carbfix

Carbfix is a startup company owned by Reykjavík Energy, based on the eponymous method for carbon sequestration in rock. Carbfix's goal is to combat the climate crisis by further developing and expanding the underground mineralization of CO₂ worldwide. The method was developed and tested at the Hellisheiði Power Station, where it has made the plant's operations nearly carbon-neutral.