Dear friends,

It is good to be able to add my voice to this Nordic webinar. At the end of the last year a renewed coalition government took office in Iceland, with a reorganization of portfolios. For the first time, matters relating to the environment, climate change and energy were combined under the same Ministry. I have the honour of steering this new ship, which is also a challenge, as Iceland has upgraded its already ambitious climate targets.

Human-induced climate change is at its core a question of energy. We need energy – lots of energy – to power the modern world of almost 8 billion people, who all aspire to energy security and a life of wellbeing. Above all, we need to move away from fossil fuels and harness renewable energy instead.

Iceland has reached the enviable position of providing 100% of its energy needs for heating and electricity with renewables. We are proud of this, but still we can not afford to rest. We want to continue our clean energy revolution. Next in line are mobile sources of emissions: cars, ships and aeroplanes. We are making good progress in phasing in electric cars, but need a lift-off in aviation and the maritime sectors.

And talking about sectors: A key sector in the fight against climate change is the private sector. I am a firm believer in the power of individuals and business for innovation and providing solutions. I think we can see many good examples of this in the Nordic region. I am encouraged to see that Nordic CEOs are showing leadership in climate solutions.

In Iceland the private sector has pioneered many clean solutions. Companies have, in cooperation with the government, formed a platform – called Green by Iceland – in order to promote the export of Icelandic green solutions and renewable energy expertise. We are keen to use this platform to promote a climate-friendly transformation in Iceland as well. We need to harness the energy and know-how of the private sector, and we need to ensure that business and policy-makers understand each other and act in coordination.

I believe Iceland has a good story to tell, as well as the other Nordic countries. Our past clean energy conversion was achieved by not only an abundance of renewable energy, but also by the determined effort of scientists, engineers, policy makers and private actors. We have accumulated a lot of experience and know-how, not least in the field of geothermal energy and Iceland is now an exporter of geothermal expertise. The export of know-how in this field may have resulted in more climate mitigation in a global context than any other action or policy.

One byproduct of this geothermal expertise is Carbfix. What is Carbfix? It is a carbon capture method that takes carbon dioxide from geothermal steam and pumps it underground, where it is crystallized into minerals. Now this technique has been applied to catch CO2 directly from the atmosphere. The world’s largest direct air capture facility in the world to date was opened up in Hellisheiði last autumn. Innovation is a gift that keeps on giving.

In the report we are launching, one Icelandic CEO is quoted, he sees climate change as a grave threat to humanity. Then he adds: “But as a company, we see it as an opportunity.” Now, how can a global threat contain an opportunity? The answer, of course, lies in the fact that threats call for solutions. Companies can provide many of the solutions we need. They have drive, dynamism and organized know-how. We need their active contribution.

Companies do not act in a vacuum. It is the role of policy-makers and governments to provide the legal economic setting to move away from harmful practices to clean solutions. It is interesting to see what CEOs say about this. CEOs do want clear incentives: A price on carbon and support for clean innovation and green infrastructure. When it comes to public procurement, governments need to put their money where their mouth is.

The Nordic countries do not exist in a vacuum. Few actors feel the effect for globalisation as keenly as businesses. The CEOs interviewed in this study are many at the helm of companies with a global reach. We should advocate for improvements internationally. Subsidies for fossil fuels are staggering at a global scale, and have to be scaled down and abolished. We need free trade, but trade rules and standards need to help us to preserve the planet.

My thanks go to the authors of this report and the CEOs that were interviewed. Your voice must be heard. Your efforts are welcomed and needed. I look forward to cooperation with the private sector in Iceland’s quest for full clean energy transition and carbon neutrality by 2040. And I look forward to Nordic cooperation in climate affairs – we can learn much from each other.

Thank you.