Ministerial Roundtable - Summit on Climate

Distinguished colleagues, dear friends,

Iceland is committed to doing its part in fighting climate change.

Our focus is on mitigation, although adaptation will always need to be part of climate action. Iceland will reduce its carbon emissions with ambitious goals in decarbonizing transport, first on land and at sea then in aviation.

This transition is based on Iceland’s long-standing knowledge and competence in utilizing clean, sustainable hydropower and geothermal resources.

Iceland has set itself ambitious goals by enhancing its commitment to reducing its net greenhouse emissions by at least 55 per cent by 2030 and to reach climate neutrality by 2040.

We will increase removal of carbon from the atmosphere with land restoration, afforestation, and restoration of wetlands.

Furthermore, we and the rest of the world need to capture and store carbon from industrial processes while we are transforming from fossil fuels to renewables.

Iceland sees itself as a frontrunner in carbon storage technology, we have developed, tried and tested the Carbfix method.  With Carbfix technology we pump down CO2 into rock formations deep underground.

There, CO2 turns into solid minerals, in other words into stone. This cost-effective solution has been successfully tried and tested in Iceland and can be used all over the world.

We are contributing to global emission reduction with technical and financial support for local sustainable, clean energy development, such as geothermal energy and hydropower.

As regards Iceland’s contribution to global solutions, we will increase our climate related development assistance, mostly in sustainable energy, by almost 50% this year.

Finally, allow me to congratulate the US on your leading role and renewed ambition in fighting climate change. I look forward to welcoming the US delegation at the Arctic Council Ministerial in Reykjavik in May, where we will engage further on this issue.