Despite increased energy generation and reduced impact from COVID-19 on our operations compared to 2020, Landsvirkjun's carbon footprint (emissions minus carbon sequestration) remained unchanged. Net carbon intensity is 1.2 gCO2e/kWh and continues to be one of the lowest there is.
These facts and others can be found in the newly published Landsvirkjun's Climate Account 2021. Furthermore, the Company's carbon footprint has decreased by 61% from 2008 and is on target in reaching carbon neutrality by 2025.
Total emissions went slightly up, but were mitigated with increased carbon sequestration. The bulk of increased emissions comes from rise in electricity generation from geothermal energy, on account of surge in demand for electricity, as well as low water levels in hydropower reservoirs.
Still Below our GHG Emissions Threshold
Carbon intensity from Landsvirkjun's energy generation remains among the lowest in the electricity generation industry, or 3.6 gCO2e/kWh.
Carbon intensity is especially low on a global scale. The EU defines electricity generation as a substantial contribution to climate change mitigation if the carbon intensity is below 100 gCO2e/kWh. Landsvirkjun's carbon intensity is 3.6 gCO2e, as mentioned earlier, and continues to be below the threshold as defined in Landsvirkjun's Climate and Environment Policy (4.0 gCO2e).
Carbon Footprint Verified for the First Time
Greenhouse gas emissions from the Company's energy generation have been inspected and verified by an external auditor, the international certification body Bureau Veritas. Furthermore, carbon sequestration has also been verified for 2020 and 2021. Thus, verifying the Company's carbon footprint.
