Climate

Reykjavík Energy (RE) aims for carbon neutrality of its own operations by 2030 and net-zero emissions also for its supply chain by 2040.

The climate goals were validated by the Science Based Targets initiative (SBTi) in July 2023. Thus, they meet the requirements of climate science and are intended to fulfill the goal of keeping the temperature increase below 1.5°C. See appendix.

In 2023, RE thoroughly examined its energy and utility operations, along with projects that contribute to biodiversity and carbon sequestration, to better encompass the climate impacts associated with the company. See RE's climate account in the appendix.

RE has already taken significant steps towards achieving its climate goals, as outlined in the priorities listed below.

Reykjavík Energy's climate priorities:

• Aims for carbon neutrality of RE's own operations by 2030 and net-zero emissions also for its supply chain by 2040.
• Increase capture and sequestration of carbon dioxide, domestically and globally.
• Motivate energy exchange in the transport and construction sector.
• Develop measures and strengthen the resilience of utility systems and power plants to adapt to climate change.

The chapters on climate issues address greenhouse gas emissions from RE's operations, as well as projects implemented to ensure that RE meets its climate targets.