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Agreement signed with Kolviður, the Iceland Carbon Fund

May 3, 2013
Reynir Kristjansson, chairman of the board of Kolvidur, and Hordurur Arnarson, CEO of Landsvirkjun, sign the aggreement

Landsvirkjun and the Iceland Carbon Fund signed an agreement on the 3rd of May, 2013. The agreement outlines Landsvirkjun’s intention to offset all transportation-related carbon dioxide emissions (petroleum and diesel) produced by vehicles and machinery; as a result of staff air travel, both inland and international and the disposal of waste materials. The total emissions were approx. 1.000 tonnes of CO2-equivalent last year.

This is a part of the Company’s initiative to reduce its impact on climate change. Last year the Company’s carbon dioxide emissions from its operations were approx. 54,000 tonnes; 40,000 tonnes of which came from geothermal power stations, 13,000 tonnes from the reservoirs of the hydropower stations and approx.1, 000 tonnes from vehicles and air travel.

Landsvirkjun also came to an agreement with the Iceland Forestry Service and the Soil Conservation Service of Iceland this year with regard to designating two new areas for carbon sequestration; re-forestation in Belgsá in Fnjóskadal and re-vegetation in Kot í Rangárþing. A contract was made with the same institutions with regard to re-forestation on the land belonging to the farm Laxaborg in Dalabyggð and re-vegetation efforts in Bolholt in Rangárþing ytra. Landsvirkjun will incur all costs relating to the project and duly records all carbon sequestration details in the Company’s carbon register.

Landsvirkjun has been involved in extensive land reclamation and re-forestation efforts in areas surrounding its power stations for the last 45 years; both independently and collaboratively. They have worked in cooperation with the Iceland Forestry Service and the Soil Conservation Service of Iceland, various forestry organisations and locals in nearby areas.

Since its establishment, Landsvirkjun has been responsible for the re-vegetation of 140 km2 of land. The aim of this endeavour has been to re-establish land quality, to minimise any disruption to vegetated land and to halt erosion.

As awareness has increased with regard to climate change matters Landsvirkjun has focussed on its land reclamation areas with a view to utilising them for carbon sequestration.  In 2012, assessments indicated that re-forestation and re-vegetation efforts had led to the sequestration of 20,000 tonnes of carbon.

Iceland discloses information on carbon emissions and estimated carbon emission in accordance with the ‘United Nations Framework Convention on Climate Change’. To date, carbon sequestration has been assessed according to the size of regions and coefficients estimated using a sample survey.

However, as of this year, these assessments will be based upon ‘real numbers’ obtained via the measurement of reclamation and re-forestation areas, using the new international assessment method. Landsvirkjun has reached an agreement with the Iceland Forestry Service and the Soil Conservation Service appointing them to carry out the evaluation. The first audit will be executed in 2011 and 2012 and will be repeated every 5 years.

Picture: Reynir Kristjánsson, Executive Chairman of Kolviður; the Icelandic Carbon Fund and Hörður Arnarson, CEO of Landsvirkjun, signing the contract.

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