1 Dec 2015 “I hope paris will bring us an agreement that will prevent us from dealing with catastrophic climate change.” Iceland and Norway have been participating in the EU Emissions Trading Scheme (ETS) since 2008. Over the next ten years, the EU, Norway and Iceland will intensify their climate cooperation, also guiding their policies to reduce emissions from sectors outside the ETS, namely agriculture, transport, waste management and buildings; and to improve the benefits of reducing carbon from land use and forestry. Today`s agreement is an important step in taking into account our respective commitments under the Paris Agreement on climate change. This agreement is the result of close cooperation between the EU, Iceland and Norway. Today`s decision confirms once again the political commitment and effective implementation of their commitments under the Paris Agreement and the climate components of the EU`s climate and energy framework on the ground by 2030. Iceland has committed to reducing its emissions by 40% by 2030, as part of a joint effort by 29 European countries. In this regard, Iceland has an agreement with the EU and Norway and similar climate regulations, including participation in the Emissions Trading Scheme (ETS). Read more The Icelandic government has commissioned three scientific assessments on the impact of climate change on nature and society. Consequences include shrinking glaciers, expanding forests and increasing natural disasters. The acidification of the oceans and its potential effects on marine life and fisheries are of particular concern. Read more “The government has ensured a substantial increase in resources to combat climate change and is now presenting a new climate strategy, with clearly defined priorities.

A pre-consultation phase with industry, local authorities and civil society on the implementation of the strategy and individual actions is at the heart of the matter. We are clearly committed to achieving our goals on this critical issue; Our goals of the Paris Agreement by 2030 and the government`s stated goal for a carbon-neutral Iceland by 2040,” said Prime Minister Jakobsd`ttir. Iceland wants to achieve carbon neutrality by 2040 and reduce its greenhouse gas emissions by 40% by 2030 under the Paris Agreement. A climate action plan updated in 2020 contains 48 measures and is Iceland`s main policy instrument to meet its emissions reduction and carbon neutrality targets. Scientific assessments have identified key adaptation problems, including preparedness for sea and river level changes. A national adaptation plan is being developed. Iceland`s emission profile is unusual in many ways. Almost all of the production of heat and electricity is provided by renewable energy – water and geothermal energy. Iceland has great potential to capture carbon in the atmosphere through reforestation and revegetation and to reduce soil emissions by recovering drained wetlands. The main sources of emissions (excluding land use) are industrial processes, road transport, agriculture, fishing and waste management.

Climate change is a global threat and requires global action, the more countries unite, the greater the chances of meeting this great challenge of our generation. The European Union, Iceland and Norway today agreed to increase their cooperation on reducing greenhouse gas emissions by at least 40% by 2030 from 1990 levels. The next step is the approval of Iceland by the national parliament and the application of the rules by the EU, Iceland and Norway, which will also require solid monitoring and reporting to monitor progress.