Nearly ISK 200 million awarded to climate action

The project involves analysing emissions from industrial operations at Grundartangi and assessing the potential for capturing and permanently storing carbon dioxide underground. The work will include emissions measurements and modelling, as well as geological studies to evaluate for CO₂ mineralisation in the area.

By supporting this project, Iceland is helping strengthen the competitiveness of its energy-intensive industries by reducing their need for emission allowances under the EU Emissions Trading System, EU ETS.

Collaboration between government, industry and municipalities supports progress

Efforts are underway to develop Grundartangi as a eco-industrial park, with the aim of improving energy efficiency, reducing emissions and creating new opportunities for value chain creation. Companies within the Reykjavik Energy are working closely with Elkem, the Grundartangi Development Company and the Icelandic government on projects that include the development of a waste heat power plant using industrial excess heat, as well as solutions for carbon capture and mineral storage.

The shared goal is to support low-carbon heavy industry in Iceland and strengthen green industrial parks that enhance Iceland’s international competitiveness.