Iceland has gained a reputation of sustainable practices and responsible fisheries management worldwide. The quota system prevents overfishing in Icelandic waters and has provided an incentive for reducing costs in Icelandic fisheries. One of the main costs that has been slashed successfully is unnecessary fuel consumption. This has been achieved with advanced design of vessels and fishing gear, as well as connecting vessels to the national grid for electricity needs when in harbour. Furthermore, fish processing factories are powered with renewables and innovative ways have been developed to utilise every part of the fish to extract more value from the same resource. This has environmental as well as economic benefits.
Icelanders have over 90 years of experience utilizing geothermal energy for space heating and have also produced electricity from geothermal resources for over 50 years. Currently 25% of Iceland’s electricity is produced with geothermal power. With decades of experience, Icelandic companies offer tried and tested solutions in geothermal utilization, ranging from feasibility studies to drilling and transmission. Full utilization of this renewable, base load energy resource reduces the use of fossil fuels.
Hydropower accounts for 75% of Iceland’s electricity production and is the main source of local, clean energy. Icelandic companies have also taken part in hydro projects abroad in partnerships with foreign companies. Icelandic expertise has been useful during the feasibility and design phases of hydro dams and powerplants and for supervising equipment installation as well as planning and laying power lines to connect hydro dams to national power grids.