Green by Iceland

"Thanks to next-generation technologies, geothermal has the potential to produce more electricity than any clean energy source but solar" according to a new International Energy Agency (IEA) report. Discover the full report here: https://lnkd.in/dQwcs7zV Read more from Canary Media Inc. below ⬇️

Wishing you and your loved ones a joyous holiday season and a New Year filled with health, happiness, and success 🌟 As we reflect on the year gone by, we are filled with gratitude for the incredible achievements, milestones, and lessons that have defined our journey. We extend our heartfelt thanks to everyone who has been a part of this journey. Your dedication, passion, and unwavering support inspire us to aim higher and achieve more every day. Thank you for being an essential part of our story and for your commitment to driving meaningful change. Here’s to achieving even greater things together in 2025!

Congratulations to Carbon Recycling International on receiving the Innovation Award from Samorka for their notable Emissions to Liquids (ETL) technology 👏

🎄 Day 16: The Financial Promise of Geothermal Assets: 16% ROI Within Seven Years 💰 💲 In the quest for sustainable energy solutions, geothermal assets have emerged as a compelling investment opportunity. These assets, particularly those focused on heating and cooling, consistently deliver an average 16% return on investment (ROI) within seven years. ♨️ ⚡ Why Geothermal? Geothermal energy harnesses the earth's natural heat to provide a stable and sustainable source of energy. Unlike solar or wind, geothermal systems deliver continuous energy, making them highly reliable. Heating and cooling applications amplify their value by catering to year-round demand in residential and commercial sectors. 💹 The Financial Edge While geothermal investments require significant upfront capital, their financial model is highly attractive: 🔸 High Efficiency: Geothermal systems are 3-5 times more efficient than conventional heating and cooling systems, leading to substantial cost savings. 🔸 Long Lifespan: These systems often operate efficiently for 20-50 years, reducing replacement costs. 🔸 Government Incentives: Tax breaks and grants improve initial ROI. With these factors, geothermal heating and cooling assets achieve an average ROI of 16% after seven years, offering reliable and sustained returns. 💰 Conclusion Geothermal heating and cooling assets stand out as a robust investment. With their ability to generate a 16% ROI within seven years, these systems not only align with the global push for sustainability but also deliver exceptional financial performance. As the energy transition accelerates, geothermal assets are a smart choice for forward-thinking investors. #finance #geothermal #geothermalenergy #renewableenergy #ROI #investment #geothermaladventcalendar Picture source: Alexander Grey on Unsplash

The future is geothermal 🌍 The International Energy Agency (IEA)’s new report on the future of geothermal energy outlines a transformative vision: if costs keep declining, geothermal could meet 15% of global electricity growth by 2050, equivalent to the combined electricity demand of the U.S. and India today. Iceland leads by example, producing 30% of its electricity and 90% of its heating from geothermal. Our success, built on a legacy of innovation since the 1920s, highlights how proactive exploration, advanced infrastructure, and forward-thinking policies have maximized our vast natural resources. Iceland’s expertise serves as a model for global adoption. Geothermal energy is uniquely positioned to complement solar and wind by providing reliable, around-the-clock clean power. With potential investments exceeding $1 trillion by 2035, geothermal is poised to become a cornerstone of the global renewable energy mix, supporting homes, industries, and emerging technologies. Explore how geothermal can reshape the energy landscape in the full report 👇 https://lnkd.in/dQwcs7zV #Iceland #GeothermalEnergy #RenewableEnergy #IEA #Geothermal

Iceland's story on how commitment to sustainability creates prosperity and well-being 🇮🇸   With 100% renewable energy for house heating and electricity, world-class expertise in geothermal and hydropower and groundbreaking innovations in CCUS and circularity, Iceland is both an inspiration and a blueprint for nations striving for sustainable futures.   And the most common question we hear is: “How? 🤔 ” How did a small, developing nation transform into a global leader in renewable energy and sustainability within just 100 years? And how can others learn from our journey to advance their own climate actions?   Our story is not just a success story, it is a testament to courage, ingenuity and steadfast commitment. Early investments in renewable energy came with great challenges, demanding significant sacrifices with uncertain outcomes. However, today these decisions have far surpassed expectations, forming the foundation of a prosperous economy and enhanced well-being.   Iceland’s journey shows what’s possible when sustainability is embraced with vision and determination 🤝 Watch the full presentation our Director Nott Thorberg gave on the topic at #COP29 https://lnkd.in/ed2ZTZpz

We're back from #COP29, feeling motivated and full of ideas, as always! This year, we led a business delegation of 8 Icelandic companies, each bringing their expertise and actively engaging in key discussions, connecting with international partners, and building valuable relationships in their respective fields. Carbfix | Climeworks | Landsvirkjun | Orkuveitan | Orka náttúrunnar / ON Power | EFLA Consulting Engineers | Verkís Consulting Engineers | Bjarni Herrera Key highlights: Progress on Article 6: Countries have reached an agreement on the final framework for carbon markets under the Paris Agreement, enabling country-to-country trading and a functional carbon crediting mechanism. This agreement paves the way for increased investment in CCS technologies, helping countries make progress toward their NDCs. Tripling climate finance for developing countries: An agreement to increase funding to $300 billion annually by 2035, with a goal of mobilizing $1.3 trillion per year by the same year. Advancing gender equality: Many discussions focused on empowering women and acknowledging the disproportionate impacts of climate change on them, as well as the barriers they face, including underrepresentation in decision-making and limited financial and educational opportunities. The clear message is that addressing climate change demands inclusivity and the collective participation of everyone. Geothermal energy on the rise: An increased focus on geothermal energy, with discussions about the role of the oil and gas industry’s expertise in advancing geothermal technologies for sustainable energy solutions. U.S. commitment to renewable energy: A strong commitment from the U.S. to invest in renewable energy, particularly geothermal. The Department of Energy’s recently published Roadmap to the Next Generation of Geothermal outlines how advanced geothermal technology could expand U.S. geothermal capacity to 90 gigawatts or more by 2050, a twentyfold increase, including the development of 17,000 central district heating systems. Continuous interest in Iceland’s innovation: Strong international interest in Iceland’s approach to renewable energy and pioneering CCS solutions, reflected in the delegates participating in over ten sessions across the conference, sharing their knowledge and advanced solutions. Strengthening Nordic collaboration: We were thrilled to collaborate closely with our Nordic partners, further strengthening our collective message and shared commitment to sustainable, global climate action. We are grateful to everyone we had the privilege of meeting and collaborating with throughout COP29 and look forward to #COP30 in Brazil! State of Green Denmark, The Nordic Council of Ministers and The Nordic Council, Business Sweden, Innovation Norway, Climate Leadership Coalition, Clean Air Task Force, International Geothermal Association

From good to great geothermal potential in the U.S. Here are some on the signals and takeaways gained through U.S Secretary of Energy Jennifer Granholm, Deputy Secretary David Turk and Principal Assistant Director for Industrial Innovation at the Whitehouse Ishan K. Sharma key notes at COP29 Azerbaijan The United States is well positioned to take geothermal to the next level as next generation of geothermal has arrived a decade ahead of time and could disrupt the market substantially. Geothermal also creates green jobs for the future. Conventional geothermal forecasts 40 GW available (10x what’s currently in deployed). Next generation forecasts Advanced & supercritical, geothermal could unlock 5,500 GW—over 4x the U.S. grid’s current capacity. Overall projections for geothermal by 2050 have recently surged from 2019: 60 GW to March 2024: 90–300 GW to September 2024. A recently published Roadmap to Next Generation of Geothermal by DOE shows how advanced geothermal technology could increase the U.S geothermal energy production to 90 gigawatts or more by 2050, a twentyfold increase. A total of over 28 million heat pumps and 17.000 central district heating systems! Affordability Industry advances and initiatives such as the DOE‘s FORGE has cut down costs. Stanford now estimating next-gen geothermal’ s levelized cost at ~$45 per MWh in 11 states and $60-$70 nationwide meaning that next generation of geothermal could well beat the costs of other renewable energy alternatives. Speed With the expertise and knowledge of the oil and gas industry U.S is well positioned to take geothermal to the next level by leveraging these into the geothermal sector which will help speed up deployment and accelerate the green transition. Deployment Since the first 3.5 MW launched in Nov 2023, contracts for over 600 MW have been signed. What do you know about geothermal? Geothermal does not only come with multiple benefits such as being a 24/7 reliable, abundant, low environmental footprint resource it can also be used in many ways for #heatingandcooling, #electricity generation and #cascading uses: #greenhousegrowing, #aquaculture, varying #industrialprocesses and more.  Iceland is a blueprint of #renewableenergy success with #geothermal contributing to over 60% of Iceland's #primary energy uses. Geothermal lays the foundation to our society of well-being, health, green jobs and export sectors. Sources: https://lnkd.in/ebmrSA-h : https://lnkd.in/e4iHhicg : https://lnkd.in/eTHqsjW5 : https://lnkd.in/eyS8vDyA : https://lnkd.in/e9BD5RaM #leadership #usa #iceland Follow us on Green by Iceland

On our final day at COP29 Azerbaijan, we had the privilege of participating in a session that resonates deeply with our Icelandic roots: "Unlocking the Newfound Potential of Geothermal Energy." The discussion brought together high-level experts from diverse fields to explore geothermal energy’s vast potential: 💡 Geothermal vs. solar and wind While solar and wind dominate the renewable energy conversation with their accessibility and affordability, geothermal offers something unique: reliability. Unlike solar and wind, which depend on weather conditions, geothermal provides clean, firm, and consistent 24/7 baseload power. And when combined with intermittent renewables like solar and wind, geothermal can create a resilient and sustainable energy mix. Plus, geothermal systems typically require less maintenance over time, adding to their appeal for long-term use. ⚙️ Transitioning oil & gas to geothermal The oil and gas industry is uniquely equipped to lead the charge in geothermal innovation. With its expertise in drilling, advanced technology, drilling equipment and a highly skilled workforce, the transition to geothermal involves minimal adaptation. What’s more, geothermal reservoirs offer long-lasting and sustainable energy yields, far outliving the typical lifespan of oil and gas fields. By repurposing infrastructure and retraining personnel, the industry can transform existing assets into geothermal powerhouses, supporting everything from electricity grids to greenhouses. 🌱 Beyond energy – cascading benefits Geothermal energy is more than just electricity and heating—it’s an enabler of economic growth and innovation. From supporting greenhouses and fish farms to powering spas and district heating systems, geothermal’s cascading benefits create jobs and foster prosperity across industries. 💰 Financing and permits The main hurdles to geothermal development are high upfront costs and permitting challenges. Streamlining permit processes and boosting financial support are essential for scaling geothermal projects. But the long-term reliability and versatility of geothermal energy make it an investment that pays off, both economically and environmentally. 🤝 Partnerships are essential Tapping into geothermal’s full potential requires global collaboration. Nations, industries, and experts must come together to share knowledge, improve technologies, and build scalable solutions. We don’t need to reinvent the wheel, but refine and adapt the resources and expertise we already have. Thank you to all of the esteemed speakers for this truly impactful session: Marit Brommer, CEO of the International Geothermal Association David Turk, U.S. Deputy Secretary of Energy Afgan Isayev, VP SOCAR Downstream Elmir Musayev, MBA, CFA, General Director, SOCAR Green Allyson Anderson Book, Chief Sustainability Officer, Baker Hughes Sam Abraham, Global Technical Advisor, Geothermal Low Carbon Management, Halliburton Nott Thorberg, Director, Green by Iceland

Climate action is a speed game 🚀 The urgency to achieve climate goals is fueling momentum like never before at COP29 Azerbaijan and restlessness isn’t a setback, it’s a driving force for progress. One of our sessions, "Incentivizing Climate Action: How a Global Trading Mechanism Will Help Countries Reach NDCs Faster and Fairer.” explored both the challenges and vast opportunities within carbon credit markets. While Article 6 is still taking shape, it’s clear that establishing a standard is a crucial starting point. This isn’t about waiting for perfection but rather taking action now, learning by doing, and allowing the sector to grow as it develops 🌱 This year’s #COP29 has highlighted an unmistakable focus on credit markets, signaling that the industry is ready for implementation. As methodologies advance, one thing is clear: we must move forward, adapt, and refine along the way. Thank you to our speakers: Louise Matthias, Director Policy & Government Affairs, Climeworks Olafur Gudnason, Head of Policy, Carbfix Jon Christopher Knudsen, Chief Commercial Officer, SLB Capturi Nott Thorberg, Director of Green by Iceland Watch the session here: https://lnkd.in/ef22avmc Thank you to The Nordic Council of Ministers and The Nordic Council for hosting us at their Nordic Pavilion 🤝