Iceland is moving to the forefront of renewable energy development, focusing on the transportation sector. Recent increases in electric vehicles have shown that consumers want climate-friendly options. The country plans to produce 60% of its new electric vehicles by 2020. This is an increase from the 28% produced in 2019. Iceland is also a pioneer in carbon capture, utilization and storage (CCUS). Carbfix is a process that binds CO2 into rock. This process takes two years and generates renewable methanol.
Geothermal energy
Iceland has a long history in harnessing geothermal energies for energy. It is also a leader worldwide in this field. The country exports its technical expertise and has one of the highest penetration rates of geothermal energy for electricity generation. Geothermal power plants in the country generate electricity using hot water from the earth. There are many geothermal energy plants in the country. The Svartsengi geothermal power plant has been operating since 1980. Svartsengi produces 75 megawatts of electricity using 12 wells and provides thermal fluids to district heating.
The development of geothermal energy began with local entrepreneurs. A primitive geothermal heating system was developed by an Icelandic farmer in the early twenty-century. It was very successful, and many towns adopted it. Others followed his lead and, with the development of drilling technology borrowed directly from the oil industry it was possible drill deeper and to produce hotter water for heating homes. The demand for electricity from geothermal sources grew as Iceland developed its energy-intensive industries.
Hydroelectricity
Iceland's major energy sources are hydroelectricity (geothermal heat) and geoelectricity (hydroelectricity). Both these energy sources are renewable and supply hot water for free. Geothermal heat and hydroelectricity are used to heat the country and power homes and industry. The country's electricity supply is not sufficient to meet its needs.
Iceland offers enormous potential for hydroelectricity as well as geothermal power. It is home to a wealth of geothermal power and can produce much more energy that it requires. Iceland has the potential to create underwater transmission cables to connect with the U.K. or other regions. This technology could provide reliable electricity sources and be used as an example for other countries.
Iceland's unique geology makes it possible to create renewable energy from different sources. The country is found on the Mid-Atlantic Ridge. It boasts more than 200 volcanoes as well 600 hot springs. There are also 20 high-temperature Steam fields. Some of these fields have temperatures in excess of 250 degrees Celsius. These features make possible the harnessing of geothermal energie and hydropower via glacial rivers, waterfalls, and other sources.