Iceland is taking the next step in renewable energy development by focusing on the transport sector. The recent massive increase in the number of new electric vehicles shows that consumers are demanding climate-friendly choices. It is expected that the country will produce 60 percent of its new vehicles with clean-energy by 2020. That's an increase from just 28 per cent in 2019. Iceland is also a pioneer in carbon capture, utilization and storage (CCUS). Carbfix is a process that binds CO2 into rock. This takes around two years and yields renewable methanol.
Geothermal power
Iceland is known for its long-standing use of geothermal energy as an energy source. It exports its technical expertise, and has one in five penetration rates for geothermal power generation. Geothermal power plants in the country generate electricity using hot water from the earth. There are many geothermal power plants in the country, including Svartsengi's geothermal plant. It has been operational for 40 years. Svartsengi can generate 75 megawatts (from 12 wells) of electricity, and it also provides district heating fluids.
Local entrepreneurs started the process of developing geothermal energy. A farmer from Iceland invented a primitive geothermal heating system in the early 20th century that was extremely successful and adopted by many other towns. The success of the system was copied by other municipalities. With the invention of drilling technology borrowed from oil industries, it became possible for water to be drilled deeper and produced hotter water. This made it possible to heat homes. As Iceland's energy intensive industries developed, geothermal electricity generation also rose significantly.
Hydroelectricity
Hydroelectricity and geothermal heat are the main energy sources in Iceland. Both of these energy sources can be used to generate hot water and are renewable. Hydroelectricity, geothermal heating and hydroelectricity are used in Iceland to heat homes and industries. Iceland's national grid does not supply enough electricity to meet the demands of the country.
Iceland's potential for both geothermal and hydroelectricity is immense. It is blessed with abundant geothermal energies and can produce much more than it needs. Iceland has the potential to create underwater transmission cables to connect with the U.K. or other regions. This type of technology can provide a reliable source of electricity and could even serve as a model for other countries.
Iceland is able to produce renewable energy using a variety of sources, in addition to hydropower and geothermal energy. The country lies on the Mid-Atlantic Ridge which is one the most active tectonically. It is home to more than 200 volcanoes, 600 hotsprings, and 20 high-temperature steamfields. The majority of these fields are heated to temperatures above 250 degrees Celsius. These features make it possible to harness geothermal energy and harness hydropower through glacial rivers and waterfalls.