🇮🇸 COP29 – Introducing the Icelandic business delegation

Meet us at COP29

Green by Iceland, in close cooperation with the Icelandic Ministry of Environment, Energy, and Climate, is coordinating the participation of the Icelandic business delegation at this year’s COP29, which will take place in Baku, Azerbaijan, from November 11th to 22nd.

The Icelandic business delegation will attend COP29 to contribute to the climate dialogue, share Icelandic solutions, expertise, and knowledge, and explore opportunities for investments, collaboration, and partnerships that could help accelerate the green energy transition and the path towards global carbon neutrality.

Iceland will not have a pavilion, but the Icelandic business delegation is open to participating in sessions, meetings, and events during the conference. If you wish to connect and explore potential collaboration and partnership opportunities during COP29, please contact us.

About the delegation

Landsvirkjun

Our vision is a sustainable world, powered by renewable energy. We are a publicly owned power company that develops, builds and operates hydroelectric, geothermal and on-shore wind power stations. Currently we own and operate 18 stations in Iceland and maintain a pipeline of new generation projects under development. We provide our customers with clean, reliable and competitive power with a focus on demanding international power intensive industries.

Landsvirkjun is in the forefront of Iceland’s energy transition and our operations are a meaningful contribution to global emissions reductions. We believe that utilization of hydrogen, e-fuels and possibly bioenergy can play an important role in the decarbonization of hard to abate parts of Iceland’s mobility sector. We are currently working with partners to develop opportunities to produce such renewable fuels in Iceland.

Landsvirkjun Power is a subsidiary of Landsvirkjun focused on international operations. The company provides co-development and advisory partnership solutions across hydro, geothermal and wind power value chains. We partner with technical and financial services and seek co-investment opportunities.

Reykjavík Energy

Reykjavík Energy (Orkuveitan) is a leading Icelandic company dedicated to supporting a sustainable future through innovation in energy, utilities, and carbon fixation. As the parent company of Veitur Utility, ON Power, Reykjavík Fibre Company and Carbfix, we play a pivotal role in fostering a growing society by providing essential services to homes and businesses, thereby enhancing the quality of life for all. Our vision and strategy are grounded in sustainability, innovation, cooperation, and forward-thinking, with a strong emphasis on benefiting both customers and society.

Harnessing the power of nature and the creative energy of human ingenuity, we are committed to driving communities forward in a sustainable manner. This commitment is evident in our pioneering efforts in renewable energy, advanced utility services, and groundbreaking carbon capture solutions. By integrating an entrepreneurial spirit with the natural resources of Iceland, we ensure that both the environment and the community thrive.

Through collaboration and innovation, we remain at the forefront of energy and utility services, continuously exploring new ways to meet the evolving needs of society. Our dedication to sustainability supports the present and lays the foundation for a prosperous and environmentally friendly future for all.

ON Power

ON Power is a leader in producing renewable energy in a sustainable and environmentally friendly way. We produce and sell  electricity responsibly to all Icelanders and hot water to the capital area.

ON Power owns and runs three power plants that we are very fond of. These are the geothermal steam plants in Nesjavellir and Hellisheidi, Europe’s largest geothermal power plant, and the hydropower station in Andakíl.

We aim to preserve the interests of the country’s natural resources and the company’s customers, with sustainability as a guiding principle. Thus, the company supports innovation, responsible resource use, and energy exchange with a smaller carbon footprint for the benefit of the entire community.

ON Power operates the Geothermal Park, a green industrial park operated next to the Hellisheidi geothermal power plant. With 103 hectares dedicated to a circular economy, ON Power invites eco-conscious companies to thrive in an environment that champions innovation and sustainability. The companies can gain a competitive advantage through the physical exchange of materials, energy, water and by-products, fostering inclusive and sustainable development.

Verkís

Verkís is an Icelandic engineering consulting firm with over 350 employees. Decades of experience benefit our clients as we provide high quality, innovative, technically advanced and comprehensive services in all fields of engineering and related disciplines. Verkís always seeks to provide the best and most economical solutions, thus building long term relationships.

In your pursuit of a typical investment project, Verkís will assist you from the very beginning, taking you all the way from the conceptual design, environmental assessment and feasibility studies through detail engineering and design to commissioning and project closeout. We have experience of a wide variety of projects, such as geothermal and hydro power plants, infrastructure, commercial buildings and industrial facilities.

EFLA Consulting Engineers

EFLA Consulting Engineers is a global engineering and consulting firm based in Iceland, offering high-quality solutions worldwide. The company’s vision is to be a knowledge-driven leader, addressing society’s most pressing challenges through innovative, value-driven solutions. With a deep commitment to climate action, energy transformation, and sustainability, EFLA plays an active role in shaping a future where engineering and technology drive progress toward a more sustainable planet.

EFLA’s strength lies in its team of highly qualified professionals with expertise across diverse fields, empowering the company to deliver forward-thinking solutions in energy, infrastructure, and environmental projects. By focusing on renewable energy, carbon reduction strategies, and the circular economy, EFLA strives to develop impactful solutions that support the global movement toward climate change mitigation.

EFLA offers a broad range of services designed to help businesses and communities transition to more sustainable practices. These services include lifecycle analysis and carbon footprint calculations, helping clients measure and manage their environmental impact across the entire lifecycle of projects. EFLA also specializes in optimizing resource utilization and creating resource parks, which are hubs that promote the circular economy by enabling the reuse and recycling of materials. Additionally, the firm is deeply engaged in designing reliable and resilient infrastructure that supports renewable energy systems, ensuring that energy solutions are sustainable and capable of withstanding future challenges.

With a strong emphasis on innovation, sustainability, and collaboration, EFLA views its employees as its greatest asset. The firm has offices in Norway, Sweden, Denmark, and Poland, along with affiliated companies in Scotland and France, extending its global reach and influence in the pursuit of sustainable engineering excellence.

Carbfix

Carbfix is a pioneer in the development and deployment of CO2 storage through mineralization in basaltic rock formations. Since its first pilot project in Iceland in 2012, Carbfix has safely and permanently mineralized over 100 thousand tons of CO2.

The Carbfix method accelerates an entirely natural process by which CO2 rapidly reacts with elements in underground rock formations and transforms into stable carbonate minerals. In other words: Turns into stone.

The method is cost competitive; highly scalable given the abundance of basaltic rocks and their capacity to store large volumes of carbonate minerals; backed by over 100 peer reviewed scientific papers; proven on an industrial scale through 10 years of operation; eligible under the EU’s regulatory framework for geological storage; and independently verified and certified.

Carbfix currently mineralizes CO2 in Iceland from three sources: geothermal power plants, the atmosphere via direct air capture in collaboration with Climeworks, and imported biogenic CO2 from Switzerland on a small scale for research and demonstration purposes.

Carbfix’s largest project under development is Coda Terminal in Iceland, a CO2 transport and mineralization hub with a planned capacity of 3 Mt/year. Coda Terminal primarily aims to store CO2 captured from hard-to-abate industries in Iceland and elsewhere in Europe. Carbfix is also engaged in research projects and feasibility studies in numerous locations around the world.

Climeworks

Climeworks is the global leader in carbon removal, empowering companies to advance their net-zero roadmaps and fight global warming.

Climeworks develops, builds, and operates direct air capture plants to remove CO2 from the air on a gigaton scale in 2050. It runs the world’s two largest operational direct air capture plants in Iceland, exclusively on renewable energy. Through collaboration with companies like Carbfix, Climeworks ensures that the captured CO2 is permanently removed from the atmosphere and safely stored underground for thousands of years. All carbon removal services delivered are verified and certified by independent 3rd parties DNV and Puro.earth.

Next to innovating and scaling direct air capture, Climeworks also offers individually curated portfolios of high-quality carbon removal solutions to its customers that comprise best-in-class engineered and nature-based approaches. With a diverse and growing customer base, including multinational corporations such as Microsoft, BCG, J.P. Morgan Chase & Co., and SWISS, Climeworks is at the forefront of driving corporate sustainability efforts worldwide.

Bjarni Herrera

Bjarni Herrera is a sustainable finance expert with a global footprint. Bjarni was the Secretary of the Board of Arion Bank when it restructured after the 2008 financial crisis. He was the CEO and co- founder of a sustainability and sustainable finance consulting firm acquired by KPMG, where he then served as the Head of Sustainability. He was then hired as the COO of CICERO Shades of Green, acquired by S&P Global, where he worked on its integration. His unique perspectives blend a Nordic upbringing, Latin American heritage, and experience living in Asia and the US. He now owns and manages Accrona, a sustainable finance advisory firm which provides strategic and transaction support globally and across sectors. Accrona’s main objective is to bridge sustainability and financial markets. Bjarni further owns and manages Post50 Ventures, through which he invests in and supports sustainability ventures. Bjarni published his book “Supercharging Sustainability” in 2024, an accessible guide to the intersection of sustainability and sustainable finance.