Reykjavik Energy Or Sustainability Profile
Reykjavik Energy, also known as Orkuveita Reykjavikur, is a leading utility company headquartered in Reykjavik, Iceland. Established in 1999, the company has made significant strides in the energy sector, focusing on sustainable solutions for electricity, hot water, and geothermal energy. Operating primarily in the Greater Reykjavik area, Reykjavik Energy is renowned for its commitment to renewable energy sources, harnessing Iceland's abundant geothermal and hydroelectric resources. The company’s unique approach to energy production not only supports local communities but also positions it as a pioneer in the Nordic energy market. With a strong emphasis on innovation and environmental responsibility, Reykjavik Energy has achieved notable milestones, including advancements in energy efficiency and customer service. Its dedication to sustainability and community engagement solidifies its reputation as a trusted leader in the energy industry.
DitchCarbon Score
How does Reykjavik Energy Or's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Electricity from Other Sources industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Reykjavik Energy Or's score of 44 is higher than 66% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Reykjavik Energy Or's reported carbon emissions
In 2022, Reykjavik Energy (OR) reported total greenhouse gas emissions of approximately 51,100,000 kg CO2e, with 49,200,000 kg CO2e attributed to Scope 1 emissions and 1,900,000 kg CO2e to Scope 3 emissions. The company has set ambitious climate commitments, aiming to reduce its absolute Scope 1 emissions by 90% by 2030 from a 2016 baseline. Additionally, it targets a 40% reduction in absolute Scope 3 emissions by 2030, also from a 2016 baseline. Reykjavik Energy is committed to achieving net-zero greenhouse gas emissions across its value chain by 2040. The company plans to maintain a minimum of 90.1% reduction in Scope 1 and 2 emissions per TWh of energy produced from 2030 through 2040. Furthermore, it aims to reduce all remaining Scope 1, 2, and 3 emissions by 90% by 2040. The emissions data and targets are sourced from Orkuveita Reykjavíkur, the parent organization, and are aligned with the Science Based Targets initiative (SBTi) standards, ensuring that the targets are consistent with the reductions required to limit global warming to 1.5°C.
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| 2015 | 2016 | 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|---|---|
| Scope 1 | 49,900,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 2 | 18,800,000 | - | - | - | - | - | - |
| Scope 3 | 1,065,000 | 0,000,000 | 0,000,000 | 0,000,000 | 0,000,000 | 0,000,000 | 0,000,000 |
How Carbon Intensive is Reykjavik Energy Or's Industry?
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Reykjavik Energy Or's Scope 3 Categories Breakdown
Reykjavik Energy Or's Scope 3 emissions, which increased by 73% last year and increased by approximately 78% since 2015, demonstrating supply chain emissions tracking. Their carbon footprint includes suppliers and value chain emissions, with Scope 3 emissions accounting for 3% of total emissions under the GHG Protocol, with "Waste Generated in Operations" being the largest emissions source at 18% of Scope 3 emissions.
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Reykjavik Energy Or's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Reykjavik Energy Or has established climate goals through participation in recognized frameworks and target-setting initiatives. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
Frequently Asked Questions
Common questions about Reykjavik Energy Or's sustainability data and climate commitments