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HomeGeothermalIceland purchases surplus emission allowances from Slovakia

Iceland purchases surplus emission allowances from Slovakia

Iceland’s Ministry of Environment, Energy and Climate has acquired quotas (Assigned Amount Units, AAUs) necessary to meet its reduction commitments under the Kyoto Protocol from Slovakia.

The Slovak Minister of Environment Milan Chrenko made this announcement during a working visit to Iceland last week. During the visit, Minister Chrenko said that Slovakia is selling its surplus emission quotas allocated for the second 2013-2020 commitment period. A total of 3.4 million quotas will be sold, with the Slovakian government negotiating a price of 0.70 euros per quota.

The proceeds from the direct sale will go to Slovakia’s Environmental Fund, which plans to use nearly 2.4 million euros to improve the energy efficiency of public buildings, the Environment Ministry said in a press release.

During the visit, both sides also exchanged experiences and best practices in electricity production from renewables and the latest technologies, including geothermal energy. The Slovakian Environment Minister and his delegation toured the Hellisheidi geothermal power plant and the Svartsengi geothermal park.

“Iceland has shown that even a small country can effectively utilise its energy potential for the benefit of its citizens and the entire economy. Practically all households on the island are heated with geothermal energy. Iceland serves as an example of how one can completely transform their energy sector within a few decades,” noted Minister of Environment Milan Chrenko.

Iceland is the only country in the world that generates 100 per cent of its electricity and 95 per cent of its heating from renewable energy sources.

At present, Slovakia uses geothermal energy for heating in limited locations. Out of a sustainable capacity of approximately 3200 megawatts thermal (MWt), the thermal output reached just over 80 MWt in 2022.

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