Estimates for greenhouse gas emissions from the Icelandic economy were 5,065 kilotons of CO2 equivalents in the first three quarters of 2024. The emission of greenhouse gases has decreased by 4% compared with the same period of the previous year. However, compared with the same period in 2022, emissions have increased by 8%.
Almost 92% of emissions from the economy can be attributed to industries, but the most important are emissions related to the production of metals (26% of total emissions) and air transport (25%). Emissions from fishing and aquaculture amount to about 7.7% of the total, slightly less than emissions from the country's households, which is about 8.2%. Emissions from households are almost exclusively due to the driving of household cars.
These results come from preliminary calculations of greenhouse gas emissions from Iceland's economy. Emissions from Iceland's economy are different from the National Inventory Report (NIR) which the Environment Agency submits to the United Nations Climate Council. In that accounting, only emissions that take place within Iceland's borders are considered, but the boundaries of the economy are different.
The preliminary figures are derived from a comprehensive analysis of many factors that directly or indirectly affect emissions, including data on foreign trade and statistics on business operations, the labor market, vehicle ownership, and population. These numbers are correlated with confirmed emissions values to create monthly and annual estimates.