Reykjavik Energy Group's Executive Board of Directors reports climate risk issues to the Board of Directors.
The CEO receives updates monthly on climate-related performances from Reykjavik Energy‘s Head of Environmental Affairs. The responsibility of Reykjavik Energy ‘s Head of Environmental Affairs includes keeping track of climate-related issues on a day-to-day basis. This includes the monitoring of the Group's performance towards its climate goals.
Actions for mitigation and adaptation to climate change
Reykjavik Energy Group has identified and evaluated the severity of possible impact, due to climate change, on its operations and its appropriate responses. In 2022 the implementation of these risks into the Group's risk-database for all subsidiaries was finalised. Potential adjustments have been identified to accommodate extreme precipitation, quick thaws, more frequent and exaggerated fluctuations in temperature, and rising sea levels. The water utilities monitor microbial and chemical contamination in potable water in real time, to be able to take precautionary measures and to guarantee its quality. The district heating utilities evaluate future demand for hot water and seek out new ways to increase usage efficiency to increase delivery reliability. Sewerage utilities monitor sea levels and extreme precipitation forecasts for planning purposes. Sustainable Drainage Solutions (SuDS) are used to channel and filter rainwater from roads before it flows into rivers and lakes. This also boosts biodiversity and enhances the urban environment. These projects are both mitigation measures and adaption, due to climate crisis. ON Power for example, monitors and reacts to the load on constructions to be able to ensure the reliability and delivery of electricity and hot water to customers. Reykjavik Energy Group is developing an action plan and the implementation of these actions in cooperation with local authorities, institutions, the academic community and research institutions as appropriate, please see appendix.
As Reykjavik Energy Group's operations include the construction and operation of infrastructure (utilities), which are expected to have a lifetime of over 50 years, the company needs to take into account these long-term climate-risks in its operations.