A Modern Nordic Saga : Politics, Economy and Society by Ryszard M. Czarny

Author:Ryszard M. Czarny
Language: eng
Format: epub
Publisher: Springer International Publishing, Cham

These data should be considered as an introduction to a more detailed analysis of the energy balance mix as well as the challenges and issues which individual countries in the region are facing.

The Republic of Iceland – Ambitious Energy Plans

Until the early twentieth century, Iceland was one of the poorest countries in Europe. Only in the last century, did the country start to move away from an outdated economic model dependent on imports of coal and other fossil fuels. Although the economy of Iceland is unique among the OECD countries – its small size and a small population of only 320,000 – over subsequent years the government of that country has managed to achieve high increase in the gross national income (GNI) per capita. The current level puts Iceland’s economy in the Very High Human Development category.8

In 2005, according to The World Competitiveness Scoreboard (www.​imd.​org) Iceland’s economy was recognized as the most competitive in the world. In 2012, Iceland dropped in the rankings to the 24th place among the 30 highest rated countries in the world, and in 2015 improved its standing by one place compared to 2014.9 Nevertheless, Iceland maintains its high position and is better ranked than, for example, Japan which is considered a highly developed country.

Other data also reflect Iceland’s standing. In the years 2007–2008, Iceland achieved the highest Human Development Index – HDI (nationsonline.org) and ranked number one in the United Nations HDI. Despite the fact that Norway took away the lead in subsequent years, this island nation still remains among the top 13 countries of the world.

Iceland’s location atop a mid-oceanic ridge and the intensive volcanic activity allow the residents of this unique island to take advantage of geothermal energy as well as the hydropower resources for heating and generating electricity. In this context, it is not surprising that in 1983 Iceland was ranked third in the world in energy consumption per capita. In 1983, only approx. 28 % of energy consumed there was imported and it was mainly diesel fuel for the fishing fleet and gasoline for the country’s vehicles (Fig. 9.2).

Fig. 9.2Iceland energy balances 2013 (ktoe) (Source: prepared by author on the basis of http://​www.​iea.​org/​statistics/​statisticssearch​/​report/​?​country=​Iceland&​product=​balances, (Retrieved: November 20, 2015))

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