Iceland: Clean Energy And Jailed Bankers


World Leaders In Clean Energy

Iceland boasts one of the more natural and breathtaking landscapes in the world. The country is rated highest for travel safety and have taken steps to ensure that their future will be protected.

Since a 2012 study, Iceland was found to generate 100% of their electricity needs through renewable sources of clean energy. 87% of their heating and hot water needs by use of geothermal and hydroelectric power. In fact less than 20% of their total usage for transportation, electricity and heat is powered by fossil fuels.

Geothermal Power for Clean Energy

Geothermal power is cost effective, reliable, sustainable, and environmentally friendly. Almost everywhere, the shallow ground or upper 10 feet of the Earth’s surface maintains a nearly constant temperature between 50° and 60°F (10° and 16°C).

Geothermal heat pumps can tap into this resource to heat and cool buildings. A geothermal heat pump system consists of a heat pump, an air delivery system and a heat exchange system of pipes buried in the shallow ground near the building.

The heat removed from the indoor air during the summer can also be used to provide a free source of hot water. Geothermal plants can also be built that generate far greater amounts of energy that can supply 1000’s of homes with power.

Iceland is far from done in their pursuit of creating clean energy. With an extremely windy climate, so much so that they’ve actually had setbacks in wind turbine designs due to excessive force winds, they are now moving forward with simplistic and sturdy wind turbine models to continue their world leading trends.

clean energy

Iceland provides 87% of its demand for hot water and heat with geothermal energy, primarily through an extensive district heating system.

Too Big To Fail Too Big To Jail? Not In Iceland

In December 2015, the former CEO of Iceland’s Glitnir bank and two other senior bankers were sentenced to jail terms of up to five years for market manipulation and breach of fiduciary duties. This brings the total number of senior Icelandic bankers so far sentenced for crimes in the run-up to the 2008 banking crash to 29.

Some countries like America were rewarding bankers guilty of defrauding the public with multi-billion dollar bailouts and zero interest rates. Iceland did what we are supposed to do when someone commits theft. They prosecuted them and turned their economic fortunes around.

Since 2010 their national debt in relation to their gross domestic product has declined between 2%-8% each year as shown in an article from Zerohedge.

Of course there is room for improvement in any modern model. Iceland should be celebrated for tackling difficult issues with genuine concern for what is in the best interest of their people and the health of their environment.

Common sense approaches with progressive stances. Why more countries have not followed their lead is a matter for debate but one thing that is true in most circumstances. An informed public creates political will to see changes that benefit the public interest.

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Born in Vancouver, B.C. , Canada. Father, musician and philosopher, lover of people, culture, eco-tech, hockey and craft beer. Thinking of solutions to global issues since 1994 when I was awakened due to the Rwandan genocide and the lack of action by the G7 nations. Adopted the Buckminster Fuller philosophy that in order to solve a problem you create solutions that make them obsolete.