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As the only part of Earth's longest mountain range, the Mid-Atlantic Ridge, to rise above sea level, Iceland is the 18th largest island in the world and one of the planet's northernmost inhabited places. Iceland is a very young island in geologic terms, having been formed directly by volcanic activity along the Mid-Atlantic Ridge in the North Atlantic Ocean abutting the Arctic Ocean to the north and settled between Greenland and the United Kingdom (Ecology Prime Inc., 2024).

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Escape to the land of fire and ice with reading this page on everything about Iceland. It’s nice to stock up on knowledge too!

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Iceland's greenhouse gas emissions increased by 26% between 1990 (the Kyoto Protocol reference year) and 2012[8]. The construction of two new aluminum smelters was the main cause of this increase. In 2010, the waste and energy sectors accounted for only 18% of Iceland's greenhouse gas emissions. It is also noteworthy that during the 20-year (1990–2010) reference period, emissions in the fisheries sector fell by 26% and in the agriculture sector by 8% (Ecology Prime Inc., 2024).

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Iceland country briefing - The European environment — state and outlook 2015

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Information on the environment for those involved in developing, adopting, implementing and evaluating environmental policy, and also the general public

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The assumption that an ITQ-regime will immediately reduce catch capacity and discourage investment in the fisheries seems dubious, as the ITQ-regime appears to represent an input of "new" capital into the fisheries. Tenancy relations have developed between companies with large quota holdings and parts of the coastal fleet as a result of quota leasing arrangements. Fish quotas in Iceland have been partly transferable since 1984 and freely transferable since 1991 (Eythórsson, 1996b).

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In this video, they will examine the economic challenges associated with fisheries and their effects on the environment. Garrett Hardin first described the Tragedy of the Commons as occurring when humans use as many resources as they can in a world that does not have infinite resources to give. Fisheries are an intrinsically common resource, making them susceptible to issues aligning with this tragedy (Environmental Economics @ University of South Carolina, 2015).

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Environmental Economics @ University of South Carolina

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Overfishing and The Tragedy of the Commons

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In this video, we examine common goods. Common resources are rival but nonexcludable. For example, no one can be prohibited from fishing for tuna, but the resource is rival because every fish caught reduces the amount available to everyone else. Nonexcludable but rival resources frequently result in what is known as a "tragedy of the commons," which in the case of tuna refers to the collapse of the fishing stock (Marginal Revolution University, 2015).

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In 1968, Garrett Hardin sat down to write an essay about overpopulation, and within he discovered a pattern of human behavior that explains some of the biggest problems in history. Nicholas Amendolare describes the tragedy of the commons. Could overfishing, super germs, and global warming all be caused by the same thing (TED-Ed, 2017)?

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What is the tragedy of the commons? - Nicholas Amendolare

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Global warming can be controlled by recirculating carbon dioxide through the world's largest carbon capture machine, as reported by Ginger Zee. According to the United Nations, climate change is defined as long-term changes in temperature and weather patterns that are primarily caused by human activity, specifically the burning of fossil fuels like coal, oil, and gas (Good Morning America, 2021).

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How Iceland is fighting climate change with carbon dioxide l GMA

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Prime Minister Katrín Jakobsdóttir of Iceland is planning to raise taxes to mitigate the negative effects that tourism has on the country's climate and wilderness. She says that the taxes won't be high at first, and she also states that "all nations need to accelerate their climate action," in an interview with Bloomberg's Shery Ahn (<i>Bloomberg - Are You a Robot?</i>, 2023).

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In addition to operating almost exclusively on renewable energy, Iceland has historically experienced energy surpluses, which have been seized by bitcoin miners and other producers of digital assets to power data centers throughout the island nation. However, some environmentalists fear that the exponential demand for electricity from the controversial asset class will lead to the construction of additional power plants, potentially causing harm to Iceland's distinctive ecosystems (Bloomberg Originals, 2023).

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Bitcoin Miners Draw From Iceland’s Surplus of Renewable Energy

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Hundreds of rivers flow down from the highlands to the coast, and the clean energy of these wild waters has already made Icelanders independent of electricity from coal, oil, or nuclear power. Nevertheless, there is a growing dilemma of trying to preserve their pristine natural environment while continuing to harness nature's power. The Icelanders were the first people in Europe to learn how to use the heat from the volcanic Earth. Today, the forces of nature are securing their survival (TRACKS - Travel Documentaries, 2024).

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Can Iceland Keep Preserving Their Natural Environment? | Islands of the Future