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 OR‘s Head of Environmental Affairs. The responsibility of OR‘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.
Reykjavik Energy Group has identified and evaluated the severity of possible impact, due to climate change, on its operations and its appropriate responses. In 2021 began the implementation of these risks more clearly in the Group's risk-database. By focusing on the Group’s utilities systems, it has identified potential adjustments, needed to accommodate extreme precipitation, quick thaws, temperature changes, and rising sea levels. The water utilities monitor microbes in potable water in real time, in order 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 in order 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. Veitur Utilities is responsible for the project's implementation, in collaboration with municipalities.
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 it's operations.