Sectors
Iceland's abundance of geothermal and hydro energy, rich fishing grounds, and experimental setting for drug discovery were factors in its trajectory of developing advanced Green-tech, Blue-tech, and life sciences sectors.
Green-tech
In 1930, Reykjavík became the first city in Europe to harness geothermal energy for central district heating, pioneering the use of this renewable energy resource. Today, Iceland has been utilizing renewable energy for over a century to power 100% of its electricity and heating needs. This achievement serves as a global model for sustainable energy practices, inspiring other nations to explore and invest in their natural resources as part of the global effort to combat climate change. For more information on Iceland‘s renewable energy initiatives and green solutions, please visit the Green by Iceland website.
Blue-tech
Iceland's Blue-tech sector is advancing a variety of technologies across maritime industries for more sustainable oceans. The scope of Blue-tech is wide and includes aquaculture, algaculture, ship design, data management, enhanced logistics, and advanced robotic processing. For example, Icelandic companies are making the most of every gram of fish. And when you process as much fish as Iceland, these grams add up to hundreds of tons annually! High-tech processing solutions and software from Iceland scan, fillet, pack, and freeze a wide variety of fish (and other proteins) worldwide. Not long ago, 50 to 60% of a fish was used. Today yields are nearing 90%. This is big business as the world's population surges and demands for protein are increasing.
Life sciences
The life sciences sector, including biotechnology, pharmaceuticals, genetics, and medical devices, is a rapidly growing and exciting sector in Iceland. There is strong government support and incentives to promote these industries, an impressive academic network nearby, an advanced research and health care system. Iceland offers unrivaled opportunities for life sciences industries such as biotechnology.
Icelandic gaming industry
The gaming industry in Iceland has flourished in recent years in part due to increased government support for innovation and a strong network of dedicated, skilled individuals in the field. Iceland is home to multiple successful gaming companies, such as CCP, 1939 Games, Mainframe Industries, Directive Games, and Myrkur. Icelandic companies build on each other's successes and learn from each other's failures through close collaboration and knowledge sharing.