Policies

Veitur’s Sustainability Strategy

The sustainability strategy represents Veitur’s commitment to respect the environment, resources, and society. To this end, the company adheres to high standards of governance, aiming for continuous improvement. The strategy serves as the foundation for sound decision-making and effective collaboration, built on transparency in the provision of information. Veitur actively seeks the opinions of stakeholders regarding the sustainability of its operations and responds responsibly to feedback.

The sustainability strategy is rooted in Veitur’s core values – initiative, foresight, efficiency and integrity – and is aligned with the guiding principles of the company's ownership strategy.

The strategy is outlined under the following principles and further elaborated upon the definition of significant sustainability aspects. The parent company provides professional support and formulates the group's sustainability goals.

Climate and Climate Risk

Veitur adheres to the best available standards for measuring its carbon footprint and aims to achieve certified net-zero emissions in its own operations by 2030 and throughout its supply chain by 2040. This approach contributes to reducing the overall carbon footprint of the society.

At the same time, the company strengthens societal resilience by adapting utility systems to climate change. Each subsidiary works according to its own climate goals and manages its respective climate-related risks.

Responsible Resource Utilisation

Veitur holds significant responsibility for the resources it utilises. Responsible resource utilisation entails that future generations will have the same opportunities as the present generation to access and use these resources, with transparent verification of sustainable practices. The company maximises resource lifespan, minimises environmental impact, and protects biodiversity and ecosystems. Veitur is committed to finding durable solutions where resource utilisation in the public interest is balanced with other interests. Veitur will protect resources from threats and intrusion, recognising the responsibility entrusted to the company.

Customers

Veitur supports a growing society, including households and businesses, through innovation in energy and utility services. The company collaborates with its owners, other municipalities, households, and industries to enable a sustainable future that benefits all parties.

Reliable access to smart, essential services at a fair price is one of the key factors that make Veitur a driving force in sustainability and customer satisfaction.

Discharge and Circular Economy

Veitur is a pioneer in circular economy practices within the energy and utility sectors. Veitur minimises emissions of pollutants to the extent possible and emphasises research and development to implement the best available solutions, prioritising circular thinking.

A Responsible Citizen

Veitur is a large company in terms of Iceland, and its workforce encompasses extensive knowledge, experience, and history.

Veitur generates and shares expertise. Veitur leverages its influence in the value chain to promote responsible environmental stewardship, sustainable consumption habits, and positive impacts on human rights. Veitur is a leader in innovation and a sought-after partner for collaboration.

Business Conduct

As a prominent public service company in public ownership, it is vital that Veitur is exemplary, particularly in governance. Veitur fosters a culture of mutual respect among employees in a safe and inclusive workplace.

Veitur complies with all applicable laws and regulations governing its operations.

Significant sustainability aspects

Veitur has identified the following sustainability factors as significant based on the principles outlined in this sustainability policy. Veitur sets targets for these factors and defines responsibilities:

Climate and Climate Risk:

• Greenhouse gas emissions and emission intensity across Scopes 1, 2, and 3, and sequestration of greenhouse gases
• Resilience to climate change

Responsible Resource Utilisation:

• Biodiversity and ecosystems on company-owned land and operational areas
• Utilisation of high-temperature geothermal fields
• Utilisation of low-temperature geothermal fields
• Conservation of potable water resources

Customers:

• Reliability of supply in utility systems
• Pricing of licensed services
• Customer satisfaction
• Sourcing of thermal energy

Discharge and Circular Economy:

• Discharge from wastewater treatment plants and pumping stations
• Waste, including sewage sludge

Responsible Citizen:

• Knowledge sharing
• Grants awarded and received for scientific research and development
• Sustainable procurement
• Public perception of the Veitur brand

Business Conduct:

• Gender pay gap
• Employee engagement
• Workplace accident rate
• Transparent reporting in line with recognised standards

[Policy approved at the board meeting on 20.11.2025]