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I wonder if they could benefit from CO2 emission controls.

Iceland's energy is highly renewable (hydro, geothermal), and they have substantial potential for mineral carbonation of CO2. Mafic rocks like basalt, particularly with high olivine content, are close to the top for targets for conversion of CO2 to carbonates.

https://www.nature.com/articles/s41467-019-10003-8

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Iceland is already part of the EEA and through that, joined the EU Emission Trading System. Carbfix, the company doing the mineralization stuff, is already receiving quite substantial funding via the EU Innovation Fund, which distributes ETS income to innovative climate technology projects.

Iceland could leverage geothermal energy to produce green forms of ammonia or hydrogen. Not a jackpot but strategically it is fairly inexpensive to leverage. The EU doesn't have a good alternative to cheap Russian gas at the moment. The price of natural gas in the EU is about five times the price than in the US.

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