Status updatePartnership between YGG and the Icelandic Forestry Service

Yggdrasill Carbon —— 03.02.2023

The Icelandic Forest Service and YGG have signed a memorandum of cooperation on forestry projects dealing with carbon sequestration. The Director of the Icelandic Forest Service says that there is a great need for knowledge-based companies in this domain in Iceland.

Yggdrasill Carbon Ltd (YGG) has in recent years worked on carbon sequestration projects with a focus on actual, measurable carbon sequestration in accordance with accepted standards. The company is currently running three types of experimental project in the field of forestry, which are based on different standards that, according to the company, already have or are likely to gain recognition in Iceland and internationally. The company is working on carbon sequestration in accordance with the Icelandic Forest Service's own standard, known as Skógarkolefni, while also working to the international standards of VERRA and Gold Standard. As well as emphasising their adherence to the Skógarkolefni standard and other standards in the domain of new afforestation, the Icelandic Forest Service and YGG have adopted a strategy to find ways of responsibly using carbon generated in older forests wherever possible. Both parties also seek to cooperate in the fields of education and consultancy to make the most of the current widespread interest in verified carbon sequestration projects for the benefit of Iceland's interests. The CEO of YGG is Björgvin Stefán Pétursson, but the company also enjoys the participation of experienced experts in the fields of forestry, environmental studies and land use.

The Icelandic Forestry Service is a powerful knowledge-based company in the fields of forestry and carbon sequestration. The Service supervises and implements laws on forests and forestry in Iceland and is charged with a range of tasks, such as providing consultancy on the protection, recovery, cultivation, treatment and sustainable use of forests, developing and encouraging participation in forestry, obtaining and sharing information about forests and forestry and having oversight over forestry projects. The Icelandic Forestry Service initiated the establishment of the Icelandic certification standard, Skógarkolefni, a number of years ago and has since worked to develop it further.

The Director of the Icelandic Forestry Service Þröstur Eysteinsson says it is a pleasure to sign the memorandum of cooperation and thereby formalise the Icelandic Forest Service and YGG's partnership. "We've been in close touch with YGG for the past several years - with the owners at first, but more recently with the staff at large - and we can see that the company emphasises long-term thinking and quality work practices. There is a great need for knowledge-based companies in this domain in Iceland, and the opportunities are exciting," says Þröstur.

Björgvin Stefán Pétursson, CEO of YGG, agrees. He is very satisfied with the development of his company's collaboration with the Icelandic Forestry Service and the very competent people who work for the organisation all over the country. "YGG aims to be a leading company when it comes to carbon sequestration projects, whether in the fields of land use, technological progress or in any other way," says Björgvin. "Forestry is a big part of that, as there are many opportunities in the domain of forestry in Iceland, and the numerous effects of forestry-related activities are generally very positive."