Total emissions from Iceland and household economies went from 5,304 kilotons in 2020 to 5,488 kilotons 2021, representing a 3.5% increase in emissions. Emissions fell sharply between 2019 and 2020, from 6,534 kilotons to 5,304 kilotons, or by 18.8%. This reduction was primarily due reduction in the operation in the airline industry following travel restrictions and responses abroad to the COVID-19 epidemic.

The Icelandic Environment Agency recently published the National Inventory Report (NIR), which is the official reporting within Iceland called for by the UN Climate Council. The NIR shows that total emissions within Iceland (excluding emissions from land and land use) decreased by 4.3% from 2019 to 2020, from 4,713 kilotons to 4,510 kilotons.

Different outcomes from the emissions calculated for the economy (AEA) and NIR are common, but this comes from differences in the scope covered by the statistics. The emission accounting of the economy looks at emissions from the operation of Icelandic entities wherever it occurs in the world. Iceland's emission accounting only looks at emissions occurring within Iceland's territory, which means that international flights and shipping are not taken into account. Iceland's emissions accounting also accounts for emissions from land use and land changes, which are not part of the operation of the economy and therefore do not count as emissions from Iceland's economy.

A further presentation of Iceland's climate report and the release accounting of the Economy will take place at a presentation conference in Harpa 3. May 2022, to be held by the Environment Agency on Climate Day.