Iceland is a country where geothermal energy is so important that the country's National Energy Authority states that geothermal facilities generate 25 percent of its entire electricity production.
Now, one project – based at the Hellisheidi Geothermal Plant – is looking to develop technology to permanently store the by-products of the plant's processes inside volcanic rocks called basalts.
"We actually capture the CO2 at the power plant, dissolve it in water and inject it as sort of mineral water back into the ground," Edda Sif Aradottir, project manager at CarbFix, told CNBC's Sustainable Energy. A chemical reaction then takes place, which eventually turns the CO2 into minerals called carbonate, she added.
Hellisheidi is located on an active volcano ridge in the south west of Iceland, and has a capacity of 303 megawatts for electricity and 133 megawatts for thermal energy.