The idea of founding the Iceland Carbon Fund originally came from the punk band Fræbblarnir. The band held a memorial concert in 2003 for Joe Strummer, lead singer of the band Clash, who was well known for his interest in climate issues. The concert was held in collaboration with the Icelandic Environment Association and the Icelandic Forestry Association. The revenue from the concert became seed money for the Fund, although the Iceland Carbon Fund was formally established later with the support of the government of Iceland. The Fund is also sponsored by Kaupthing Bank and Reykjavík Energy.
To encourage the people of Iceland to be the first nation in the world to offset all transportation-related carbondioxide emissions
