Iceland's authorities have set the goal of systematically reducing waste formation and channelling waste into reuse and recovery. The Act on Recycling Fees was passed in an effort to achieve this end, charging the Icelandic Recycling Fund (Úrvinnslusjóður) with creating conducive economic conditions for reuse and recovery, lowering the volume of waste going into final disposal and ensuring the proper disposal of hazardous substances.
The authorities aim is within few years to sort and recycle in to new products 15-20% of packaging waste. Furthermore their aim is that 50-65% of packaging waste in total will be recycled or reused.
The Act on Recycling Fees No. 162/2002, issued by the Icelandic parliament, Althingi, with some later amendments, is the main legal basis for the Icelandic system.
The Act on Recycling Fees takes into account Iceland's responsibilities according to the EEA agreement (The Agreement on the European Economic Area).
The Recycling Fund is a state-owned agency, responsible to the Minister for the Environment. In order to ensure the best possible outcome of agency activities, its Board is composed of the representatives of those who have the greatest interest in waste handling being as efficient as possible, i.e. representatives of municipalities and the commercial sector.
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