2) Iceland's Nationally Determined Contribution Iceland announced on 12 December 2020 at the Climate Ambition Summit that Iceland would increase its level of ambition from the currently pledged 40 per cent emissions cuts to 2030, to 55 per cent or more, acting jointly to achieve this enhanced target with other European States. The European Union and its Member States have since communicated that they, acting jointly, are committed to a binding target of a net domestic emission reduction of at least 55 per cent to 2030 compared to 1990. Iceland's enhanced ambition target of 55 per cent net emissions reduction refers to the joint target of the countries involved; the individual share and commitments of each country is then determined by commonly agreed rules. and Forestry sector. This means that Iceland's contribution towards the joint fulfilment target is comparable in effort and governed by the same set of rules as for the Member States of the European Union and for Norway.