The Ingka Group, owner of IKEA, will invest a further four billion euros in renewable energy. Additionally, the IKEA Foundation will allocate one billion euros to reducing carbon emissions.
The Ingka Group's investment will help IKEA reduce its carbon footprint and use only renewable energy throughout its value chain, in order to help limit global warming to 1,5°C, as advocated in the Paris Agreement.
The four billion euros will be directed towards solar energy projects, especially in countries where they are not yet implemented. New projects will also be developed, such as energy storage and the development of hydrogen-based infrastructure.
Recently, the Ingka Group acquired a 49% stake in eight solar parks in Russia, which have the capacity to supply electricity to 17 IKEA stores and part of the Mega shopping centers located in the country.
Most crucial decade in history
“We are living through the most crucial decade in human history,” argues Jesper Brodin, CEO of the Ingka Group. “ Climate change can no longer be ignored. We all need to do our part to limit global warming to 1,5°C. The cost of inaction is too high and represents a significant risk to our business and to humanity. We know that, with the right investments, we can be part of the solution and limit the impact on the home we all share, planet Earth, while preparing our company for the future .”
Currently, the group owns 547 wind turbines, 10 solar parks in 15 countries, and 935 solar panels on the roofs of its stores.
