Commercial, Finance, Sourcing Renewables - April 21, 2021
IKEA Retailer Commits Extra 4 Billion Euro to RE Investments
The IKEA retailer Ingka Group announced April 20 that it will increase its renewable energy investments by 4 billion euro in support of its goal to use 100% renewable energy across its value chain.
Inkga Group, the largest retailer in the IKEA network, has invested 2.5 billion euro in onsite and offsite renewable energy projects over the past decade. The new investments will include the addition of projects in new countries, such as its recent acquisition of a 49% stake in 8 Russian solar parks that will power all 17 IKEA stores in Russia.
“We are in the most important decade in the history of humankind – climate change is no longer a distant threat, and we must all do our part to limit global warming to 1.5°C,” CEO Jesper Brodin said in a statement. “The cost of inaction is just too high and brings substantial risks to our business and humanity. We know that with the right actions and investments we can be part of the solution and reduce the impact on the home we share – our planet – while future proofing our business. For us, it is good business to be a good business,”
Ingka Group currently operates 389 IKEA stores in 32 countries and is committed to IKEA’s alignment with the Paris Agreement. To reach its climate goals, the company plans to implement more renewable energy and increase energy efficiency.
IKEA Foundation is also committing an additional 1 billion euro over the next five years to reduce its greenhouse gas emissions.