The world’s biggest furniture retailer has announced plans to invest €600 million (£438m) in renewable energy and €400 million (£292m) in programmes to alleviate poverty and diseases linked to climate change in poor countries.
As global leaders meet in Bonn to discuss a climate agreement to be presented in Paris later this year, IKEA has revealed that it will spend €500 million (£365m) for wind projects and €100 million (£73m) for solar projects over the next five years – in order to reach its target of 100% renewable energy by 2020.
The Swedish giant also pledged another €400 million for projects focused on reducing the impact of climate change, through its charitable arm, the IKEA Foundation.
Peter Agnefjäll, President and CEO of IKEA Group said, “Climate change is one of the world’s biggest challenges and we need bold commitments and action to find a solution. That’s why we are going all in to transform our business, to ensure that it is fit for the future and we can have a positive impact.
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“This includes going 100% for renewable energy, by investing in wind and solar, and converting all our lighting products to affordable LED bulbs, helping many millions of households to live a more sustainable life at home”.
The company has already invested €1.5 billion in wind and solar since 2009, and manages 314 wind turbines and 700,000 solar panels installed on its buildings.
IKEA’s move follows call by other major companies urging the UN’s COP21 and global governments to act faster on climate change, as this would not only impact on the environment and people, but also affect profits and revenue if measure are not taken.
Photo: Håkan Dahlström via flickr
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