Ingka Group invests 600m euros to accelerate IKEA’s sustainability goals.

Ingka Group will accelerate its investments to ensure IKEA reaches its overall commitment to become climate positive by 2030.

Ingka Group will accelerate its investments to ensure IKEA reaches its overall commitment to become climate positive by 2030.

Ingka Group, a strategic partner in the IKEA franchise system, has committed to invest EUR 600 million more into companies, solutions and its own operations to enable the transition to a net zero carbon economy. This increases its overall investments into sustainability to EUR 3.8 billion.   

The company is implementing a zero-fossil fuel approach to align with new updated ESG standards. As the company takes the next step, it will focus on investing in companies and solutions that have a direct impact towards the Paris Agreement and the UN Sustainable Development Goals

Earlier this year, IKEA announced that it had reduced the climate footprint by 4.3 percent while growing the IKEA business with 6.5 percent. The company currently owns 546 wind turbines in 14 countries, two solar farms with 1.5 million solar panels, and more than 920,000 solar panels on the roofs of IKEA stores and warehouses.

These investments have contributed towards Ingka Group reaching its goal to produce as much renewable energy as it consumes.

Juvencio Maeztu, Deputy CEO and CFO Ingka Group, said: “We believe its good business to be a good business. Despite the significant challenges we’re facing in the world, we still have it in our own hands to change the direction of the climate crisis. We want to be part of the solution, which is why we will continue to focus our future investments to ensure a cleaner, greener and more inclusive recovery.”

Christiana Figueres, former Executive Secretary of the United Nations Framework Convention on Climate Change, said: “This highlights the role business can play in addressing the challenges of climate change. We must direct investments towards green technologies and solutions that are clean. Companies big and small have an important role to play and an opportunity to turn the challenges we face into solutions, as we build back better.”

4 September 2020

Climate Action