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Ikea owner to invest £3.4bn into renewable energy

The investment will support reducing the company’s climate footprint and a broader transition to a net-zero society

Ingka Group, the holding company which owns the majority of Ikea stores has revealed it has invested of €4bn (£3.4bn) into renewable energy.

The investment will support reducing the company’s climate footprint and a broader transition to a net-zero society.

In the past decade the group has invested €2.5bn (£2.2bn) into renewable energy in onsite and offsite wind and solar power enabling the company to generate more renewable energy globally than it consumes.

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Jesper Brodin, CEO of Ingka Group, said: “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.

“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.”

The investments will focus on adding wind and solar projects in new countries. The group recently announced the acquisition of a 49% stake in eight solar PV parks in Russia.

The energy capacity of the parks equals 160 megawatts, which reportedly will provide enough electricity to power all 17 Ikea stores in Russia plus part of the Mega shopping centres based around the country.

Pia Heidenmark Cook, chief sustainability officer, Ingka Group, added: “Using renewable energy across our operations and value chain is a significant part of delivering on our science-based targets and commitment to the Paris Agreement.

“We have already come a long way, and in this critical decade we need to come together to accelerate a just transition to a society powered by renewable energy.”

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