Monday, February 26, 2024

IKEA renewables investment nears €2.5bn, as company hits clean energy target a year early

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Ingka Group can now generate more renewable energy than it consumes across its operations in 20 countries, exceeding its target for 2020, the company confirmed last week.

The firm, which is the largest retailer in IKEA’s franchise system, said it has now invested close to €2.5bn in onsite and offsite renewables since 2009 following recent funding for two solar parks in the US and a wind farm in Romania. It added that it has now installed 1.7GW of renewable energy since 2009.

The combined renewable energy installations have enabled it to achieve its 2020 targets early, it said.

IKEA has an ambition of becoming a ‘climate positive’ organisation – reducing more greenhouse gas emissions (GHGs) than the company and its supply chain emits – and wants to halve its emissions in absolute terms by 2030.

“We believe the future of energy is renewable,” said Jesper Brodin, chief executive of Ingka Group. “We have invested heavily in wind and solar over the past decade because it makes our business stronger. We are excited that our actions have resulted in us exceeding an important milestone on the IKEA journey to become climate positive.”

The company is now aiming to consume 100 per cent renewable electricity in its retail operations by 2025, and to phase out fossil fuel-based heating and cooling by 2030, it said.

It also wants to enable its customers to take action at home, and plans to offer its home solar service to people in all 30 of IKEA’s retail markets, up from seven regions currently.

Compiled by Roshna K.


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