Ikea pledges €1bn for climate action
The world's largest furniture retailer has today (4 June) pledged to spend €1bn on renewable energy and tacking climate change in the next five years.
Swedish company announced on Thursday it will spend €500m on wind power, and around €100m on solar by 2020. Its charitable arm – the Ikea Foundation also pledged €400m to support “the communities most at risk” from the warming planet.
“Climate change is one of the world’s biggest challenges and we need bold commitments and action to find a solution,” said Ikea CEO Peter Agnefjäll. “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.
“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.”
Ikea has already spent €1.5bn on solar and wind projects, operating 314 offsite wind turbines and 700,000 solar panels on its buildings.
Last week the company announced that its operations in Scandinavia were completely energy-independent, being powered solely by Ikea-owned wind farms.
The announcement comes as government officials from around the world meet in Bonn to work on the text of an international climate agreement to be signed in Paris in December.
Ikea’s commitment has been hailed as the latest example of the private sector outstripping government ambition.
Earlier this week, six heads of European oil and gas companies crafted an open letter to the UN asking for an international price on carbon.