Ingka, a leading Ikea retailer headquartered in the Netherlands, has recently announced that it will accelerate its investments in renewable energy by an additional €4 billion, to support the transition towards a renewable energy future. The investment will support reducing Ingka’s climate footprint and a broader transition to a net-zero society.
In the past decade, Ingka invested €2.5 billion into renewable energy in onsite and offsite wind and solar power enabling the company to generate more renewable energy globally than it consumes. Entering a critical decade for climate action this acceleration, by Ingka Investments, to €6.5 billion marks the next step towards 100 per cent renewable energy across the value chain, according to a media statement by the company.Ingka, a leading Ikea retailer headquartered in the Netherlands, has recently announced that it will accelerate its investments in renewable energy by an additional €4 billion, to support the transition towards a renewable energy future. The investment will support reducing Ingka's climate footprint and a broader transition to a net-zero society.#
The investments will focus on adding wind and solar projects in new countries. Ingka recently announced the acquisition of a 49 per cent stake in 8 solar PV parks in Russia. The energy capacity of the parks equals 160 megawatts, which will provide enough electricity to power all 17 Ikea stores in Russia plus part of the MEGA shopping centres based around the country, Ingka said.
Ikea is committed to the Paris Agreement and to contribute to limiting the global temperature rise to 1.5°C above pre-industrial levels through the Ikea climate positive ambition. Switching to renewable energy while increasing energy efficiency, transitioning to circular business model, and enabling people to live within the boundaries of the planet, are key enablers for reducing emissions, according to Ingka.
“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. The cost of inaction is just too high and brings substantial risks to our business and humanity. 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,” Jesper Brodin, CEO of Ingka said in a statement.
“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,” Pia Heidenmark Cook, chief sustainability officer at Ingka said.
Fibre2Fashion News Desk (GK)
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