IKEA's Billion Dollar Commitment To A Low Carbon Economy

New Update
IKEA's Billion Dollar Commitment To A Low Carbon Economy

Argonne National Laboratory, Argonne, Illinois, USA

In this critical year for climate action, IKEA Group and IKEA Foundation are making bold new commitments to accelerate the transition to a low-carbon economy and to support the communities most at risk. Announced today, the EUR 1 billion total is made up of an IKEA Group commitment of EUR 600 million for investment in renewable energy and a EUR 400 million IKEA Foundation funding commitment to support communities most impacted by climate change. The announcements coincide with a key meeting in Bonn, where governments are preparing a global climate agreement to be negotiated at the COP21 meeting in Paris in December.

IKEA Group - The EUR 600 million commitment to renewable energy, announced today by the IKEA Group, builds on the EUR 1.5 billion invested in wind and solar since 2009. The company is on track to become energy independent, producing as much renewable energy as it consumes in its buildings, and has already committed to own and operate 314 offsite wind turbines and installed 700,000 solar panels on its buildings. The majority of the new commitment (EUR500 million) will be invested in wind energy and around EUR 100 million is expected to be invested in solar up to 2020.

"Climate change is one of the world’s biggest challenges and we need bold commitments and action to find a solution. 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.” Peter Agnefjäll, President and CEO, IKEA Group.

IKEA Foundation - Building on many years of supporting children and families in some of the world’s poorest communities, the IKEA Foundation also announced its own commitment of EUR 400 million through 2020 to support families and communities who are most impacted by climate change.

The IKEA Foundation funds programmes to create long term opportunities for children living in some of the world’s poorest communities. In 2014, the IKEA Foundation contributed €104 million to more than forty partner organizations running programmes to benefit children in 46 countries. Since 2009, programmes funded by the IKEA Foundation have helped more than 178 million children worldwide. The new funding will help poor communities build resilience to climate change and improve lives by adopting renewable energy technologies in homes, schools and businesses.

“We’re working toward a world where children living in poverty have more opportunities to create a better future for themselves and their families. Tackling climate change is critical to achieving this goal.” Per Heggenes, CEO of the IKEA Foundation