Ikea’s owner Ingka Group will generate more renewable energy than it consumes by 2020, thanks to €2.5 billion (£2.2 billion) in investments over the last decade.
Renewable energy investments will enable the retailer to become “climate positive”, ensuring its business is run on 100 per cent renewable electricity across its retail operations in 30 countries by 2025, and entirely phase out fossil fuel heating and cooling by 2030.
Thanks to recent investments, Ingka Group now owns 920,000 solar modules and 534 wind turbines in 14 countries, with an additional 700,000 solar panels currently under construction in the US, generating a total of more than 1.7 GW.
Ikea has pledged to meet the most ambitious aims of the Paris Agreement, hoping to limit global temperature rises to 1.5°C above pre-industrial levels, and will take part in the UN Climate Action Summit and Climate Week in New York next week.
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“We are excited that our actions have resulted in us exceeding an important milestone on the IKEA journey to become climate positive,” Ingka Group chief executive Jesper Brodin said.
“We hope to send a clear message that renewable energy is a great investment today, and that what is good for business is also good for the planet.
Ingka Group’s chief sustainability officer Pia Heidenmark Cook added: “We are also going beyond our own operations to inspire and enable the many people to take climate action at home. We want to empower millions of customers to produce and use renewable energy.
“Our home solar service is today available in 7 countries and we continue investing heavily to develop our home energy service offering with the aim to make it available across all our 30 markets by 2025.”