Ikea pledges €1b to help tackle climate change

IKEA, the world’s biggest furniture retailer, is going all out in its efforts towards a low-carbon economy and to support the communities most vulnerable to climate change.

It recently pledged to spend €1 billion (US$1.1 billion) — of which €600 million is to be invested in renewable energy and €400 million through the Ikea Foundation funding programmes to help poor communities build resilience to climate change and improve lives by adopting renewable energy technologies in homes, schools and businesses.

The majority of the new funding commitment will be invested in wind energy and the rest in solar up to 2020. Ikea is currently already on track to becoming energy-independent, producing as much renewable energy as it consumes in its buildings.

Said Ikea president & CEO Peter Agnefjäll: “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 out to transform our business, to ensure that it is fit for the future and we can have a positive impact.”