Dutch-based Ingka Group has earmarked 4 billion euros to invest in wind and solar projects, electric vehicle charging points and other green energy projects by 2030.
Ingka, the main franchisee to brand owner Inter IKEA, claims to have spent some 2.5 billion euros on wind and solar power projects over the past decade, and said at the start of the year that its energy production exceeds the total used at stores and warehouses.
“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,” said Jesper Brodin, CEO of Ingka Group.
“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.”
“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,” added Pia Heidenmark Cook, Chief Sustainability Officer, Ingka Group.
“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,”
The company is primarily looking to invest in solar and wind parks in China, India and Australia, and will install more electric vehicle charging points in IKEA store parking lots.
However, there are no plans yet to invest in energy storage and hydrogen fuel development, he said in an interview.
Ingka Group owns and manages 547 wind turbines, 10 solar parks in 15 countries and 935,000 solar panels on the roofs of IKEA stores and warehouses, bringing its total installed renewable energy power to more than 1.7 Gigawatt.
Earlier this month Ingka also announced its first renewable energy investment in Russia, in solar parks with capacity to power all IKEA stores, and part of its shopping malls, in the country.