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IKEA spends €200m on creating carbon neutral business

By Hugh Wilson

Retail giant to invest in carbon capture and renewable energy projects

IKEA spends 200m on creating carbon neutral business

Retail giant IKEA is to plough a further €200m (£171m, $220m) into green energy, reforestation and forest protection projects as it aims to become carbon neutral by 2030.

IKEA is the world’s largest retailer of furniture and relies on wood in its extensive product range. It says that half the money will be directed at projects that remove and store carbon through reforestation and responsible forest management.

The other half will be directed towards renewable energy projects for heating, cooling and electricity generation. The business aims to achieve 100 per cent renewable energy use across its supply chain by 2030.

The Ingka Group, which runs 374 IKEA stores in 30 countries as IKEA’s largest franchisee, revealed this week that it had invested nearly $2.5bn in renewable energy since 2009, and now owns 534 wind turbines and 715,000 solar panels.

Torbjörn Lööf, CEO of Inter IKEA Group, the owner of the IKEA brand, said: “Our ambition is to reduce more greenhouse gas emissions in absolute terms by 2030 than the entire IKEA value chain emits, while growing the IKEA business.

“To reach this goal, we will continue to invest in areas that create impact. This investment will speed up the transition to using renewable energy across our supply chain and remove carbon from the atmosphere through reforestation and better forest management practices.”

The news comes after IKEA announced a fall in profits of nearly 10 per cent in the year to the end of August. Its green investments played a part in the decline that came despite rising revenues. The company believes its focus on renewable energy will lead to cost savings in the long term.

FURTHER READING: Retail tips: Five ways brick-and-mortar stores can survive

FURTHER READING: Bill Gates backs a sunny start-up to replace fossil fuels

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