The company will make the investment in wind and solar projects in new countries
Netherlands-based Ingka Group, the owner of IKEA stores, has announced that it will invest an additional €4bn in renewable energy projects.
The investment is expected to reduce the company’s climate footprint and support its transition to a net-zero society.
Ingka Group will make the investment in wind and solar projects in new countries.
The company claims to have invested €2.5bn into renewable energy in the past decade, to generate more renewable energy globally than it consumes.
Ingka Group CEO Jesper Brodin said: “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.
“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.”
Ingka Group has recently announced the acquisition of a 49% stake in 8 solar PV parks in Russia, with a combined capacity of 160MW, for a price of €235m.
The solar facilities are expected to provide adequate electricity to power all 17 IKEA Stores in Russia, in addition to meeting the electricity needs of some of the MEGA shopping centres across the country.
Currently, the firm 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.
Ingka Group chief sustainability officer Pia Heidenmark Cook said: “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.
“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.”