IKEA announces £170m investment to become climate positive

IKEA has announced a £170m investment into 100% renewable energy whilst also removing carbon from the atmosphere through reforestation projects.

Currently, more than half of IKEA’s carbon footprint comes from materials used in production and they say the first stage of the investment will work to update the supply chain to use 100% renewable energy by 2030.

Wood is one of the main materials that IKEA uses for its products, and they say they will do more to promote responsible forest management around the world.

The investment will also focus on projects that remove and store carbon from the atmosphere through reforestation.

These projects will consider the wider aspect of land use and will include activities to combat deforestation and support the restoration of degraded land.

Torbjörn Lööf, CEO of IKEA Group 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 an 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.’

‘By taking responsibility and working together we can make a true change.’

‘We have a long-term perspective and the financial strength to invest in activities that will benefit both the planet and our own business future.’

Chief sustainability officer at IKEA, Lena Pripp-Kovav said: ‘We believe that the best way to minimise our climate impact and to contribute to limiting climate change to 1.5°C  is mainly by reducing our greenhouse gas emissions, but we also need to remove existing carbon from the atmosphere.’

‘We can make a positive difference through our integrated supply chain, our global presence, and our forest and climate expertise.’

In related news, in June 2018 IKEA committed to using only renewable and recycled materials in its products by 2030.

Photo Credit – Pixabay