IKEA to invest €600 million in renewable energy

IKEA Group has announced plans to invest €1 billion for climate action, of which €600 million (US$676.6 million) will be invested in renewable energy.

The €600 million commitment to renewable energy builds on the €1.5 billion invested in wind and solar since 2009. The company is on track to become energy independent, producing as much renewable energy as it consumes in its buildings, and has already committed to own and operate 314 offsite wind turbines and installed 700,000 solar panels on its buildings.

The majority of the new commitment, €500 million, will be invested in wind energy and around €100 million is expected to be invested in solar up to 2020.

Peter Agnefjäll, President and CEO, IKEA Group commented:

“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 in to transform our business, to ensure that it is fit for the future and we can have a positive impact. This includes going 100% for renewable energy, by investing in wind and solar, and converting all our lighting products to affordable LED bulbs, helping many millions of households to live a more sustainable life at home.”