IKEA Group, IKEA Foundation Commit 1 Billion Euros for Climate Action

IKEA Group, IKEA Foundation Commit 1 Billion Euros for Climate Action

The IKEA Group and have announced commitments totaling €1 billion ($1.12 billion) through 2020 in support of efforts to accelerate the transition to a low-carbon economy and help communities most affected by climate change build resilience.

The IKEA Group has pledged to invest €600 million in renewable energy, while the IKEA Foundation has committed €400 million in funding in support of communities most at risk. The IKEA Group, which has invested €1.5 billion in wind and solar energy since 2009, is on track to become energy independent; the company already has committed to owning and operating 314 offsite wind turbines and installed 700,000 solar panels on its buildings. Of the new commitment, €500 million is expected to be invested in wind energy and €100 million in solar energy.

The new funding from the IKEA Foundation will be used to help poor communities build resilience to climate change and improve residents' lives by adopting renewable energy technologies in homes, schools, and businesses. In 2014, the foundation contributed €104 million to organizations working to benefit children in forty-six countries.

"Climate change is one of the world's biggest challenges and we need bold commitments and action to find a solution," said IKEA Group president and CEO Peter Agnefjäll. "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 percent 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."

"." IKEA Group and IKEA Foundation Press Release 06/05/2015.