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Tuesday, June 15, 2021
Home Sustainable Fashion Ingka investing €4 bn in renewable energy

Ingka investing €4 bn in renewable energy

Netherlands-based Ingka has recently said that it will fast-track its investments in renewable energy by an additional €4 billion, to support the transition towards a renewable energy future. A concern of the leading retailer Ikea, Ingka’s investment will aid in dipping Ingka’s climate footprint and a wider transition to a net-zero society.

Ingka-investing-€4-bn-renewable-energy
Figure: Ingka has recently said that it will fast-track its investments in renewable energy by an additional €4 billion, to support the transition towards a renewable energy future. 

In recent times, Ingka invested €2.5 billion into renewable energy in onsite and offsite wind and solar power allowing the company to produce more renewable energy internationally than it ingests.

According to a media statement by the company, this investment will mark the next step towards 100% renewable energy across the value chain. And aiding the company wind and solar projects in new countries.

In line with that, Ingka recently announced the purchase of a 49% stake in 8 solar PV – energy capacity of 160 megawatts – parks in Russia. Which will deliver enough electricity to power all 17 Ikea stores in Russia plus part of the MEGA shopping centers based around the country, Ingka said.

Jesper Brodin, CEO of Ingka said in a statement, “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. For us, it is good business to be a good business.”

Pia Heidenmark Cook, Chief Sustainability Officer at Ingka 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.”

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