Globally renowned IKEA owner promises 4billion investment into renewables

Globally renowned IKEA owner promises 4billion investment into renewables

Inter Ikea Group, owner of the IKEA chain for furniture and furnishing products as well as clothing lines like Sweden’s H&M or Italy’s CasaPound has announced a new renewable energy investment project worth €4 billion (£3.4bn). The company plans to invest in solar and wind assets across countries it hasn’t yet invested in before now. A few days ago they also acquired 49% stake in 8 Russian PV parks that will power more than 12 million homes.

 

The company has been investing in wind power for years, and now they are launching their own solar arrays. They have an investment portfolio of over 1 GW’s worth of renewable energy capacity that will serve to help them meet the goals set out by IKEA 2025 – a commitment to produce as much clean energy annually as is consumed globally around its operations. The figure consists of £471m in renewable energy projects and £314 will be going to help communities vulnerable to climate change.

 

This company is on a mission to become more sustainable in the future and it’s already made some big strides towards this goal. They’ve helped their suppliers be 18% more energy efficient over the past four years by introducing a sustainability assessment tool and bringing them together with other likeminded businesses at workshops where they can share best practices for becoming sustainably successful.

The firm owns 547 wind turbines across 15 countries which include ten solar parks with 935,000 panels on store roofs and warehouses totaling more than 1.7GW in installed renewable-energy capacity.

 

In the wake of intensifying environmental concern, IKEA has made a commitment to halve their emissions by 2030. This is great news for all environmentally conscious shoppers that are looking forward to more sustainable options at one of IKEA’s many locations worldwide.

 

At COP21, the firm lobbied for stronger action and worked hard to support a green agenda. They helped form We Mean Business which is an organization that consists of many global companies committed to these changes as well as co-founded RE100 which now has more than 50 members including some of the world’s biggest companies who are also dedicated this cause.

The Inter Ikea Group based in Stockholm has a goal to be 100% renewable by 2020. Ikea is already producing 53% of its energy from renewable sources and it operates 314 wind turbines as well as 700 thousand solar panels on their stores and distribution centers which produce enough power for all operations worldwide. Canada’s first Ikea store opened last year in Toronto and they have generated more than double what they use through their wind farm projects; Achieving this goal will make them one of the only major companies with net zero emissions throughout production, supply chain, people and community efforts.

Ikea’s decision to switch their lighting products entirely over from incandescent bulbs is not just environmentally friendly – it will save approximately the equivalent of all electricity needs in London and Paris, but this doesn’t mean that there is no danger to their plans.

 

Ikea announced that they will not spend from their Green Energy Pot until the UK Government commits to a renewables, making them easier to obtain and use in their systems. The Swedish company announced that they would be forced to go elsewhere for financing, including wind farms in the UK due to Brexit. 

 

The furniture store has invested £1.5 billion in renewable energy across the world, but as things stand an additional half a billion pounds will not come to Britain, Joanna Yarrow told a news source.

 

The UK government’s energy policy has created a confusing picture. RenewableUK found in 2015 that 73% of its members believe the renewables investment climate to be less favourable, indicating an increase over the past four years due largely in part to conflicting messages from ministers and civil servants on how much interest they really have for sustainable energies. In 2014-15 alone, wind power investments reached £1.25 billion according to industry body RenewableUK; But this same organization also reported investors being baffled by what is clear as ever: uncertainty about future support mechanisms which could hamper renewable capacity development. Renewables are flourishing within Britain despite confusion among potential investors, with London offering considerable promise.