Ingka Group, which is the largest franchise owner of Ikea, has announced that they will invest four billion euros in renewable energy to reduce the company’s climate footprint and reach 100% renewable energy across the company’s whole business chain. The new investments will include a solar energy plant in Russia that will produce enough energy for all 17 Ikea department stores in the country.

"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," said Jesper Brodin, CEO of Ingka Group, in a comment.

Ingka Group has previously invested around 2,5 billion euros in renewable energy, and they currently own and operate 547 wind turbines and ten solar parks in 15 different countries. And several Ikea department stores and warehouses are also equipped with solar panels on the roofs. In total, its installed renewable energy power accounts for more than 1.7 Gigawatt.

According to Brodin, the renewable energy investments are in alignment with the Paris Agreement and they will also help future proof their business. "For us, it is good business to be a good business," Brodin said.

Photo credit: IKEA