IKEA Foundation Plans to Spend €1 Billion to Reduce Greenhouse Gas Emissions
April 20, 2021
Leiden, Netherlands, 20 April 2021
Today, the IKEA Foundation steps up its environmental ambition in alignment with the Paris Agreement by announcing its intention to spend an additional €1 billion on climate programmes over the next five years to reduce greenhouse gas emissions.
“An immediate decrease in carbon emissions offers the best hope for the world to keep global warming under 1.5 degrees Celsius, but this cannot happen without unprecedented collaboration across governments, business and civil society. Our renewed climate commitment aims to inspire others to step up in their ambition to safeguard our environment, while improving livelihoods at the same time. We need everyone to play their part if we are to change course towards bright futures on a liveable planet,” said Per Heggenes, CEO of the IKEA Foundation.
With this new funding, the IKEA Foundation will support renewable energy initiatives which can deliver greenhouse gas reductions fast and efficiently. This includes replacing polluting sources of energy with renewable ones and providing access to energy to communities. This approach aims to unlock further funding which can drive and scale sustainable models and expedite the energy transition in line with the Paris Agreement targets.
The €1 billion in today’s announcement is in addition to the €500 million which the IKEA Foundation has already planned to spend on climate mitigation and adaptation programmes over the next five years. Between 2014 and 2020, the IKEA Foundation funded climate programmes totalling €368 million.
Now more than ever, governments, other funders and in particular businesses need to increase their efforts to reduce greenhouse gas emissions. In this context the IKEA Foundation welcomes the Ingka Group’s decision to increase its investments into renewable energy by an extra €4 billion, taking its total investment to €6.5 billion.
About the IKEA Foundation
The IKEA Foundation is funded by INGKA Foundation, owner of the Ingka Group of companies. The IKEA Foundation is independent from the retail business with a sole focus on creating brighter lives on a liveable planet through philanthropy and grantmaking. Learn more at www.orgikeafo-shemek.savviihq.com.