Leading up to Earth Day, the IKEA Foundation has announced it is planning to spend an additional €1 billion on climate programmes over the next five years, to reduce greenhouse gas emissions in line with the Paris Agreement.
“An immediate decrease in carbon emissions offers the best hope for the world to keep global warming under 1.5 degrees Celsius,” says Per Heggenes, CEO of the IKEA Foundation. “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.”
Renewable energy access
With this new funding, we will support renewable energy programmes 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.
Our approach aims to unlock further funding for sustainable models and accelerate the energy transition in line with the Paris Agreement targets.
The €1 billion in today’s announcement is in addition to the €500 million we have already planned to put towards climate mitigation and adaptation programmes over the next five years. And between 2014 and 2020, we funded climate programmes totalling €368 million.
Now more than ever, governments, other funders and businesses need to increase their efforts to reduce greenhouse gas emissions.
In this context we welcome 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.
The IKEA Foundation is funded by INGKA Foundation, owner of the Ingka Group of companies. We are independent of the retail business with a sole focus on creating brighter lives on a liveable planet through philanthropy and grantmaking.