The warnings from the Intergovernmental Panel on Climate Change (IPCC) are unequivocal. To limit global warming to 1.5⁰C—and avoid the worst impacts of climate change—we must massively scale up global investments and collaboration, alongside clear commitments by all governments.
COP26, the UN Climate Conference, was a key moment to make this happen or at least to make enough progress. That’s why we were there at the conference, pushing for bold climate action along with our partners.
We know that the next decade is decisive for humanity. It’s time to Choose the Planet and move towards net-zero economies in a way that is fair and inclusive for all. At COP26, we worked closely with existing and new partners to bring this vision to life.
As we share our highlights from COP26, in the words of our founder Ingvar Kamprad, we acknowledge that “most things remain to be done”.
Global Energy Alliance for People and Planet
At COP26, together with Rockefeller Foundation and Bezos Earth Fund, we announced funding of US$1.5 billion for a dedicated global energy platform. The Global Energy Alliance for People and Planet is a unique action-focused alliance of philanthropies, multilateral and development finance institutions, and governments who are providing more than US$10 billion to unlock $100 billion in public and private capital over the next decade.
Per Heggenes, IKEA Foundation CEO, said: “By replacing diesel generators and coal-fired power plants with renewable alternatives we can reduce carbon emissions quickly. The alliance will work closely with emerging and developing countries that are keen to embrace an inclusive and just energy transition, to bring carbon emissions down and incomes up.
“We’re proud to continue to bring together governments, philanthropies, development finance institutions, and the private sector to join us in our collective ambition.”
Global Methane Reduction Alliance
We also joined a first-of-its-kind global philanthropic alliance for action on methane. The Global Methane Reduction Alliance provides more than $200 million to drive innovation and ambition around methane emissions.
This includes support for the US and EU’s Global Methane Pledge to reduce methane emissions by 30% by 2030 and 50% by 2050. This will help ensure a future where all families can enjoy clean air, clean water and renewable energy.
Science-Based Targets initiative
We committed €18 million to the Science-Based Targets initiative to enable it to scale up work to guide companies towards net-zero emissions. The Bezos Earth Fund also contributed €18 million to this initiative.
The Science Based Targets initiative sets and validates credible emissions reductions targets. Its aim is that by 2025, the majority of companies will have committed to reducing their emissions in line with the 1.5°C global warming limit.
We believe its guidance will enable many more companies to reduce greenhouse gas emissions and create a cleaner, greener, sustainable planet in a credible manner.
Breakthrough Energy Catalyst
We joined Breakthrough Energy Catalyst, which aims to reduce both greenhouse gas emissions and the “green premium” (the extra cost of choosing renewable energy technologies). This partnership creates an ecosystem where governments, businesses, investors and philanthropy collaborate to achieve momentum to reach net zero by 2050.
Through our grantmaking, we want to enable businesses to step up their role in de-carbonising their footprint and de-risking investments. At the same time, we want to support entrepreneurs with climate-friendly business opportunities.
Coal Asset Transition Accelerator
We announced our support for the Coal Asset Transition Accelerator (CATA), an initiative by our partner the European Climate Foundation. This aims to speed up a fair transition to zero-carbon economies.
The sooner coal is phased out, the more likely it is that society will stay within the 1.5⁰C warming limit. But despite government deadlines, the financial and legal arrangements surrounding coal ownership stand in the way of a rapid phase out. At the same time, many workers still depend on coal for their livelihoods.
CATA brings together policy experts, investors, donors and governments to create financial compensation models for coal plants in transition tailored to the local conditions in each country. It also focuses on what coal plant closures mean for workers.
Thank you to our partners
We would like to thank all our partners for their tremendous efforts before and during COP26 and their ongoing work to move the needle on climate change as we go forward.
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