IKEA has become the latest company to announce it intends to invest billions to reduce the impact its operations are having on the environment.
According to ESG Today, IKEA's parent Ingka Group intends to set aside €1.5 billion (around $1.54 billion) to improve energy efficiency within its stores and switch to renewable heating and cooling technology.
The Ingka Group has a stated goal of reducing its negative climate impact by 85% by 2030, and moving away from dirty fuels will be a major part of accomplishing that plan. Burning gas, oil, or coal for electricity generates toxic heat-trapping gases that are driving the accelerated warming of the planet, contributing to more intense extreme weather.
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On the other hand, renewable sources like wind or solar don't produce pollution and are generally less expensive, making the investment a savvy long-term business move. As it stands, the company has a long way to go to achieve its aims, but it has reportedly drawn up an action plan to get itself on track.
Per ESG Today, this latest announcement is on top of Ingka Group's commitment last year to invest €7.5 billion (around $7.7 billion at current exchange rate) in off-site renewable energy production and technologies.
IKEA's move is yet another example of a major company committing to cleaning up operations. For example, cosmetic giant L'Oreal is developing new ways to extract fragrances from nature in order to increase the sustainability of its products. Tech giant Meta has agreed to invest $35 million in the carbon removal purchase program launched by the U.S. Department of Energy last March.
Actions like these from some of the world's biggest players set a positive example for other businesses to follow, helping drive the change we need to bring the planet back into a healthy balance.
Individuals can get in on the action by supporting eco-friendly initiatives. This not only helps reduce the amount of harmful pollution businesses produce but also encourages them to give back to the societies in which they operate. In turn, this benefits local communities.
"Transitioning to renewable heating and cooling is a vital enabler on our decarbonisation journey; however, it's a complex and costly process. This investment means we can progress further and faster with our plans — and we know it will pay off in the long term," said Karen Pflug, chief sustainability officer at Ingka Group, per ESG Today.
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