Ikea flags are seen in Krakow, Poland on 6 June, 2017. (Photo by Beata Zawrzel/NurPhoto via Getty Images)
Beata Zawrzel | NurPhoto | Getty Images
The Inter Ikea Group has said it will invest 200 million euros ($220 million) to accelerate its transition into what it describes as a “climate positive business.”
In an announcement Wednesday the Group, which among other things develops and supplies Ikea’s product range, said the money would focus on two areas: investing in schemes “aimed at removing and storing carbon through reforestation and responsible forest management”; and using renewable energy in its supply chain.
“Our ambition is to reduce more greenhouse gas emissions in absolute terms by 2030 than the entire Ikea value chain emits, while growing the Ikea business,” the Inter Ikea Group’s CEO, Torbjörn Lööf, said in a statement Thursday.
There is work to be done if Ikea is to achieve its goals. In its sustainability report for the 2018 fiscal year, Ikea said its climate…