Companies invest in their own renewable energy

Image credit: Jueun Song on Unsplash

Ikea to invest £3.4bn in renewable energy by 2030

Ikea plans to accelerate its investment in renewable energy by spending an extra €4bn (£3.4bn) by the end of the decade to build wind and solar farms while fitting its stores with electric vehicle charge points.

Ingka Group, the owner of most Ikea stores, spent €2.5bn over the past decade installing 935,000 solar panels on the roofs of its stores and warehouses and investing in 547 wind turbines and 10 solar parks to more than cover its own electricity use.

The fresh investment will bring Ikea’s clean energy spending to €6.5bn by 2030 and include its first steps into energy storage, to help make better use of its renewable energy generation, and electric vehicle charging infrastructure and hydrogen fuels to help cut the emissions from its fleet of delivery vans.

Ikea was one of the early adopters of climate action among major corporations. It set out a plan in 2016 to generate more renewable electricity than it uses by 2020, and in 2019 vowed to become a “carbon neutral” company by 2030. The green energy shift is on the rise and so all the companies might try to join the movement in order to meet climate goals.