Ikea to double renewable energy investment

Ikea Group plans to double its investment in renewable energy to $4 billion (£2.5bn) by the end of the decade. The Swedish furniture retailer says its part of the firm’s […]

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By Priyanka Shrestha

Ikea Group plans to double its investment in renewable energy to $4 billion (£2.5bn) by the end of the decade.

The Swedish furniture retailer says its part of the firm’s plans to cut costs and a larger ambition of becoming energy independent by 2020.

The news follows its previous announcement of spending $1.8 billion (£1.14bn) in solar and wind power to produce at least 70% of its energy by renewable sources by 2015.

In an interview in Sweden, Mikael Ohlsson, CEO and President of the company said: “I foresee we’ll continue to increase our investments in renewable energy. Looking at how quickly we’re expanding and our value chain, we will most likely have to double the investments once more after 2015.”

Ikea is believed to have invested in 126 wind turbines in northern Europe to cover 34% of its energy consumption and owns 250,000 solar panels, mainly in the US.