IKEA to invest 200 million Euros to become climate positive by

IKEA to invest 200 million Euros to become climate positive by 2030 Hyderabad, Nov 27 (PTI): Swedish furniture giant IKEA on Wednesday announced that it would invest 200 million Euros globally to speed up transformation to become a climate positive business. The investment will focus on two portfolios one to transform the IKEA supply chain into using renewable energy, and one to remove carbon from the atmosphere through reforestation, restoration of degraded forests and better forest management practices.

More than half of the IKEA climate footprint comes from materials in the products and production, a company release said. "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, Torbjorn Loof,CEO of Inter IKEA Group said.

The first portfolio will support the ambition to use 100 per cent renewable energy (electricity, heating, cooling, and other fuels) in production by 2030. It will be built on collaboration with direct suppliers while thesecond portfolio will invest in projects aimed at removing and storing carbon through reforestation and responsible forest management, IKEA said.

Wood is one of the main materials that IKEA uses and for many years the companyhas worked to promote responsible forest management around the world, the release said. The company said responsibly managed forests play a vital role in protecting ecosystems, supporting biodiversity and climate change mitigation.

In India too, the different IKEA business unitsare working towards becoming climate positive, the release said. IKEA retail stores are working towards becoming carbon neutral retail stores in the future.

It is using renewable energy by adopting more electric vehicles in logistics. In India, it has already achieved 20 per cent use of electric vehicles in logistics operations and aims to reach 60 per cent in the next three years,the release said.PTI GDK APR APR APR.

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