Ingka Group, the owner of IKEA stores worldwide, is taking an ambitious step towards environmental sustainability.
Its science-based targets for reducing greenhouse gas (GHG) emissions have been approved by the Science Based Targets initiative (SBTi).
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This approval marks a significant tightening of Ingka Group’s climate goals, demonstrating its commitment to tackling climate change.
Previously set in 2018, the group’s initial targets have already yielded positive results.
Ingka Group said it has achieved a 24.3% reduction in GHG emissions while simultaneously growing revenue by 30.9% when compared to the 2016 baseline.
The newly approved targets align with the SBTi’s Corporate Net-Zero Standard.
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By GlobalDataThis ambitious plan commits Ingka Group to a significant reduction in absolute GHG emissions across its entire value chain.
By financial year 2030 (FY30), it aims to cut emissions by at least 50% compared to FY16.
Ultimately, Ingka Group plans to achieve net-zero emissions by 2050, without relying on carbon offsets.
Ingka Group’s climate strategy, ‘Net Zero and Beyond’, goes beyond simply cutting emissions. It recognises the importance of removing existing carbon dioxide from the atmosphere.
Through nature-based solutions such as forestry and agriculture, it aims to remove and store carbon permanently.
Additionally, Ingka Group will advocate for broader climate action, pushing for policies aligned with scientific recommendations and encouraging emission reductions beyond its own value chain.
Ingka Group has outlined several key initiatives to achieve its ambitious net-zero goals.
A major focus is on renewable energy.
It is striving for 100% renewable electricity across all operations and is encouraging the use of renewables in customer deliveries and employee travel.
Ingka Group also plans to increase the use of sustainable materials throughout its business and offer more plant-based food options with a lower climate footprint.
It is working towards a circular business model by offering buyback and takeback services for used furniture, establishing in-store circular hubs for product exchanges, and developing online platforms for secondhand products.
Finally, Ingka Group will promote sustainable choices for its customers such as offering energy services that help people use or generate their own renewable energy.
Ingka Group said it is committed to transparency and will report on its progress and challenges in achieving these goals.
These results will be published in the company’s FY24 Annual Summary and Sustainability Report, expected in early 2025.
