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Companies all over the world have begun to take action in becoming carbon neutral in efforts to minimize their carbon footprints on the environment. Carbon neutrality means having a net zero balance of carbon emissions to carbon removal, or by simply eliminating their carbon emissions altogether.
Swedish retail furniture giant, IKEA, has decided to do even better. Last week, they announced their intent to invest $220 million into becoming 'climate positive'. By 2030 IKEA wants to remove more greenhouse gases from the atmosphere than it produces through the production and uses of its goods. Key areas where these funds will be focused are to be in green energy and reforestation.
IKEA said it will invest in projects aimed at removing and storing carbon through reforestation and responsible forest management. It will also work with its direct suppliers to bring about more renewable resources for heating, cooling and power. They are targeting 100% renewable energy use throughout its supply chain by 2030.
In a statement, Inter IKEA Group CEO Torbjörn Lööf 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. To reach this goal, we will continue to invest in areas that create impact. This investment will speed up the transition to using renewable energy across our supply chain and remove carbon from the atmosphere through reforestation and better forest management practices."
More than half of the company's climate footprint comes from materials in its products and production processes, with wood being one of the main materials IKEA relies on. Alongside reforestation, IKEA said it will work to support and restore degraded land in an attempt to curb emissions.
The news comes as IKEA attempts to reshape its business model to fit a climate positive framework. Earlier this year it opened its "most sustainable store" in the United Kingdom in London's Greenwich, which features a new "Learning Lab" to teach customers upcycling and repair skills and a rooftop garden. Visitors are encouraged to use public transport to reach the store, and bicycle deliveries are available.
IKEA is hoping its customers will reward its sustainability push with loyalty and in-store spending. Since 2009 the firm has invested almost $2.76 billion on green energy, and it is on track to match its energy consumption with renewables output next year.