IKEA owner sets aside 4 billion euros for green power projects

Ingka Group, the owner of most IKEA stores, has earmarked 4 billion euros ($5 bln) to invest in wind and solar projects, and possibly also in energy storage, hydrogen fuel development and charging infrastructure.

Companies of all kinds are increasing their investment in a lower carbon future in response to investor pressure and as momentum builds ahead of the next round of U.N. climate talks to be hosted by Britain later this year.

Ingka, the main franchisee to brand owner Inter IKEA, has over the last decade spent 2.5 billion euros ($3.0 billion) on wind and solar power. It said in January its energy production exceeds the total used at stores and warehouses.

The earmarking of 4 billion euros “marks the next step towards 100% renewable energy across the value chain,” it said in a statement on Tuesday. It did not give a time span.

“The investments will focus on adding wind and solar projects in new countries, and the company will also consider new types of investments in areas such as energy storage, hydrogen fuel development and charging infrastructure,” it said.