The IKEA Foundation has announced a new pledge of €1 billion to climate programmes over the next five years to reduce greenhouse gas emissions. The commitment, which will reinforce its work in the climate space, will help the foundation support the goals of the Paris Agreement, it says.

With this new funding, the IKEA Foundation plans to support renewable energy initiatives which can deliver greenhouse gas reductions fast and efficiently. This includes replacing polluting sources of energy with renewable ones and providing access to energy to communities. This approach aims to unlock further funding which can drive and scale sustainable models and expedite the energy transition in line with the Paris Agreement targets.

This new commitment represents a marked increase to the €500 million which the IKEA Foundation had already planned to spend on climate mitigation and adaptation programmes over the next five years. Between 2014 and 2020, the IKEA Foundation funded climate programmes totalling €368 million.

‘An immediate decrease in carbon emissions offers the best hope for the world to keep global warming under 1.5 degrees Celsius, but this cannot happen without unprecedented collaboration across governments, business and civil society. Our renewed climate commitment aims to inspire others to step up in their ambition to safeguard our environment, while improving livelihoods at the same time. We need everyone to play their part if we are to change course towards bright futures on a liveable planet,’ said Per Heggenes, CEO of the IKEA Foundation.