Ingka Group's (the largest IKEA retailer) strengthened climate targets for reducing greenhouse gas (GHG) emissions have been validated and approved by the Science Based Targets initiative (SBTi).
The company first set science-based climate targets in 2018 and has since reduced its climate footprint by -24.3%, while increasing revenue by +30.9%, compared to the 2016 baseline.
The updated targets are part of IKEA's strengthened climate ambition, ‘Net Zero and Beyond’, and mean that Ingka Group is committed to reduce absolute greenhouse gas emissions from the value chain by at least -50% by FY30 (compared to the FY16 baseline) and to reach net zero emissions by 2050 without relying on carbon offsets to meet these absolute reduction targets.
“The climate crisis is one of the biggest challenges facing humanity, and as a business we are driving action in our business and beyond to contribute to limit global temperature rise to 1.5°C," says Jesper Brodin, CEO, Ingka Group.
"Even if we have come far on our journey, we all need to do more, and the latest climate science is telling that we need to move with impact and speed. Now. Together we can create a positive change in society by accelerating climate action and working together with partners, governments, the private sector, and our customers.”
IKEA's ambition reconfirms its commitment to the Paris Agreement and the science of limiting average global temperature rise to 1.5°C.
“Since we first set science-based climate targets in 2018, the global climate landscape has undergone drastic changes, as the urgency for action has accelerated as the science evolved," says Karen Pflug, chief sustainability officer, Ingka Group.
"As a business, we support the ongoing development of credible external climate standards, grounded in the latest science. The validation of our updated net zero targets with prioritised actions will support and guide us in our own operations and beyond.
“The climate crisis is happening now and impacting each and everyone of us, our families, wider society, and the businesses we lead, affecting the most vulnerable, in disproportionate ways. So as a multinational business present in 31 countries, we will focus our actions on driving impact in our value chain and continue to engage with our millions of customers in living a more sustainable life at home.”
‘Net Zero and Beyond’ focuses on three areas: drastically reducing GHG emissions; removing and storing carbon through forestry, agriculture and products; and contributing to additional reductions of GHG emissions in society while advocating for climate policies in line with science.
Key Ingka Group actions aligning with this transition include: striving towards 100% renewable electricity across all operations, and the electrification of deliveries and staff travel; offering more plant-based food ingredients; transitioning to a circular business, by offering buy-back and take-back services, for example; and promoting sustainable choices for its customers, for example by providing energy services.
