Globally, the company plans to accelerate its investments in renewable energy by an additional EUR four billion to support the transition towards a renewable energy future.

The investment will support reducing the company’s climate footprint and a broader transition to a net-zero society. 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.

The Ingka Group recently announced acquisition of 49 percent stake in eight solar PV parks in Russia. The energy capacity of the parks equals 160 MW, which will provide enough electricity to power all 17 IKEA stores in Russia plus part of the MEGA shopping centres based around the country. Presently, the Ingka Group owns and manages 547 wind turbines, 10 solar parks in 15 countries and 9,35,000 solar panels on the roofs of IKEA stores and warehouses, bringing its total installed renewable energy power to more than 1.7 GW.

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