OREANDA-NEWS. The IKEA Group Sustainability Report for fiscal year (FY) 2016 shows strong progress towards its People & Planet Positive strategy and continued long-term investments in sustainability. A financial frame of EUR 1 billion, announced today, takes investments earmarked for sustainability to over EUR 3 billion.

In a critical year for climate action, IKEA Group made strong progress towards its target to produce as much renewable energy as the energy it consumes in its operations by 2020. With new wind farms in Poland and the US becoming operational during the year, IKEA Group produced renewable energy corresponding to 71% of its energy use in FY161.

“There are many opportunities ahead for forward-thinking businesses to contribute to, and benefit from, the development of the low-carbon economy. Guided by the IKEA vision, to create a better everyday life for the many people, we are determined to have a positive impact on people and the planet.” Peter Agnefjäll, President and CEO, IKEA Group

IKEA Group has now allocated over EUR 3 billion for sustainability investments. This includes a financial frame of EUR 1 billion, announced today, to secure a long-term supply of sustainable materials by investing in forestry as well as companies active in recycling, renewable energy development and biomaterial developments. And it includes the EUR 1.5 billion invested in wind and solar energy projects since 2009 and EUR 600 million allocated for further investments in renewable energy.

IKEA Group also wants to inspire and enable its many customers to live a more sustainable life at home. The company has transformed its entire lighting range to LED and in FY16, sold almost 80 million LED bulbs. If they all replaced incandescent bulbs, they would save enough energy annually to power almost 650 000 households for a year2.