BELGIUM - Ingka Group welcomes the European Union agreement, now approved by the European Parliament, to increase the target for the share of renewable energy as a part of the energy mix from 32% to 42.5% by 2030, with the possibility of reaching 45%.

According to the European Commission, additional investments of €113 billion in renewable energy and hydrogen infrastructure will be needed by 2030.

Negotiations for this goal have been quite challenging. The European Commission initially proposed raising the target to 40%, but it was later increased to 45% following the Russian invasion of Ukraine. This event led the EU to collectively decide to reduce its dependence on Russian fossil-based energy sources.

Ikea aims to become climate positive by 2030, by reducing more greenhouse gas emissions than the Ikea value chain emits, while growing the Ikea business. As the biggest retailer in the Ikea franchisee system Ingka Group is committed to enabling the renewable energy transition. This includes a commitment to 100% electricity consumption across Ingka Group´s operations by 2030 and to invest €6.5 billion into off-site renewable energy by 2030. Already today, 74.2% of the electricity used in Ingka operations comes from renewable sources and the off-site investments have already enabled them to generate more renewable energy than they consume. 

The ambition is to continue to invest in renewable energy and increase its renewable energy portfolio. Since 2022 Ingka Group has announced new investments have been made in Poland, Germany, Sweden and Italy, increasing its investments to more than €3.5 billion in wind and solar power.