Announcing plans to use only renewable and recyclable materials in its products by 2030, Ikea, the world’s largest furniture store, is taking new steps to demonstrate its commitment to reducing overall environmental impact.
Inter IKEA, the brand’s owner, said it aims to reduce the climate impact of each of its products by more than two-thirds by the end of next decade. The brand, well-known for its low-cost flat-pack furniture, is already producing 60% of its products with renewable materials. Nearly 10% contain recycled materials, an Inter IKEA spokesperson told Reuters.
Together, 422 Ikea stores in more than 50 markets welcomed 957 million visitors this past fiscal year. Total retail sales, which include sales of both products and services to Ikea customers, amounted to EUR 38.8 billion, the company stated.
“We will only be successful when we succeed to create a better world, which is why sustainability is a key focus for the Ikea business. Along with affordability and accessibility, sustainability is one of our main priorities,” Inter IKEA CEO Torbjörn Lööf said in the company’s sustainability document. “We want to be clear and outspoken about our point of view on challenges that are important to people, and lead by example to influence change.”
Setting Sustainability Targets
A growing number of global companies are striving for greater environmental sustainability. Several global brands, including H&M, Coca-Cola and Sony, have committed to targets aiming to help limit global warming and reduce environmental impact.
This is of particular note, as a Thomson Reuters Financial & Risk white paper found in October that the world’s 250 biggest listed companies account for a third of all manmade greenhouse gas emissions.
Ikea’s initiative aims to both reduce greenhouse gas emissions related to its raw materials and extend the lifespan of its products. Inter IKEA also announced intentions to remove single-use plastic products from its in-store restaurants by 2020 and roll out sales of home solar solutions in 29 markets by 2025.
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