Ingka Group's Climate Goals Get Approval from SBTi
Ingka Group, IKEA's largest retailer, has tightened its climate goals and received approval from the Science Based Targets initiative (SBTi).
Since setting initial science-based targets in 2018, Ingka Group has reduced its carbon footprint by 24.3% while growing revenue by 30.9% (compared to a 2016 baseline). This progress aligns with their strengthened climate ambition, "Net Zero and Beyond."
Key Updates
- More Ambitious Targets: The revised targets require a 50% reduction in absolute greenhouse gas (GHG) emissions across the entire value chain by FY30 (compared to FY16) and net-zero emissions by 2050, without relying on carbon offsets.
- Focus on Impact and Collaboration: Ingka Group builds collaboration with partners, governments, and customers to accelerate climate action and limit global temperature rise to 1.5°C.
- Alignment with Latest Standards: The "Net Zero and Beyond" ambition replaces the previous "Climate Positive" goal, reflecting industry developments and the urgency for action.
"Net Zero and Beyond" Focus Areas
- Drastically Reduce GHG Emissions: Achieve a 50% reduction by FY30 and reach net-zero by 2050, verified by SBTi.
- Remove and Store Carbon: Implement nature-based solutions and support carbon sequestration efforts.
- Go Beyond the Value Chain: Advocate for strong climate policies and promote sustainable living among customers.
Key Actions
- Increase renewable energy use across operations and customer deliveries.
- Use more recycled materials and offer lower-impact food options.
- Develop a circular business model with buy-back and take-back services.
- Empower customers with energy services for renewable energy use or generation.
Transparency and Reporting
Ingka Group will report progress on these revised targets in its annual Sustainability Report published in early 2025.
Jesper Brodin, CEO, Ingka Group says, "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. 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."
Karen Pflug, Chief Sustainability Officer, Ingka Group, says, "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. 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."
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Source: Ingka Group
