Ikea has announced a €1bn investment into forestry, recycling and renewable energy companies.
In its 2016 sustainability report the company said it is currently recycling or incinerating for energy 88.7% of the 560,650 tonnes of waste it produces annually. It aims to push this figure to 90% by mid 2022.
It said the investment comes on top of the €2bn it has already invested in sustainability – €1.5bn of which was spent on wind and solar energy projects since 2009.
Some 61% of wood and 100% of cotton is sourced from sustainable sources and the company has promised to operate 327 wind turbines and install 730,000 solar panels on its buildings.
Currently waste from Ikea stores makes up more than 77% of the total produced by the firm. The group aims to cut this by 10% by 2020.
The company is also aiming to halve the amount of food waste produced in its restaurants and send 90% of this waste to be recycled, composted or used make biogas by 2020.
“In the past choosing sustainable products was often a compromise. They could be quite ugly, seldom worked well and often cost more, said Ikea CEO Peter Agnefjall.
“There are many opportunities ahead for forward-thinking businesses to contribute to, and benefit from, the development of the low-carbon economy.”
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