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Source: istock

IKEA to invest $222 million in becoming a "climate positive business"

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With all that time they save from not having to build furniture, the team at IKEA has come up with a new plan to become a more sustainable company.

As announced in a recent press release, IKEA's holding group Inter IKEA Group will be investing $200 million euros (about $222.9 million USD) "to speed up the transformation to become a climate positive business." The brand has two goals as part of the new investment. The first is to transition the IKEA supply chain to be powered by 100 percent renewable energy by 2030. The second goal is to sequester carbon from the atmosphere. Since IKEA uses a lot of wood to make its furniture, the brand plans to do this via reforestation, restoration of degraded land, and responsible forest management practices.

"Our ambition is to reduce more greenhouse gas emissions in absolute terms by 2030 than the entire IKEA value chain emits, while growing the IKEA business," Torbjörn Lööf, CEO at Inter IKEA Group, said in a statement. "To reach this goal, we will continue to invest in areas that create impact. This investment will speed up the transition to using renewable energy across our supply chain and remove carbon from the atmosphere through reforestation and better forest management practices."