OPINION: COP29 – Let’s focus on action and stay hopeful

The world has less than five years to deliver to the Paris Agreement. This year’s COP meeting in Baku did not deliver the outcomes that the world needs to speed up the transition to net-zero. In a time of urgency, that is disappointing. However, we must acknowledge that the two agreements on climate finance and international carbon trading are a step forward, especially in the complex geopolitical context in which the negotiations took place. Although this is not nearly enough, let’s use this as a stepping stone to build from. We believe the transition to a carbon free economy is unstoppable as markets are already signaling demand for a cleaner future.

The annual COP meetings are currently the only multilateral process where we can address climate change, and the private sector plays a key role in leading and supporting the change that is needed to tackle the climate crisis. For us, COP represents a key moment to advocate for more ambitious climate action and it was important for us to show up and participate in the conversation on how we can work together to be part of the solution.

Across our participation, we experienced optimism and strong commitment to deliver to the Paris Agreement, keeping 1.5°C alive. We also felt a closer dialogue between businesses, organisations, policymakers and the UN – and strong signals of multilateralism. In addition, we renewed our commitment by announcing a 1.5 BEUR investment in renewable heating and cooling, as part of our renewable energy transformation to phase out the direct use of fossil fuels.

One of the biggest challenges to emerge from COP is the urgent need to see more financing flowing to developing countries. These countries are more vulnerable to the impacts of climate change and still need to develop their economies in a sustainable way. Despite the challenges, let’s not forget that we are making progress. We also know there is a clear business case in tackling the climate crisis and transitioning to renewable energy. It is possible to reduce your climate footprint while growing the business – as we proved in our business – growing with 30.9% at the same time as we have reduced our climate footprint with 24.9%, and it has been proven by a number of the world’s leading companies.

Now, we move forward and focus on actions that are urgently needed:

• Set ambitious climate plans and NDCs aligned with 1.5°C. The science is clear, we must set goals and plans that deliver to net-zero.
• Phase out fossil fuels, while increasing energy efficiency. We know we must accelerate the renewable energy transition, let’s invest in the necessary infrastructure and processes to move with speed.
• Scale up climate finance and invest in the transition. The finance gap is a reality, we must make the necessary investments now, ensuring no one is left behind.

As we move towards COP30 in 2025, it’s clear that even stronger collaboration between the public and private sector is needed. We must look ahead and work together to deliver processes and agreements that enable us to move with greater speed.

Now is the time for collaboration – we only have one planet.

Simon Henzell Thomas, Climate & Nature Manager, Ingka Group

*COP is the official convening of the 197 governments/parties who ratified the United Nations Framework Convention on Climate Change in 1992 to jointly address climate change. But it is much broader than the 197 parties as it includes many non-state actors that play their part in collectively tackling the climate crisis – like us from the private sector.  

Further information:

• (OPINION) It’s time to step up: Accelerate climate action and phase out fossil fuels | Ingka Group

• Ingka Group Net-Zero Roadmap – Net-Zero Transition Roadmap | Ingka Group
• We invest in renewable energy to speed up our journey to a more sustainable world – Renewable Energy Investments | Ingka Group
• Why we advocate for a net zero world – To read more information on Ingka Group’s climate advocacy and policy asks, please go to the climate advocacy page on Ingka.com here: Climate change advocacy | Ingka Group

About Ingka Group:

With IKEA retail operations on 31 markets, Ingka Group is the largest IKEA retailer and represents about 90% of IKEA retail sales. It is a strategic partner to develop and innovate the IKEA business and help define common IKEA strategies. Ingka Group owns and operates IKEA sales channels under franchise agreements with Inter IKEA Systems B.V. It has three business areas: IKEA Retail, Ingka Investments and Ingka Centres. Read more on www.Ingka.com.