Renewable Energy Investments

Ingka Investments Renewable Energy Investments

We invest in renewable energy to speed up our journey to a more sustainable world

We are investing in renewable energy to support the transition towards a renewable energy future. The investments are supporting a reduction of the IKEA climate footprint and a broader transition to a net-zero society. Using renewable energy across IKEA operations and value chain is a significant part of delivering on our science-based targets and commitment to the Paris Agreement.

“By 2030, we will have invested or committed to invest EUR 7.5 billion into the renewable energy sector.”

Investment scope

Shifting our energy consumption from fossil fuels to renewables is a huge and complicated challenge, so we are investing in technological solutions to help us bridge this gap.

We develop, construct, acquire and operate utility-scale wind, solar and storage projects and sell renewable energy to reduce the climate footprint of Ingka Group and the IKEA value chain. We also invest in technologies designed to support the energy transition, from storage solutions to e-fuels.

Our ultimate ambition is to build integrated utility capabilities so that we can produce renewable energy and sell it throughout our whole value chain to run more sustainably.

Our portfolio in numbers

As at July 2024

We have invested or committed to invest over EUR 4 billion in renewable energy production assets, like wind and solar.

In FY23 our investments produced 4 terawatt hours of electricity, which is equivalent to the electricity consumption of 1.25 million European households.

Currently we have 45 wind farms and 12 solar farms in operation across 16 countries.

We have one battery storage project in operation.

We have an additional 3 wind farms and 2 solar farms in construction.

Our commitment

We have an important role to play in encouraging the production of more renewable energy, rather than just buying up scarce renewable energy. Therefore, by 2030 we will have invested or committed to invest EUR 6.5 billion to produce 15 terawatt hours. We have also earmarked an additional EUR 1 billion for investments in technologies and innovation to support the energy transition, from storage solutions to e-fuels.

Graphic showing EUR 6.5bn in production assets like wind and solar + EUR 1bn in innovation and transitional technologies = EUR 7.5bn into the renewable energy sector by 2030

Our capabilities

We are operating as a medium-size power company. Having competence in all parts of the energy value chain gives us new investment opportunities, strengthens our business and our ability to support the IKEA value chain and retail ambitions. We have 10 in-house capability teams involved at different stages of our assets.