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IKEA pledges €1bn to the cause of sustainability

"Global home furnisher IKEA has released its sustainability report for FY-16 in where it commits to invest €1bn in sustainability initiatives in the coming 12 months. The company says it continues to source most cotton from sustainable sources, namely Better Cotton Initiative (82 per cent) and uses recycled cotton (18 per cent) for the rest."

 

 

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Global home furnisher IKEA has released its sustainability report for FY-16 in where it commits to invest €1bn in sustainability initiatives in the coming 12 months. The company says it continues to source most cotton from sustainable sources, namely Better Cotton Initiative (82 per cent) and uses recycled cotton (18 per cent) for the rest.

The report also shows progress in its People & Planet Positive strategy including its target to produce as much renewable energy as the energy it consumes in its operations by 2020. IKEA has announced that new wind farms in Poland and the US will become operational in the next 12 months. The IKEA Group produced renewable energy corresponding to 71 per cent of its energy use in FY16. 

INTEX SOUTH ASIA 2016 CONCLUDES ON A SUCCESSFUL NOTE

 

Peter Agnefjäll, President and CEO, IKEA Group observed that there are many opportunities ahead for forward - thinking businesses to contribute and benefit from the development of the low-carbon economy. Guided by the IKEA vision, to create a better everyday life for the many people, the company is determined to have a positive impact on people and the planet.

Steve Howard, Chief Sustainability Officer, IKEA Group adds IKEA has made significant progress towards its People & Planet targets, but there is still more to do. The company wants to lead with passion and purpose towards a more sustainable and equal world. On cotton sourcing, the report goes on to say that people at IKEA love to work with cotton. In FY16, the company used 130,000 tons for its bed linen, towels, furniture covers and more. That amounts to around 1 per cent of the world's cotton supply. But the company is uncomfortable with the fact that conventional cotton production can have a negative environmental impact and may be harmful for cotton farmers and their families.

That is the reason why the company commits to sourcing all its cotton from sustainable sources and is also working to improve conditions in the cotton supply chain. Organisations like BCI support farmers to improve yield and income enabling them to break the cycle of poverty.

 
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