As companies and governments around the world are working to meet climate goals set out by the Paris Agreement, the IKEA Group’s 2016 Sustainability Report shows considerable progress towards its People & Planet Positive strategy and continued long-term investments in sustainability.

According to the report, IKEA has allocated over €3 billion for sustainability investments. This includes a new financial frame of €1 billion, to secure a long-term supply of sustainable materials by investing in forestry, as well as in companies active in recycling, renewable energy and biomaterial developments.

Additionally, the investment includes €1.5 billion put toward wind and solar energy projects since 2009 and €600 million allocated for further investments in renewable energy. Ultimately, IKEA aims to produce as much renewable energy as it consumes in its operations by 2020; it has already reached 71 percent as of FY16.

The report also describes projects such as IKEA’s More Sustainable Store in Kaarst, Germany, currently under construction and due to open in summer 2017. Making use of abundant natural light and environmentally friendly technologies, it will also feature green areas for play and a dedicated transportation concept.

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