IKEA is the only finalist in the Large Corporation category of the 2015 Zayed Future Energy Prize that isn’t producing clean technology (renewable energy technology or batteries). But there is no doubt that it deserves to be in the finals.
Already, ~33% of IKEA’s electricity needs are powered by renewable energy technologies. Furthermore, it doesn’t just buy “green credits,” which many people are skeptical about, or even buy clean electricity via a power purchase agreement (PPA). It actually owns and operates its renewable energy power plants.
IKEA intends to achieve 100% renewable energy (all energy, not just electricity) in its operations by 2020, an impressive goal that I think is unmatched in the large corporation world.
“The company has laid out an aggressive investment strategy for the next two years, including: solar PV ($667 million), wind development and asset purchases ($1.34 billion), energy efficient lighting at IKEA stores ($83 million) and new product development in the sustainability sphere ($20 million).”
In April, IKEA actually announced a wind farm in the US that will produce ~165% of the electricity US IKEA stores use.
IKEA also sells solar panels and highly efficient appliances at its stores. “The company offered products in 2013 that were 41% more energy efficient than the equivalent 2008 product range at IKEA,” a Bloomberg New Energy Finance analyst evaluating the company for the Zayed Future Energy Prize competition notes.
“In 2013, IKEA sold 22.4 million LED products, including 12.3 million LED bulbs. Customers will save a combined total of $115 million per year from the LED bulbs sold.”
Despite not being a cleantech producer, there’s no doubt IKEA is a contender for the Zayed Future Energy Prize.
Image Credit: IKEA
Originally published on Sustainnovate.