IKEA Foundation Commits $352 Million to Fight Climate Change

IKEA Foundation Commits $352 Million to Fight Climate Change

The IKEA Foundation has announced a commitment of €300 million ($351 million) in support of climate-related action.

Part of a recently announced $4 billion commitment to address climate change made by twenty-nine philanthropies during the Global Climate Action Summit (GCAS) in San Francisco, the pledge from IKEA is in addition to the €400 million ($468 million) it had already committed to such programs. The new funding will be spent on programs to reduce carbon emissions and help communities make themselves more resilient in the face of a warming climate.

The new funding builds on the company's previous climate action work with partners such as We Mean Business, Purpose Climate Labs, and SHINE, and will include grants to the European Climate Foundation, the Climate Action Network (CAN), and the Shakti Sustainable Energy Foundation in India. In addition, the foundation is calling on other philanthropic and business leaders to deepen their commitments to achieving the goals of the Paris Climate Agreement.

"This new funding brings our total climate-related commitment to €700 million between 2015 and 2023," said IKEA Foundation CEO Per Heggenes, "showing our determination to protect our planet while creating a better everyday life for families in vulnerable communities."

(Photo credit: IKEA Foundation, iStock)

"Our New €300 Million Commitment to Fight Climate Change." IKEA Foundation Press Release 09/24/2018.