IKEA Foundation to deploy €600 million for philanthropic climate solutions by 2025

Pictured: The Ikea store in Greenwich

The funding comes after the Foundation worked with Systemiq and RMI, founded as the Rocky Mountain Institute, on new research examining the most significant impact opportunities in which global philanthropy can invest and support to fight the crisis. climatic.

The analysis, unveiled at COP27, examines the consumption and production patterns that need to change to create a 1.5°C world across energy, food and land use , industry, transport and buildings.

Some of the high-impact opportunities identified are: providing targeted financial support to ensure an inclusive energy transition, minimizing methane emissions, investing in peatland restoration globally, shifting to plant-based proteins, strengthening supply chains value to reduce losses and leaks, invest in cooling technologies and support the market for two- and three-wheeled electric vehicles.

The Ikea Foundation had already committed 500 million euros for climate change mitigation and adaptation by 2025. This is an increase from the 368 million euros spent between 2014 and 2020. organization announced in 2021 that it would devote an additional €1 billion to initiatives supporting the low-carbon transition over the next five years.

Of this pledge, €400 million has been earmarked for the Global Energy Alliance for People and Planet, which was launched at COP 26. Based on today’s research publication Today, the IKEA Foundation will channel the remaining €600 million through climate finance streams.

IKEA Foundation Chief Executive Per Heggenes said: “We know that a rapid and sustained decline in global emissions is needed if the world is to meet its pledge to keep global warming to 1.5°C or less. By sharing our research, we hope to support and inspire other philanthropies, during this decisive decade for our planet, to intensify their ambition for the safeguard of our environment.

Since the €1 billion announcement, the charity arm has joined a global collaborative initiative to reduce emissions and energy consumption from cooling technologies such as refrigerators and air conditioning, pledging to provide $25 million in grants.

The Clean Cooling Collaborative unites companies and organizations in a global effort to reduce emissions from cooling. The collaboration announced earlier this year that the IKEA Foundation has joined and will provide $25 million in grants over the next four years.

Cooling currently accounts for around 7% of global emissions and could double by 2040 unless solutions are decarbonized and made more efficient. The funding will be used to create more efficient and climate-friendly cooling technologies through redesigns and innovation.

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