Swedish global home furnishing giant, IKEA has unveiled its sustainable report for FY 2016 where in it pledges Euro 1 billion investment in sustainable initiatives in the coming year. The home furnishing retailer claims that 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 further highlights the company’s progress in its People & Planet Positive strategy including its target to produce as much renewable energy as it consumes in its operations by the year 2020. IKEA has also announced that new wind farms in Poland and the US will become operational in the next 12 months. As of day, IKEA Group produced renewable energy corresponding to 71 per cent of its energy use in the fiscal 2016.
Peter Agnefjäll, President and CEO, IKEA Group observed that there were many opportunities ahead for positive-thinking businesses to contribute and benefit from the development of the low-carbon economy. Guided by the IKEA vision, the company is determined to have a positive impact on people and the planet.
In FY ’16, the company used 130,000 tonnes of cotton for its bed linen, towels, furniture covers and more. This amounts to around 1 per cent of the world’s cotton supply. IKEA further commits to source all its cotton from sustainable sources and is also working to improve conditions in the cotton supply chain.