IKEA’s Ambition for Climate Change Goes to COP28 in Dubai

November 27, 2023  by HFBusiness Staff in Business Strategy, Industry   

A key focus for this year’s COP28 summit will be the first ever global stocktake process, which will show where the world stands on climate action. It is identifying the gaps and how we can work together to chart a better course forward to accelerate climate action and limit global warming.

There is also be a clear ask to governments to end the global economy’s fossil fuel dependency, with representatives of the European Parliament pushing for end of global fossil fuel subsidies at the summit after a recent vote taken on November 21st as well as advocating for global targets to triple renewable energy capacity and double energy efficiency.

Eight years after the Paris Agreement was signed, the world is currently on a path for 2.5-2.9°C degrees average warming by the end of the century, according to the latest UN data. To have any chance at limiting warming to 1.5°C degrees, global emissions must decrease by around 7% annually until 2030—but emissions are still increasing today by 1.5% per year.

“Ultimately our actions are driven by our commitment to the Paris Agreement, and we are doing everything we can both in our business and beyond to limit the global temperature rise to 1.5°C. We have already decoupled our growth from our climate footprint and continue to invest in renewable energy to speed up the transition to a net-zero society,” says Jesper Brodin, CEO Ingka Group.

“But as the climate crisis continues to impact millions of people around the world, we will only avoid the worst effects of climate change if the world shifts away from fossil fuels production and use.”

“Despite other ongoing challenges around the world, I remain optimistic because solutions are out there across all sectors. But only by working together with other businesses, governments and across industries, can we be part of creating positive change.”

In response to a new report published by the World Economic Forum, The State of Climate Action stating a major course correction is needed with global emissions currently rising by 1.5% per year, the Alliance of CEO Climate Leaders**, including Ingka Group CEO, Jesper Brodin signed an open letter outlining policies and actions needed to bring about emissions cuts, including the phase-out of fossil fuels and scale-up of renewable energy.

POLICY ASKS – Ingka Group urges all governments to consider the following policy asks to lay the groundwork to transform the global energy system and halve emissions this decade:

~. Set targets and timelines for the phase-out of unabated fossil fuels in line with 1.5°C, supported by national plans and policies to ensure a just transition for affected workers and communities. Wealthier countries have the responsibility to be first movers and support other countries in their efforts.

~ Accelerate the clean energy transition by committing to reach 100% decarbonized power systems by 2035 in advanced economies, and by 2040 for other countries, at the latest.

~ Support countries in the Global South in diversifying their energy systems and developing 1.5°C-aligned economic pathways, including through the provision both of finance that does not exacerbate unsustainable sovereign debt, and of capacity-building for just transition planning.

~ Ensure clear pricing signals through a meaningful price on carbon that reflects the full costs of climate change — and reform and repurpose fossil fuel subsidies toward energy efficiency, renewable energy and other measures to support a people-centered and equitable clean energy transition.  Leadership from policymakers, alongside coordinated actions from finance and fossil fuel producers, will enable us, as energy users, to develop and deploy the climate solutions of the net-zero economy.

To read more information on Ingka Group’s climate advocacy and policy asks, please go to the climate advocacy page on Ingka.com here: Climate change advocacy | Ingka Group