Wednesday, January 18, 2017

IKEA To The UK: "Until You Get Better At Renewable Investments We're Taking Our Money elsewhere"

Via Business Insider:

The Ikea Foundation has set aside €1 billion to invest in sustainability, of which €600 is to go to renewable energy projects. None of that money will go to the UK, despite the country being one of the most favorable places for wind energy.

Due to the political development in the UK's attitude toward renewables, Ikea deems that such investments just aren't worth it.

Joanna Yarrow, Ikea UK’s head of sustainability, told the Huffington Post:

“The UK has a fantastic wind profile, it is one of the best places in the world to generate energy via wind, but the context that we’re operating in, the political context, doesn’t encourage that investment. So we’re having to take it elsewhere. We would like to see that change”.

“I would say that over the last five or six years it has become increasingly difficult to invest in renewable energy production in the UK, and that for a large organisation like Ikea which has the resources to invest, it would be great for the UK to benefit from it”.

Joanna Yarrow further laments the decision because she believes that Ikea's investments would lead to the creation of new jobs in the UK. She pointed to the Nordic countries as role models in promoting environmental investments.

According to the Huffington Post, Ikea's work with renewables has already led to 327 wind turbines and 700.000 solar panels across the world.

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