20 April, 2021

IKEA to spend €4 billion on renewables

Ingka Group, the largest IKEA retailer, announced that it will accelerate its investments in renewable energy by an additional €4 billion to support the transition towards a renewable energy future. The investment will support reducing the company’s climate footprint and a broader transition to a net-zero society. In a press release, IKEA said that it is “committed to the Paris Agreement and to contribute to limiting the global temperature rise to 1.5°C above pre-industrial levels through the IKEA climate positive ambition. Switching to renewable energy while increasing energy efficiency, transitioning to circular business model and enabling people to live within the boundaries of the planet, are key enablers for reducing emissions. (press release)

Amazon now largest corporate buyer of renewables in Europe

After establishing new wind and solar energy projects in Sweden, Amazon is now the largest corporate buyer of renewable energy in Europe. Amazon’s newest project in Sweden is a 258 MW onshore wind project in Northern Sweden. (NBC)

Hydro wants to develop and operate hydrogen plant

Aluminum producer, Norsk Hydro has begun to investigate its potential to start developing and operating hydrogen plants, as part of the company's goal of reducing its carbon dioxide emissions by 30% by 2030. (Metal Supply)

Finnish process to identify a location for €220 million facility to process 35,000 tons of textile waste a year

Infinited Fiber, a fashion and textile technology circular economy company, is looking for a location in Finland for its flagship factory that recycles textile fibers. The aim is for the selection to be made by the end of September at the latest. (Talouselama)

Equinor to give shareholders voting say in green development

From next year's AGM, Equinor will present a plan for energy conversion every three years, the company says. Equinor is among the first companies in its industry to introduce such a measure, which builds on Equinor’s evolving climate efforts. Last year the company announced a comprehensive set of climate ambitions which was further strengthened with the aim of reaching net zero by 2050. The plan will be submitted for advisory voting among the company's owners. The Norwegian state is the largest owner in Equinor with 67%, and has voting power. (press release)

Soltech acquires Rams El

Solar energy company, Soltech is buying Rams El AB, a company with a turnover of SEK 70 million and 30 employees. Soltech says the plan is to integrate solar energy into the product range together with Soltech, increasing both sales and earnings. The acquisition means that the Soltech Group further strengthens its offering in electrical engineering and installation linked to solar energy, charging and storage. (Dagens Industri)

What we’re reading

• Carbon emissions to soar in 2021 by second highest rate in history (The Guardian)
• The dawn of great-power climate diplomacy (E3G)
• Blinken says US must lead green energy revolution to combat China (Financial Times, paywall)
• UK Government to speed up climate change target to 78% by 2035 (BBC)
• The Swedish house on the market that offers a blueprint for sustainable living (Financial Times, open)
• French giant Total Eren signs on to massive 8GW green hydrogen project in WA (RenewEconomy)

 

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