Major climate funder IKEA Foundation has announced €600 million in new funding to be granted to high-impact interventions for philanthropy to reduce emissions. It plans to spend these funds by 2025, the Foundation said in an announcement made during COP27 in Sharm El-Sheikh, Egypt.
The interventions the Foundation chooses to fund will be based on research conducted by Systemiq and RMI. IKEA hopes the research will also encourage the unprecedented collaboration required to achieve net zero emissions and inspire other philanthropies to increase resources dedicated to climate action.
In 2021, the IKEA Foundation announced an additional €1 billion in funding for climate change programmes over a five-year period, with the strategic goal of quickly and significantly reducing global emissions. Of this commitment, €400 million has been earmarked for the Global Energy Alliance for People and Planet launched at COP26. The research conducted with Systemiq and RMI will inform how the IKEA Foundation deploys the remaining €600 million in climate funding.
The IKEA Foundation hopes publication of the research will drive greater investment in climate action efforts by the global philanthropic community, helping to keep alive the goal of limiting global warming to 1.5°C.
‘We know that a rapid and sustained decrease in global emissions is required if the world is to meet its pledge of keeping global warming at or below 1.5°C. By sharing our research we hope to support and inspire other philanthropies, during this decisive decade for our planet, to step up their ambition to safeguard our environment,’ said Per Heggenes, CEO of the IKEA Foundation.