IKEA invests in 25,000 acres of sustainable forestry
Swedish multinational IKEA has announced it is buying 25,000 acres of forest in the US state of Alabama.
"As a responsible forest owner, we are interested in identifying and applying sustainable management methods that will allow us to preserve and even increase the quality of the forest over time," said Krister Mattsson, Head of Financial Asset Management at the IKEA Group.
The company is partnering with timber specialists the Campbell Group to ensure the forest is managed to the highest standards in sustainability.
"We are proud to be working with IKEA to promote our shared values," said John Gilleland, CEO and Chairman of Campbell Global. "Responsible stewardship is the cornerstone of our culture. We are committed to managing sustainable, working forests to foster optimal forest health and provide direct benefits to local communities". The company already manages 2.6 million acres of land in the US and Australia.
IKEA has worked hard in recent years to burnish its environmental credentials; it has allocated over €3 billion to invest in renewable energy, recycling and schemes that manage forests sustainably. The company was recently recognised at the World Economic Forum with an award for promoting the circular economy.
The company has led the way in sourcing sustainable raw materials throughout its global operations, and is working towards recycling 100 percent of its plastic products. It also owns 416 wind turbines around the world, which supply its stores with 900,000 megawatt hours of renewable electricity each year.
Mr. Mattsson added that the latest acquisition would help further embed the strategy within the company’s culture: “Entering the US market is a milestone for our investments in forests. We believe we will learn a lot here while implementing our long-term approach to forest management and applying for the Forest Stewardship Council (FSC) certification."
Image Credit: Chelsea Bock