Ikea unveils €1bn climate change spending programme, dwarfing many countries’ spending commitments

Swedish furniture retailer urges businesses to go green

Ikea, the Swedish home furnishings group, has announced that it will spend an incredible €1bn on environmentally-friendly power infrastructure, and is urging businesses across the world to revolutionise the way they consume energy.

The company’s unprecedented spending is more than what many countries have pledged to address fossil fuel pollution.

The firm plans to spend €500m on wind power and €100m on solar power over the next five years, while the group’s charitable arm will spend over €400m working in areas affected by global warming.

The group is urging businesses across the world to take similar action.

Ikea’s chief sustainability officer Steve Howard said: “If every business and organisation did what we did, we would flip electricity generation into being renewable-based by 2020 or shortly thereafter.”

The move follows several high-profile companies and organisations abandoning fossil-fuel investments, including French insurer AXA, and several British universities.

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