IKEA pledges 1B euros to ease climate change

Published 05.06.2015 00:32

IKEA, the world's biggest furniture retailer, pledged Thursday to spend 1 billion euros ($1.13 billion) on renewable energy and ways to help poor nations cope with climate change, in a new sign of companies upstaging governments on the issue. The investments will be "win, win, win. It's good for customers, good for the climate and good for IKEA too", Chief Executive Peter Agnefjall told Reuters in an interview. The Swedish firm said it would invest 600 million euros in wind and solar power, adding to 1.5 billion invested since 2009 as part of a goal of making it energy independent. And the IKEA Foundation, the charitable arm of the family-owned group, would invest 400 million euros in supporting families and communities in nations vulnerable to impacts such as floods, droughts and desertification. Agnefjall said that the plan fits with IKEA's goal of having a "positive impact on people and the planet."

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