Swedish furniture retailer Ikea announced on Thursday it plans to invest some EUR 600 million (USD 680.2m) in renewable energy by 2020 as part of efforts to deal with climate change.

The company has committed to spend about EUR 500 million on wind energy and approximately EUR 100 million on solar power over the next five years.

In addition to that, the Ikea Foundation will contribute about EUR 400 million through 2020 to help poor communities adopt renewable energy technologies in homes, schools and businesses.

Since 2009, Ikea has invested some EUR 1.5 billion in wind and solar power and is now getting closer to the point where it will generate as much renewable energy as it consumes at its sites worldwide. The company has already installed around 700,000 solar panels on its buildings and committed to own and operate 314 offsite wind turbines.

Ikea pointed out that its announcement comes at a time when governments are preparing a global climate agreement that will be discussed at a meeting in Paris in December 2015.

Derick Lila
Derick is a Clark University graduate—and Fulbright alumni with a Master's Degree in Environmental Science, and Policy. He has over a decade of solar industry research, marketing, and content strategy experience.

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