Swedish furniture giant IKEA said on Thursday that it wants to produce as much green energy as it consumes with an investment worth 600 million euros in renewable energies by 2020.
"The majority of the new commitment (500 million euros) will be invested in wind energy and around 100 million euros is expected to be invested in solar up to 2020," IKEA Group said in a statement.
IKEA has invested 1.5 billion euros between 2009 and 2015 in green energy. Wind tribunes at 314 offsite spots and 700,000 solar panels installed on its buildings provide 70 percent of the energy that the company consumes.
The company’s aim is to reach 100 percent energy independency in five years, which was first announced in 2012 as a part of an initiative called “People and Planet Positive.”
"Climate change is one of the world's biggest challenges and we need bold commitments and action to find a solution. That's why we are going all in to transform our business, to ensure that it is fit for the future and we can have a positive impact," IKEA Group chief executive Peter Agnefjall said in a statement.
The IKEA foundation also pledged 400 million euros to support people in poor countries who are most affected by climate change.