Ikea has announced that it will spend EU1 billion (£735 million) during the next five years to take on climate change, and it says if other companies follow in its footsteps they will be able to force the price of energy down.
The money will be divided up with EU 500 million being spent on wind power, EU 100 million on solar and EU 400 million will be spent by its charitable arm.
Peter Agnefjall, chief executive said: “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.”
Other companies taking climate change into consideration include Apple, who are considering developing an electric car, and the Saudi oil minister has said he expects the country to change from oil to solar power in the coming decades.
