IKEA will spend more than a billion dollars over the next five years to boost its use of wind and solar energy and helping people in developing countries hardest hit by climate change.

The world's largest furniture maker set a series of goals to reach by 2020. These include spending $675 million on wind turbines and solar panels so that one hundred percent of IKEA stores and factories are run on renewable sources. It also plans to plant as many trees as it cuts down every year.

IKEA's chief executive, Peter Agnefjall, was one of 43 CEOs who declared themselves "Ambassadors for Climate Action" earlier this year in a open letter to world leaders demanding a response to climate change.

Agnefjall told Reuters the steps will be "good for customers, good for the climate and good for IKEA too."

In addition, IKEA's charitable foundation will spend $450 million to help families in places around the world especially affected by the effects of climate change, such as drought and floods.

(READ more at Reuters)

Photo by hnnbz, CC

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