Retail in Asia

In Shops

IKEA pledges USD1b to help slow climate change

IKEA, the world’s biggest furniture retailer, pledged on Thursday to spend EUR1 billion (USD1.13 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 EUR600 million in wind and solar power, adding to EUR1.5 billion invested since 2009 as part of a goal of making it energy independent.

(Source: Jakarta Globe )