Ikea, the world’s largest furniture company, announced on Thursday that it will spend one billion euros (1.13 billion dollars) over the next five years to address climate change – more than what some countries are pledging to tackle the issue.
Over half of the funds—about $677 million—will be spent on wind and solar power. The company’s charitable arm will spend an additional $451 million on helping to support countries most impacted by climate change.
“Climate change is one of the world’s biggest challenges and we need bold commitments and action to find a solution,” said Peter Agnefjall, president and CEO of Ikea, in a statement.
The announcement by the ready-to-assemble furniture company, headquartered in Sweden, comes as nearly 200 countries are gathering in Bonn, Germany, to draft an agreement on climate change and how to lower global greenhouse gas emissions around the world. Part of the discussion has centered on which countries are expected to pay for what, with some developing countries arguing that developed nations should foot the bill for long-promised funding that’s expected to reach $100 billion a year by 2020.
Part of the reason for Ikea’s push has to do with a survey conducted last year finding that 41% of the store’s customers consider the company one that “takes social and environmental responsibility.” Agnefjall told Reuters that he wants that number to reach 70% by 2015.