IKEA is investing €1 billion (£0.63bn) on renewables and climate action.

It will use €400 million (£252m) to support communities and families impacted by climate change through 2020 and €600 million (£378m) for renewable energy.

Peter Agnefjäll, President and CEO, IKEA Group 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.

“This includes going 100% for renewable energy by investing in wind and solar and converting all our lighting products to affordable LED bulbs, helping many millions of households to live a more sustainable life at home.”

Last week, the Swedish furniture manufacturer announced it has become energy independent in its operations in the Nordic countries.