Philips Lighting has set a target to sell more than two billion LEDs by 2020.
The company announced its plans at the Clean Energy Ministerial Summit in San Francisco this week and added the goal will include all LED bulbs sold from 2015.
The move is expected to save power equivalent to that generated by 60 medium-sized coal-fired stations as well as billions of dollars.
It also hopes to save carbon emissions equivalent to those produced by 24 million cars during the same period.
The company’s pledge is part of the Global Lighting Challenge, a campaign to deploy 10 billion high efficiency and affordable light bulbs to combat climate change.
Head of Strategy Bill Bien said: “Energy efficiency is the low hanging fruit in the fight against climate change. Delivering on this pledge will be positive for our environment as well as the global economy, resulting in energy savings of around €12 billion (£9.2bn) annually by 2020 that could be invested elsewhere. The clock is ticking for humanity – action is needed now before it’s too late.”