Ikea Group is to increase its spending on wind farms and solar parks to power its business by investing as much as $2bn.

The group is taking the move as a response to volatile fossil fuel prices.
An Ikea store
The investment will help the Swedish company get 70 percent of its energy consumption from renewable sources by 2015.

Sustainability is becoming “more relevant,” Ikea Chief Executive Officer Mikael Ohlsson told Bloomberg Finance. “By producing as much renewable energy as we use through the system, we contribute to development in society and make ourselves even more competitive.”

The company’s new sustainability strategy sets 2020 goals for its products, raw materials and suppliers, which number more than 1,000 in 53 countries. The retailer already has 43 MW of solar photovoltaic panels and 180 MW of wind turbines either operating or under construction.

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