The investment will be used to speed up the transformation process with a focus on two strategies – one to switch the Ikea supply chain to using renewable energy, and a second to remove carbon from the atmosphere through restoration of degraded forests, reforestation and better forest management practices.

Inter Ikea Group chief executive Torbjörn Lööf said: “Our ambition is to reduce more greenhouse gas emissions in absolute terms by 2030 than the entire Ikea value chain emits while growing the Ikea business. To reach this goal, we will continue to invest in areas that create impact.

“This investment will speed up the transition to using renewable energy across our supply chain and remove carbon from the atmosphere through reforestation and better forest management practices.”