Ikea plans $1.37b 'green' revolution

Swedish retailer Ikea said by 2020 that all energy used in its stores will come from renewable sources.

Ikea plans to spend at least 1 billion euros ($1.37 billion) in the next few years to complete the mission ahead of 2020, said Steve Howard, chief sustainability officer at Ikea Group.

The furniture store already owns and operates 19 wind farms in nine countries and some of its stores in China are covered with solar panels, Howard said in Shanghai.

Last year, Ikea opened its 13th China store in Shanghai's Baoshan District. It's the largest in the country since the home furniture chain entered China in 1998.

Howard said the company plans to introduce energy saving schemes in its factories to cut power consumption and conduct internal audits on its suppliers to ensure sustainable development.