Swedish furniture giant Ikea wants to generate all the power it needs for its stores by 2020 and will spend an extra €600m ($677m) on solar and wind generation.
The Ikea Foundation has also pledged to spend €400m to support communities most impacted by climate change.
Ikea made the announcement on 6 June as governments met in Bonn, Germany to prepare a global climate agreement to be negotiated at the COP21 meeting in Paris in December.
Ikea said 2015 was "a critical year for climate action" and wants to accelerate the transition to a low-carbon economy and to support the communities most at risk.
Climate change is one of the world’s biggest challenges and we need bold commitments and action to find a solution– Peter AgnefjÃ¤ll, Ikea president
Ikea Group has already invested €1.5bn in wind and solar energy since 2009.Â
The company said it is on track to become completely energy independent, producing as much energy as it consumes in its buildings. It has already committed to own and operate 314 offsite wind turbines, and has installed 700,000 solar panels on its buildings.Â
The majority of the new commitment, €500m, will be invested in wind energy, with €100m expected to be invested in solar up to 2020.
"Climate change is one of the world’s biggest challenges and we need bold commitments and action to find a solution," said Peter AgnefjÃ¤ll, Ikea president and CEO. "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."
The Ikea Foundation funds programmes to create opportunities for children living in some of the world’s poorest communities.Â
In 2014, the Ikea Foundation contributed €104m to more than 40 organisations running programmes to benefit children in 46 countries. The new funding will help poor communities build resilience to climate change and improve lives by adopting renewable energy technologies in homes, schools and businesses.