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MADRID - Swedish retailer IKEA has announced plans to invest €200 million (US$220 million) on speeding up its transformation into becoming a carbon positive business.

The company made the announcement ahead of its participation at COP25 in Madrid, the annual global climate meeting organised by the United Nations Framework Convention (UNFCCC), next month.

IKEA will spend the money in two areas: ensuring 100 per cent use of renewable energy in its supply chain by 2030, and offsetting through reforestation, restoration of degraded forests and better forest management.

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