Ingka Group, which owns most IKEA stores, will by year's end exceed its 2020 target to produce as much renewable energy as the energy it consumes, Ingka Chief Executive Jesper Brodin said. Ingka Group has spent 2.5 billion euros ($2.8 bln) over the past decade on wind farms, rooftop solar panels on its stores and warehouses and, most recently, on its first-ever off-site solar parks. It announced this week the acquisition of a 49% stake in two U.S. solar parks due to come into operation in coming months. Ikea is the world's biggest furniture group; Ingka Group owns most of its retail operations. Brodin told Reuters that Ingka plans to go on investing in wind farms and solar parks. Being climate smart is not an added cost. It's actually smart business and what the business model of the future will look like ... Everything around fossil fuels and daft use of resources will be expensive," he said. Brodin urged companies and government leaders at Monday's United Nations-hosted Climate Action Summit in New York to commit to limiting global warming to 1.5 degrees Celsius (2.7 Fahrenheit), as called for by scientists. More than 400 firms including IKEA, H & M, Coca-Cola and Sony have committed to a U.N.-backed initiative to help limit global warming to below 2 degrees Celsius. Ingka said its renewable energy power now equals more than 1.7 gigawatts (GW)of power - spread over 920,000 solar modules on its sites, 534 wind turbines in 14 countries and the 700,000 solar panels under construction in the United States.