Top retailers back Obama climate change pledge

Ikea and Best Buy are among the top retailers supporting a U.S.-sponsored pledge to act on combating climate change.



President Barack Obama met with a group of business leaders Monday at the White House to announce the signatories of the American Business Act on Climate Pledge.



"The perception is that this is an environmental issue, it's for tree-huggers, and that hard-headed business people either don't care about it or see it as a conflict with their bottom lines," Obama said.



Obama praised Walmart for installing solar capacity and Costco for their purchases of renewable energy, among others.



"Climate change is one of the world's biggest challenges. With this understanding, the Ikea Group and the Ikea Foundation have made bold commitments totaling 1 billion euros to accelerate the transition to a low-carbon economy and support the communities most at risk. Our mission is to ensure we have a positive impact on people and the environment," said Lars Petersson, U.S. Ikea president.



In June, the Ikea Group committed $682 million for investment in renewable energy, building on the $1.7 billion invested in wind and solar energy since 2009. In addition, the Ikea Foundation has committed 400 million euros $454.3 million of funding to support the communities most impacted by climate change.