'Taking actions to combat climate change is non-negotiable and going fully electric is an important step on our pioneering journey,' says
Reduce its CO2 emissions per car by 75 per cent (compared to 2018 levels).
Reduce energy usage in its operations per average car by 40 per cent (compared to 2018 levels).
Reach 30 per cent average recycled content across its fleet, with new car models having at least 35 per cent recycled content.
Reduce water use in its operations by 50 per cent average per car (compared to 2018 levels).
At least 99 per cent of all waste from its operations to be either reused or recycled.
Since the release of the sustainability strategy in 2019, Volvo Cars has made progress towards its climate action targets. For example, 69 per cent of company operations are now powered by climate-neutral energy compared to 55 per cent in 2019, and 100 per cent climate neutral electricity is now used across its manufacturing plants globally, compared to 80 per cent in 2019. Additionally, Volvo Cars has reduced its CO2 emissions per car by 19 per cent since 2018.
Net zero greenhouse gas emissions by 2040
This will be underpinned by an ambition to achieve 100 per cent green debt or sustainability-linked financing of assets by 2025 - in recognition of the fact that finance plays a critical role in advancing sustainable development.
2030 is a milestone year for the company. By then it plans to be a fully electric car company while also aiming to reduce CO2 emissions per average car by 75 per cent compared to its 2018 baseline. The company believes that through a combination of only selling fully electric cars and reducing emissions by 30 per cent from both its supply chain and operations per average car, it will be on track to meet the CO2 reduction goals.
Working towards becoming a circular business by 2040
At
Volvo Cars aims to use 30 per cent average recycled content across its fleet by 2030, and for new car models released from 2030 to contain at least 35 per cent recycled content. The company is also striving to ensure that by 2030, 99 per cent of all its waste is either reused or recycled compared to recycling 94 per cent of global production waste in 2022.
Striving to be net positive and to contribute to a nature positive future
Volvo Cars believes in taking a complete value chain approach to its impact on biodiversity. In addition to taking action to reduce impact, it will also pursue restorative actions.
To uncover how
This will require a mixture of short-term and long-term measures that Volvo Cars is currently developing, such as avoiding and reducing the impacts of its value chain, designing a programme for restoration and conservation activities within ecosystems where it operates / sources from, and working together with supply chain partners to establish awareness on biodiversity issues.
Help protect people's lives within and beyond the value chain
Volvo Cars wants to have a positive impact on society. The company has for example taken steps to help protect people by focusing on its injury rate (LTCR). The current injury rate (LTCR) is 0.07, an industry-leading effort, but the goal is to further reduce the workplace injury rate to 0.02 by 2030. Throughout its value chain, Volvo Cars is also working hard to help safeguard human rights through risk-based due diligence processes to trace, identify, assess and address human rights risks.
Together with like-minded partners, Volvo Cars looks forward to unveiling new social and environmental initiatives in the year ahead, aimed towards helping protect people and the planet.
The small print
On across its fleet by 2030: This refers to all models currently being produced at that time.
On net positive across its value chain: Aiming towards net positive means that Volvo Cars will take actions to avoid and reduce its impacts, as well as engage in restoration and regeneration of nature to the extent that it positively balances its negative impacts.
On nature positive:
On injury rate (LTCR): Injury rate (LTCR) is defined as the number of work and occupational accidents reported with at least one day sick leave, divided by hours worked and multiplied by 200,000.
On risk-based due diligence processes to trace, identify, assess and address human rights risks: Risk-based due diligence processes implemented globally to assess the potential or actual adverse impact and prioritise actions to cease, prevent, mitigate and remedy identified human rights violations. The processes should fulfil upcoming EU Corporate Sustainability Due Diligence Directive (CSDDD) and its human rights compliance programme. This includes a responsible sourcing management system aiming to introduce a formalised and consistent process to proactively manage human rights and environment-related risks in
On together with like-minded partners: Recent examples in this space are
Volvo Cars in 2022
For the full year 2022,
About
Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected car brands in the world with sales to customers in more than 100 countries. Volvo Cars is listed on the Nasdaq Stockholm exchange, where it is traded under the ticker 'VOLCAR B'.
'For life. To give people the freedom to move in a personal, sustainable and safe way.' This purpose is reflected in
As of
Keywords:
Descriptions and facts in this press material relate to
To view the full copyright information click here
Media Contacts
Volvo Cars Media Relations
Phone: +46 (0)31-59 65 25
media@volvocars.com
Related Images
Volvo EX30 Cloud Blue Exterior
(C) 2024 Electronic News Publishing, source