Volvo Cars Elevates Climate Goals with Pioneering CO2 Reduction Plan
November 30 2023,
In a decisive response to the urgent need for climate action, Volvo Cars has embarked on an ambitious journey to drastically reduce its CO2 emissions. Aligning with the global momentum towards environmental sustainability, particularly in the lead-up to the COP28 climate summit, Volvo has set an audacious target: a 75% reduction in CO2 emissions per car by 2030, compared to their 2018 figures. This initiative is a key component of Volvo’s overarching aim to attain climate neutrality by 2040.
Electrification at the Forefront
Electrification of vehicles plays a central role in Volvo's environmental strategy. The company has already made significant headway, evidenced by a 19% reduction in CO2 emissions per car in the first three quarters of 2023 compared to 2018. Volvo's plan to exclusively sell fully electric vehicles by 2030 is pivotal in eliminating tailpipe emissions, underlining their commitment to a sustainable future.
Innovative Approaches in Material Usage
Volvo is not just focusing on vehicle emissions but is also innovating in material sourcing. Their membership in the World Economic Forum’s First Movers Coalition signifies a strategic shift towards supporting clean technologies, particularly in the production of near-zero emission aluminum. Collaboration with SSAB in the steel sector furthers this approach, with Volvo set to incorporate near-zero emission steel into their car production by 2026.
Accelerating Towards a Fully Electric Lineup
The launch of the fully electric EX30 SUV, which boasts the lowest carbon footprint in Volvo's history, marks a significant milestone in the company's electrification journey. By the end of the third quarter of 2023, electric vehicles comprised 16% of Volvo's total sales. The company is also gradually phasing out diesel engines, with the final diesel-powered car expected in early 2024, as it ceases research and development in new internal combustion engines.
Broad Spectrum Emission Reduction Strategies
In addition to vehicle-related efforts, Volvo is also targeting CO2 emissions in its supply chain and operational processes. The goal is to achieve a 30% reduction in these areas by 2030. Significant progress has been made, with 100% climate-neutral electricity achieved in all Volvo plants globally and a substantial shift in ocean freight from fossil fuels to biofuels, drastically reducing CO2 emissions in this sector.
Volvo Cars’ comprehensive strategy to reduce CO2 emissions represents a significant stride in the automotive industry’s response to global environmental challenges. By focusing on electric vehicle production, sustainable material sourcing, and efficient operational practices, Volvo is setting a benchmark in corporate responsibility towards climate action.
