Volvo is intensifying its commitment to combat climate change ahead of the COP28 climate summit in Dubai. The company aims to significantly reduce CO2 emissions per car by 75% by 2030 compared to 2018 levels.
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This target supplements their goal to achieve climate neutrality by 2040 and reduce CO2 emissions per car by 40% between 2018 and 2025.
To reach this milestone, Volvo plans to exclusively sell fully electric cars by 2030, effectively eliminating tailpipe emissions from their lineup. As part of their efforts, Volvo Cars has joined the World Economic Forum’s First Movers Coalition (FMC) and will support the adoption of clean technologies, particularly near-zero emission aluminium and steel production.
Collaborating with Swedish steel producer SSAB, Volvo secured access to near-zero emission primary and recycled sheet steel. They aim to incorporate this eco-friendly steel into one of their car programs by 2026. Javier Varela, Volvo Cars’ COO, emphasised the urgency for global corporate and political leaders to take action in light of COP28, highlighting the need to avoid the adverse impacts of climate change.
Volvo unveiled the fully electric EX30 small SUV earlier, designed to possess the lowest carbon footprint among Volvo vehicles to date. Notably, during the initial nine months of 2023, 16% of Volvo’s overall sales comprised fully electric cars. The company is phasing out diesel-powered cars, ceasing R&D investments in new internal combustion engines, and pivoting toward future-focused technologies.
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Moreover, Volvo aims to slash CO2 emissions by 30% throughout their supply chain and operations by 2030, in addition to achieving progress in using climate-neutral energy for their operations. Notably, the company has already achieved 100% climate-neutral electricity across their global plants and transitioned 86% of intercontinental ocean freight from fossil fuels to biofuels, reducing ocean freight CO2 emissions by 84%.
Jonas Otterheim, Volvo Cars’ head of climate action, emphasises the significance of collective climate action and technological advancements to drive decarbonisation in industrial processes. Despite these strides, the UN’s Global Climate Stocktake Report underscores that the world remains significantly off track to limiting global warming to 1,5 degrees above pre-industrial levels.
Volvo Cars aligns its actions with the report’s recommendation to phase out internal combustion engines and prioritise electric vehicles for mitigating climate impact in the automotive sector. It’s essential to note that Volvo’s claim about the lowest carbon footprint pertains to globally available products over 200 000 kilometres of driving. Their CO2 reduction target encompasses all emissions except for the subcategory “Production and distribution of fuel and electricity” within the category “Use of sold products.”
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