Automotive giant, Volvo, aims to slash CO2 emissions per car by 75% by 2030, an ambitious move that aligns with its goal to go fully electric by the same year.
Volvo is gearing up for COP28 and reinforces its commitment to climate action by unveiling an ambitious plan to reduce CO2 emissions per car by an impressive 75% by 2030, compared to the 2018 baseline. This move complements Volvo’s overarching objective to achieve climate neutrality by 2040 and reduce CO2 emissions per car by 40% between 2018 and 2025.
Accelerating towards electric future
Volvo is not just setting emission reduction targets; it’s racing towards an all-electric future. The company is steadfast in its determination to sell only fully electric cars by 2030, eliminating tailpipe emissions. Recent statistics show that during the first nine months of 2023, overall CO2 emissions per car were 19% lower than the 2018 benchmark, indicating significant progress.
Global collaborations for green innovations
Volvo is not alone in this green journey; it has joined the World Economic Forum’s First Movers Coalition (FMC). This alliance enables Volvo to leverage its purchasing power to support emerging clean technologies, particularly those contributing to near-zero emission aluminum. The collaboration extends to the steel industry, with Volvo securing access to near-zero emission steel from Swedish producer SSAB by 2026.
Setting a new standard
Javier Varela, COO and deputy CEO of Volvo Cars, emphasises the significance of COP28 as a historic accountability moment for climate action. Volvo’s commitment extends to its product lineup, with the recently unveiled fully electric EX30 small SUV designed to have the lowest carbon footprint of any Volvo car. The company aims to make fully electric cars account for a substantial portion of its sales, with 16% achieved during the first nine months of 2023.
Farewell to fossil fuels
Volvo is boldly bidding farewell to diesel-powered cars in early 2024 and halting R&D investments in new internal combustion engines. The focus is squarely on a sustainable future, reflecting the company’s dedication to staying ahead of the curve.
Holistic approach to sustainability
Meeting the 75% reduction target requires action across Volvo’s supply chain and operations. The company aims to reduce CO2 emissions by 30% in these areas by 2030, compared to the 2018 baseline. Volvo has already made strides, with 69% of its operations powered by climate-neutral energy in 2022, reaching 100% climate-neutral electricity across global plants.
Leading the biofuel transition
In a groundbreaking move, Volvo shifted 86% of its intercontinental ocean freight from fossil fuel to biofuel, resulting in an 84% reduction in ocean freight CO2 emissions. This switch supports Volvo’s broader strategy to minimize operational emissions.
COP28: A call for collective action
COP28 unfolds against the backdrop of the UN’s Global Climate Stocktake Report, indicating that the world is falling short in keeping global warming within the desired limits.
Volvo’s actions closely align with the report’s recommendations, emphasising the need to phase out internal combustion engines and embrace electric vehicles for a sustainable future.
In conclusion, Volvo’s commitment to reducing emissions and embracing electric mobility showcases a proactive stance in the fight against climate change. As COP28 approaches, the automotive industry sees Volvo as a trailblazer in sustainable practices and a beacon for transformative change.