SBTi-Approves Volvo Group’s industry-leading climate goals


Gothenburg, Sweden, June 8, 2021 /PRNewswire/ – The Volvo Group’s climate target is in line with the latest climate science to control global warming to a maximum of 1.5⁰ C. The Volvo Group’s approach to achieving the goals of the Paris Climate Agreement has now been scientifically proven based on the Goals Initiative (SBTi).

“We are committed to leading the industry towards a more sustainable future,” said Martin Lundstedt, President and CEO of Volvo Group.

in November 2020, The Volvo Group is committed to setting mid-term targets and ways to achieve net-zero value chain greenhouse gas emissions by 2050 at the latest.Today, these goals have been passed SBTi.

“Through this approval, the Volvo Group has set the most ambitious SBTi target in the industry, and our roadmap is in line with the Paris Agreement and the higher level of SBTi ambitions. We are also targeting the 1.5 degree target. The trucks and The emissions from buses account for most of our business,” Martin Lundstedt, President and CEO of Volvo Group.

The science-based goal initiative provides organizations with two different goal levels to reduce greenhouse gas emissions. Standard commitments to limit global warming to 2°C well below pre-industrial levels and 1.5°C commercial ambitions to align emission reduction targets with the 1.5°C target. Paris protocol.

The Volvo Group has promised to adopt the latter option and further advance it in the following areas:

  • As an industry first, the Volvo Group has opened its own path to achieve the 1.5⁰C target truck with Bus, By 2030, emissions per vehicle kilometer will be reduced by 40%.
  • The Volvo Group’s indirect emissions target covers approximately 95% of products sold. This is industry-leading and far higher than the 67% minimum requirement of SBTi.
  • The Volvo Group’s goal is to achieve net zero emissions in the value chain by 2040 at the latest, ten years ahead of the SBTi commitment. The average service life of Volvo products during customer use is ten years. By 2050, for the entire rolling fleet to achieve net zero emissions, all products delivered after 2040 must achieve net zero emissions.

The Volvo Group has set mid-term targets using 2019 as the base year, and will continue to follow up and report on progress in a transparent manner.

“Climate change is real and one of the biggest challenges of our time. The Volvo Group has embarked on an irreversible transformation journey to achieve 100% safety, 100% fossil fuel-free and 100% higher productivity ambitions To change our products. We are ready to work with our customers, partners and society to advance the transformation journey our industry needs,” Martin Lundstedt, President and CEO of Volvo Group.

fact

The Science-Based Goals Initiative (SBTi) helps companies establish science-based goals to reduce greenhouse gas emissions and transform business operations to adapt to a future low-carbon economy. The goal adopted by the company to reduce greenhouse gas (GHG) emissions is considered necessary if it meets the latest climate science that is necessary to achieve the goals of the Paris Agreement-limiting global warming to a level well below “Science-based” is 2°C above the pre-industrial level, and efforts are made to limit the temperature rise to 1.5°C. SBTi is a collaboration between CDP, the United Nations Global Compact (UNGC), the World Resources Institute (WRI), the World Wide Fund for Nature (WWF) and one of the commitments of the We Mean Business Coalition.

June 8, 2021

For more information, please contact Clas Eliasson, Volvo Group Media Relations, +46 76 553 72 29For more information, please visit volvogroup.com/climateFor frequent updates, please follow us on Twitter: @Volvo Group

The Volvo Group drives prosperity through transportation and infrastructure solutions, providing trucks, buses, construction equipment, power solutions, financing and services for marine and industrial applications to increase uptime and productivity for our customers. Founded in 1927, the Volvo Group is committed to shaping the future of sustainable transportation and infrastructure solutions.The Volvo Group is headquartered in Gothenburg, Sweden, With nearly 100,000 employees, it serves customers in more than 190 markets. Net sales in 2020 will be approximately 338 billion Swedish Krona (33.6 billion euros). Volvo shares are listed on NASDAQ Stockholm.

This information is provided to you by Cision http://news.cision.com

https://news.cision.com/ab-volvo/r/sbti-approval-of-volvo-group-s-industry-leading-climate-targets,c3362811

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