Volvo CE targets net-zero value chain emissions

Volvo Construction Equipment offered details on a new sustainability pledge with Science Based Targets, an organization driving climate action in the private sector.

According to Volvo CE, it aims to achieve net-zero value chain emissions by 2040 – with significant emission reductions as early as 2030. Volvo CE says its target of net-zero value chain greenhouse gas emissions by 2040 is a united commitment for Volvo Group across all business areas, and that it is set for 10 years earlier than its Science Based Targets commitment. This, Volvo CE says, is because Volvo products have an average lifetime of 10 years in the customer use phase, so for the entire rolling fleet to have net-zero emissions by 2050, it is necessary that all products delivered after 2040 have net-zero emissions.

Volvo CE also set its own high-interim goals to be met by 2030, including cutting emissions in half in its own operations, facilities and manufacturing processes, and achieving 30 percent in absolute reductions in the use of its products, whose indirect emissions account for the highest proportion of the company’s carbon emissions.

“Climate change is real and one of the greatest challenges of our time,” says Melker Jernberg, Volvo CE president. “As a world-leading manufacturer, we not only have a responsibility to reduce our carbon footprint, we also have the clear vision, determination and talents to drive this transformation that is so urgently needed now. The choices we make today will form the world tomorrow – and we choose to act.”

History

Volvo CE previously committed to decarbonization through its technology development and engagement in climate change initiatives, including the Construction Climate Challenge (CCC) and the WWF Climate Savers Program. With Science Based Targets, Volvo CE says it has another tool to make sure the reductions are aligned with the latest climate science to reach the goals of the Paris Agreement.

According to Volvo CE, it is taking a holistic approach to tackle climate change. It is embracing three streams of electromobility: battery-electric machines, hydrogen fuel-cell powered equipment and improved internal combustion engine solutions. Volvo CE will also continue its work with partners to accelerate the development of new technologies, working together with customers to bring sustainable solutions to market and collaborating with dealers and suppliers to explore new ways of working.

“New exciting technology is definitely one of the key ways to reduce carbon impact,” says Niklas Nillroth, head of sustainability and public affairs at Volvo CE. “However, another significant driver in achieving these targets will be a new level of collaboration, internally as well as externally though partnerships. Only with joint efforts, where each and every one of us takes responsibility for our part with a holistic mindset, will we be able to collectively reach these important goals. Together, we help build the world we want to live in.”

Science Based Targets is a collaboration between CDP, United Nations Global Compact, World Resources Institute and World Wide Fund for Nature (WWF), aiming to help companies establish science-based targets to reduce greenhouse gas emissions and transform business operations to fit the future low-carbon economy.