Our ambition is to become a net-zero emission company by 2050 at the very latest. The Volvo Group is committed to the goals of the Paris Agreement, the ambition is to hold the increase in global average temperature to well below 2°C above pre-industrial levels, and to pursue efforts to limit the temperature increase to 1.5°C. This is a huge challenge for the world and for us. There are many factors beyond our control, but with broad and ambitious collaborations and a holistic climate strategy, we have committed to the Science Based Targets initiative (SBTi). Targets and roadmaps will be established during 2021, and we are continuously aligning our work with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
One of the most important things we can do is to help reduce our customers’ emissions. Developing products and solutions that reduce the CO2 footprint is thus the first priority in our climate strategy. Our focus is to bring innovative and competitive solutions to the market in areas where we can make the greatest impact.
Third party assurance
Our emissions and energy data is part of our Annual and Sustainability Report and have been subject to third party assurance.
We are also setting out to magnify our commitment by advocating and driving climate positive solutions in our industry and throughout the value chain. During 2015-2020, we established 14 initiatives – magnifiers - to promote energy efficiency, reduced carbon emissions, and positively influence the value chain. While some of these have been finalized, others span the full 5 years period. We will conclude these at year end 2020 and review what our climate change strategy achieved.
- Co-chairing the Advisory Group on Sustainable Transport together with the United Nations Secretary-General. In 2014, the UN announced the membership of a High-level Advisory Group on Sustainable Transport to provide recommendations on sustainable transport actionable at global, national, local and sector levels.
- ElectriCity – start a bus line in Gothenburg operating with fully electric buses and electric hybrid buses.
- Hosting the Construction Climate Challenge (CCC) that aims to promote sustainability throughout the entire construction industry value chain and provide funding for environmental research.
- Site optimization by developing a supporting tool for customers to improve efficiency for a whole construction site. See Electric Site.
- Industry Standardization leadership; Participation in the International Standardization Organization’s work to develop a standard for machine fuel efficiency within the construction equipment industry.
- Advanced technology development and through field-tests demonstrate technologies with considerably better fuel efficiency improvements.
- Supplier Environmental Awareness through cooperation with suppliers to improve their climate change strategy.
- Use of renewable energy. Volvo Group will participate in two of WWF initiatives; Corporate renewable energy buyer principle and Biofuels roundtable.
- CO2- neutral facility in Asia. Volvo Group will perform a study of Volvo sites in Asia and the possibilities to switch to renewable energy use.
- Demonstrate new advanced technology for trucks in prototypes.
- Volvo Group will increase sales of fuel saving devices. I-Save.
- Develop a prototype engine application with hybrid technology. Volvo Group will develop at least one off-road diesel engine application with hybrid technology.
- Increased use of IPS for Marine Commercial applications. Develop IPS technology so it can be used for more applications which will save fuel.
- Starting up a so-called City Mobility concept in at least five cities.
Sustainability reporting is included in our Annual and Sustainability Report. In our GRI Index we disclose the specific economic, environmental and social sustainability topics that are material to the Volvo Group.