GHG Emissions, Industrial - June 9, 2021
Volvo's Climate Targets Approved by SBTi
Volvo Group announced June 8 that its climate targets have been validated by the Science Based Targets initiative to align with the Paris Agreement’s 1.5-degree target.
The automaker first committed to establishing targets along a path to a net-zero value chain by 2050 back in November. Now, the company is committed to developing a pathway for a 40% reduction per vehicle kilometer for trucks and buses by 2030 and will cover 95% of its products sold by addressing indirect emissions.
Volvo Group plans to achieve a net-zero value chain by 2040 in order for the production of all its vehicles to be net-zero by 2050.
“Climate change is real and one of the greatest challenges of our time,” Martin Lundstedt, president and CEO, said in a statement. “The Volvo Group has embarked on an irreversible transformational journey to change our offering with an ambition to be 100 percent safe, 100 percent fossil-free and 100 percent more productive. We are ready to drive the needed transformation journey for our industry together with our customers, partners and society.”