Sustainability
We aim to achieve net-zero emissions across our value chain by 2040. To meet this goal, we have set science-based targets aligned with the Paris Agreement, striving to limit global warming to 1.5°C.
CPAC sustainability goals
Climate
- 30% reduction of emissions to 2030
(Scope 1, 2 & 3) - Netzero to 2040
Resources
- 50% renewable energy in own operations 2030
- Zero waste to landfill
- Reduce plastic packing by 50% to 2030
People
- 100% code of conduct
- 100% safe workplace
- Societal engagement
Net-zero explained
Climate change is a real threat to people, nature, and the world economy – and there is a need to collectively cut global greenhouse gas emissions. In the 2015 Paris Agreement, world governments committed to curbing global temperature rise to well below 2°C above pre-industrial levels.
According to a report by the Intergovernmental Panel on Climate Change (IPCC), to limit global warming to 1.5°C above pre-industrial levels and avoid the most catastrophic impacts of climate change, the world must halve CO2 emissions by 2030 and reach net-zero CO2 emissions by mid-century.
The IPCC defines net-zero as that point when “anthropogenic emissions of greenhouse gases to the atmosphere are balanced by anthropogenic removals over a specified period”. Net-zero often refers to the economy at large. The Science-Based Targets initiative (SBTi) has developed the first global standard for businesses to set net-zero targets, based on a science-based targets methodology. For more information, visit the Volvo Group Climate
Own operations (Scope 1 and 2)
The Volvo Group’s total own scope 1 and 2 emissions make up less than 1% of total GHG inventory. The main ways to reduce these emissions are continuous work with energy efficiency improvements and sourcing of more renewable energy, where possible. Initiatives to reduce energy use by 18 GWh were implemented during 2022 and the target is to implement saving worth of 150 GWh between 2021 and 2025.
Use phase, scope 3
Calculated GHG emissions from use of sold products amounted to approximately 266 million tons in 2022 compared with 323 million tons in 2019. The calculated reduction in total GHG emissions is a combination of impacts from energy efficiency measures, changes in sales volumes, and product mix. In addition, reduced GHG intensity for fuels and energy in several markets have had a positive effect. For construction equipment, lower sales volumes in China compared to baseline is the most important factor to the significant lower emissions. For more information, visit the Volvo Group Climate Page.