Climate change poses a very real threat to our planet and all the beings living on its surface. As the global successful car maker that we are, we understand and recognise that we’re part of the problem. The good thing about it is that we also can and will be part of the solution!
Our action plan for fighting climate change is already one of the most ambitious in the auto industry. As you know, we aim to be climate neutral by 2040 and a fully electric car maker by 2030. Today, we take yet another step that points us and the world we live in towards a greener and more alluring future.
It’s no secret that for every Volvo car that leaves one of our plants, our Volvo hearts beat a little faster. At the same time, we can’t overlook the fact that the process of making the steel that they’re made of, is one of the major sources of CO2 emissions for our industry. In fact, last year it represented an average of 33 per cent of all production-related emissions for a new Volvo car. Bottom line, steel must become cleaner, which very fittingly is perfectly in line with our fossil-free ambitions.
This morning, we became the first car maker ever to join the SteelZero initiative, which aims to increase demand for fossil-free steel and accelerate a transition to carbon neutrality in the steel industry. Signing up means we commit ourselves to stringent CO2-based steel procurement targets, by 2030. By 2050, all the steel we source should be net-zero.
“A sustainable approach to steelmaking is not just good news for the environment, it is also good for business,” said Kerstin Enochsson, our chief procurement officer. “We are pleased to join the SteelZero initiative and support its ambitions to transform the steel industry. By signalling our demand for low and zero-carbon steel, we aim to help drive an increased supply to our sector.”
