Amit Saraswat 
Revised action plan to reduce carbon emissions
As the COP28 climate summit comes closer, Volvo Cars is solidifying its commitment to climate action with a new ambition to further reduce CO2 emissions per car by 75% by 2030, compared to 2018 levels. This ambition builds upon the company’s existing goals of becoming climate-neutral by 2040 and reducing CO2 emissions per car by 40% between 2018 and 2025.
As claimed by Volvo, between January and September 2023, Volvo Cars achieved a 19% reduction in overall CO2 emissions per car compared to the 2018 benchmark. To achieve the ambitious 75% reduction target, Volvo Cars is further strengthening its commitment to only selling fully electric cars by 2030, eliminating tailpipe emissions from its vehicle lineup. The carmaker has already started with a range of all-electric vehicle launches like the EM30, EX90 and the latest entrant — the EM90 electric van.
The company has already made significant progress towards climate action. In 2022, 69% of its operations were powered by climate-neutral energy, and this year, it achieved 100% climate-neutral electricity across all its plants globally. Additionally, Volvo Cars is the first global car maker to switch from fossil fuel to biofuel for 86% of its intercontinental ocean freight, reducing CO2 emissions from ocean freight by 84%.
Collaboration with FMC
Volvo is joining the World Economic Forum’s First Movers Coalition (FMC) to leverage its purchasing power towards developing new clean technologies that will support the shift to near-zero emission aluminium. Additionally, Volvo Cars is collaborating with Swedish steel producer SSAB to explore near-zero emission, high-quality steel for the automotive industry. This collaboration has secured access to near-zero emission primary and recycled sheet steel for use in future car programs.
Phasing out ICE, new EVs coming
Volvo Cars is phasing out internal combustion engines, with the last ever diesel-powered car set to be produced in early 2024. R&D investments in new internal combustion engines have ceased, with a focus on future-oriented technologies.
Earlier this year, Volvo Cars unveiled the EX30, a fully electric small SUV with the lowest carbon footprint of any Volvo car to date. This model is part of a broader shift towards a fully electric car maker by 2030. In the first nine months of 2023, fully electric cars comprised 16% of the company’s total sales, demonstrating a positive trajectory.
