Volvo CE commit to Science Based Targets
Company announces scope of its SBTi commitment with approved carbon-reduction pathway
IN a pledge to reduce their carbon impact and help meet the goals of the Paris Agreement, Volvo Construction Equipment (Volvo CE) have announced the scope of their Science Based Targets initiative (SBTi) commitment – to achieve net-zero value chain emissions by 2040, with significant emission reductions as early as 2030.
The target of net-zero value chain greenhouse gas emissions by 2040 is a united commitment for the Volvo Group across all its business areas and is set for 10 years earlier than the SBTi commitment.
This is because Volvo products have an average lifetime of 10 years in the customer-use phase, so for the entire rolling fleet to have net-zero emissions by 2050, it is necessary that all products delivered after 2040 have net-zero emissions.
Volvo CE have also set their own high interim goals to be met by 2030, including cutting emissions in half in their own operations, facilities and manufacturing processes, and achieving 30% in absolute reductions in the use of their products, whose indirect emissions account for the highest proportion of the company’s carbon emissions.
For the construction equipment industry, the majority of emissions are those referred to as indirect emissions, ie the emissions created when the machines are being used as soon as they leave the factories.
Volvo CE’s president, Melker Jernberg (pictured), said: ‘Climate change is real and one of the greatest challenges of our time. As a world-leading manufacturer, we not only have a responsibility to reduce our carbon footprint, but we also have the clear vision, determination and talents to drive this transformation that is so urgently needed now. The choices we make today, will form the world tomorrow – and we choose to act.’
Volvo CE are already committed to decarbonization through their technology development and engagement in climate change initiatives such as the Construction Climate Challenge and the WWF Climate Savers programme, and with SBTi they now have another tool to make sure the reductions are aligned with the latest climate science to meet the Paris Agreement goals.
The company is taking a holistic approach to tackling climate change. As well as following its tried-and-tested innovation pathway of embracing the three streams of electromobility: battery-electric machines, hydrogen fuel-cell powered equipment and improved internal combustion engine solutions, it will also continue its work with industry-leading partnerships to accelerate development of new technologies, working together with customers to bring sustainable solutions to market and collaborating with dealers and suppliers to explore new ways of working.
‘New, exciting technology is definitely one of the key ways to reduce carbon impact,’ said Niklas Nillroth, head of sustainability and public affairs at Volvo CE. ‘However, another significant driver in achieving these targets will be a new level of collaboration, internally as well as externally though partnerships.
‘Only with joint efforts, where each one of us takes responsibility for our part with a holistic mindset, will we be able to collectively reach these important goals. Together we can help build the world we want to live in.’