Volvo Group sign renewable electricity agreement
Partnership with Vattenfall secures long-term renewable electricity for Volvo Group operations
AMID increasing demand for clean energy, Volvo Group have today signed a long-term agreement with Vattenfall, the largest producer of renewable electricity in Sweden.
The agreement means that Volvo Group are committed to buying 50% (around 230GWh/year) of the renewable electricity produced at Bruzaholm wind park, in Sweden, over a 10-year period starting in the last quarter of 2025.
The partnership with Vattenfall is another step forward in the Group’s commitment to reach a net-zero greenhouse gas emissions (GHG) value chain by 2040 and achieve the aims of the Paris Climate Agreement.
Containing 21 wind turbines with associated facilities, construction of the Bruzaholm wind park is scheduled to start this summer and to be up and running by the autumn of 2025 when the agreement begins.
As well as offering customers sustainable transport and infrastructure solutions with electric products and biofuels as key enablers to reduce GHG emissions, Volvo Group are working on reducing the greenhouse gas footprint from their own operations and across the entire value chain.
Part of this involves replacing remaining fossil energy sources in Volvo Group’s operations with renewable low GHG intensive energy sources such as wind, solar and hydropower and enabling the societal transition to renewable electricity. By diversifying through various renewable sources, this latest agreement adds further capabilities for Volvo Group’s continued transition to net zero.
‘This partnership marks an additional step in continuously reducing the environmental impact from our own industrial activities,’ commented Martin Lundstedt, president and chief executive officer of Volvo Group. ‘The agreement signals our commitment to prioritize low-carbon investments, source renewable energy, and take climate action across everything we do.’
Vattenfall chief executive officer and president Anna Borg added: ‘The industry’s energy transition is taking place here and now – the key to success is collaboration, no one can tackle the challenge completely on their own. Today’s agreement is an example of how Volvo Group have chosen to be at the forefront of their electrification and climate work.
‘We are pleased to be able to support them on their journey. By expanding fossil-free energy sources, collaborating to electrify processes that are currently based on fossil fuels, using our fossil-free electricity, and developing charging infrastructure, we can contribute to the phasing out of fossil fuels in the entire transport sector.’
