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European Climate Pact

Overview

Location

Sweden

Sector

Transport manufacture, management and services

Organisation type
Business

Company Information

Volvo Car Group is a global public car manufacturer with headquarters in Gothemburg, Sweden. In 2021, the company reported an average of 41,000 employees and 282 billion SEK in revenue.*

*Source

Our progress towards decarbonization

 

GHG Emissions

North Star

  • Volvo Car Group has a target to reduce absolute scopes 1 and 2 CO2e emissions 60% by 2030 from a base year of 2019

Pledge: Have an officially validated short-medium term science-based GHG emissions reduction targets aligned with a 1.5°C scenario (scope 1+2) in line with the SBTi Criteria and Recommendations

MRV: Pact MRV in place

Status date: Submitted (11/07/2022)

Data source: CDP Climate Change 2022

How we want to achieve this – our roadmap

  • Have an internal price on carbon 
  • Have scope 1+2+3 GHG emissions verified through a third party verification or assurance process 

 

MRV: Pact MRV in place

Status date: Submitted (11/07/2022)

Data source: CDP Climate Change 2022

 

Water

Our actions – the Pathway

  • Publicly disclose data on water-related impact to investors through a public platform
  • Have board-level oversight of water issues
  • Regularly monitor and measure key water security metrics at least for 75% of the company's facilities

MRV: Pact MRV in place

Status date: Submitted (11/07/2022)

Data source: CDP water 2022

 

Governance & Strategy

North Star

  • Volvo Car Group have a publicly available 1.5°C aligned low-carbon transition plan

MRV: Pact MRV in place

Status date: Submitted (11/07/2022)

Data source: CDP Climate Change 2022

How we want to achieve this – our roadmap

  • Publicly disclose climate and environmental data to investors and customers through a public platform
  • Have board-level oversight of climate-related issues
  • Have a process for identifying, assessing, and responding to climate-related risks and opportunities
  • Have an employee engagement strategy to support and contribute to achieving the company's climate and environmental goals

MRV: Pact MRV in place

Status date: Submitted (11/07/2022)

Data source: CDP Climate Change 2022

 

Value chain engagement

North Star

  • Volvo Car Group has a supplier engagement target to get 73.0% of its suppliers by procurement spend to set a science-based emission reduction target

Pledge: Have a supplier engagement target in order to reduce scope 3 GHG emissions, to get a share of our suppliers by procurement spend set science-based GHG emissions reduction targets in line with the SBTi Criteria and Recommendations.

MRV: Pact MRV in place

Status date: Submitted (11/07/2022)

Data source: CDP Climate Change 2022

How we want to achieve this – our roadmap

  • Have an ongoing and transparent dialogue with our value chain around climate-related issues
  • Have a supplier/customer engagement strategy to drive best practices in tackling environmental and climate-related issues

 

MRV: Pact MRV in place

Status date: Submitted (11/07/2022)

Data source: CDP Climate Change 2022