[Asia Economy Reporter Kiho Sung] Volvo Cars announced on the 24th that its action plan to reduce carbon emissions has received approval from the Science Based Targets initiative (SBTi), a joint project for climate change response.
SBTi is a project launched by organizations such as the Carbon Disclosure Project (CDP), the UN Global Compact (UNGC), the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF), aiming to reduce greenhouse gas emissions based on scientific data. It evaluates companies' greenhouse gas emission reductions necessary to keep global temperature rise below 2 degrees Celsius compared to pre-industrial levels, based on scientific verification, with the goal of "decarbonization."
Volvo Cars’ carbon emission reduction action plan, launched last year, has completed scientific verification through this SBTi approval, confirming it has a clear direction to achieve the goals stated in the Paris Agreement. This is a comprehensive plan to achieve climate neutrality by 2040, addressing carbon emission reductions not only in products but across all business sites. To this end, the company plans to tackle carbon emission issues across a wide range of areas, including reducing exhaust emissions through electrification strategies, manufacturing networks, operations and supply chains, and material recycling.
Hanna Fager, Head of Corporate at Volvo Cars, said, “As a global mobility company, we are part of the climate change problem, but conversely, we can also be part of the solution. We have a responsibility to turn this into action, which is why Volvo Cars prioritizes carbon emission reduction.” She added, “Having a climate-neutral target verified by SBTi gives us confidence that Volvo Cars is on the right path.”
Meanwhile, as the first visible step toward achieving climate neutrality, Volvo Cars aims to reduce the carbon footprint of the vehicle lifecycle by 40% by 2025.
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