Construction Equipment LATIN AMERICA AND THE CARIBBEAN

Volvo CE announces commitment to science-based targets to reduce carbon emissions

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Volvo Construction Equipment has announced its commitment to SBTI (Science Based Targets) goals to achieve zero pollutant emissions in its production chain by 2040, with significant reductions as early as 2030. The move is in line with the company's intention to reduce its impact on carbon emissions and help meet the goals of the Paris Agreement, the United Nations treaty governing gas reduction actions to curb global warming.

SBTI (Science Based Targets) is an initiative to drive ambitious climate action in the private sector, enabling companies to set science-based emission reduction targets. The zero greenhouse gas emissions target is a joint Volvo Group commitment across all business areas and was set for 10 years ahead of the SBTI agreement, taking into account the average age of equipment used by customers. For the entire fleet to be zero-emission by 2050, all products delivered from 2040 onwards need to be zero-emission.

Volvo CE has also set its own targets for 2030, including halving emissions in its own operations, facilities and manufacturing processes, achieving a 30% absolute reduction in the use of its products. Indirect emissions account for the largest proportion of the company's carbon diffusion. In the case of the construction machinery industry, most emissions are generated when the machines are in use, once they leave the factories.

"Climate change is real and one of the greatest challenges of our time. As one of the world's leading construction equipment manufacturers, we not only have a responsibility to reduce our carbon footprint. We also have a clear vision, great determination and many talents to drive a transformation that is as urgent as it is necessary. What we choose today will shape the world of tomorrow. We choose to act," says Melker Jernberg, President of Volvo CE.

Volvo CE is already committed to decarbonization through its cutting-edge technologies and through its participation in climate change initiatives such as the Construction Climate Challenge (CCC) and the WWF Climate Savers ProgramWWWF. With SBTi, the company has another tool to ensure that reductions are in line with the latest climate science to comply with the Paris Agreement.

Strength in unity

 The brand is taking a holistic approach to tackling climate change. Volvo will continue its proven innovation path of embracing all three strands of climate change: battery electric machines, hydrogen fuel cell-powered equipment and improved internal combustion engine solutions. Volvo CE will also continue its work with industry-leading partnerships to accelerate the development of new technologies, working together with customers to bring sustainable solutions to the market and collaborating with dealers and suppliers to explore new ways of working.

"Technological advances are one of the key ways to reduce carbon impact," says Niklas Nillroth, head of sustainability and public relations at Volvo CE. "Another important driver for achieving these goals will be a new level of collaboration, both internally and externally, through partnerships. Only through joint efforts, with each of us taking responsibility for our part with a holistic mindset, can we collectively achieve these important goals. Together, we help build the world we want to live in," concludes the executive.

The SBTi is a collaboration between the CDP, the United Nations Global Compact, the World Resources Institute and the World Wildlife Fund (WWF). The initiative helps companies set science-based targets to reduce greenhouse gas emissions and transform business operations to adapt to the low-carbon economy.