Volvo Joins Move for CO2 Emission Reduction, Recycles Steel Sheet

Dec 11, 2023 03:47 AM EST

BLUE VOLVO — (Photo : PEXELS/Daniel Andraski)

Volvo declared its desire to cut the amount of CO2 that each car puts out by 75% by 2030 compared to 2018. The news comes right before the COP28 climate meeting in Dubai. Along with its plans to become climate neutral by 2040 and cut CO2 pollution per car by 40% between 2018 and 2025, Volvo says this goal is an addition to those plans.

Joining the Movement

SGCARMART provided details about Volvo's decision to join in the move to become eco- friendly. Volvo has also said that it is now a part of the World Economic Forum's First Movers Coalition. To help reach this new goal, the company will use its buying power to support new clean technologies that will help the switch to aluminum with almost no emissions.

It will also be involved in the steel business by working with SSAB, a Swedish steel company, to find high-quality steel with almost no emissions for the auto industry. SSAB has also given Volvo access to primary and recycled sheet steel with almost no emissions, which the company hopes to use by 2026.

Volvo says that electric cars made up 16% of all of its sales in the first nine months of 2023. The company didn't show off its all-electric EX309 SUV until early in 2023. It also said that diesel-powered cars would be phased out of its range by 2024 and has stopped spending money on research and development for new combustion engines.

It was possible for the company to power all of its plants with 100% climate neutral energy, and 69% of its own operations were run on climate neutral energy in 2022. The company was also the first in the world to say that 86% of its ship freight would be powered by biofuel instead of fossil fuels.

Road to Zero Emission

Volvo's website provided more details about its decision of joining the eco-friendly league. Together with H2 Green Steel, Volvo Group is making steel with almost no greenhouse gas emissions. This is another step toward a value chain with net-zero GHG emissions by 2040.

As part of the long-term deal, Volvo Group will buy steel from H2 Green Steel's new plant in Boden, Northern Sweden, that has almost no emissions. Production is set to begin at the end of 2025, and sales to Volvo Group will begin in the middle of 2026.

One of the main things used to make trucks, buses, and building equipment is steel. The goal of near zero emission steel is to lower emissions so much that they have almost no effect on the environment, if any at all.

In order to meet the goals set by the First Movers Coalition, which Volvo Group helped to create, at least 10% of all the steel that is bought every year must have almost no emissions by 2030. Supply deals like this one help speed up the process of going from net zero to zero emissions.

According to its website, the brand sells 1.2 million cars yearly.