In a pledge to reduce its carbon impact and help meet the goals of the Paris Agreement, Volvo Construction Equipment (Volvo CE) is announcing the scope of its Science Based Targets (SBTi) commitment – to achieve net-zero value chain emissions by 2040, with significant emission reductions as early as 2030.
Volvo CE is already committed to decarbonization through its industry-leading technology development and engagement in climate change initiatives, such as the Construction Climate Challenge (CCC) and the WWF Climate Savers Program. With SBTi, it has another tool to make sure the reductions are aligned with the latest climate science to reach the Paris Agreement.
The company is taking a holistic approach to tackling climate change. It will follow its tried-and-tested innovation pathway of embracing the three streams of electromobility: battery-electric machines, hydrogen fuel-cell powered equipment and improved internal combustion engine solutions. It will also continue its work with industry-leading partnerships to accelerate development of new technologies, working together with customers to bring sustainable solutions to market and collaborating with dealers and suppliers to explore new ways of working.
“New exciting technology is definitely one of the key ways to reduce carbon impact,” says Niklas Nillroth, Head of Sustainability and Public Affairs at Volvo CE. “However, another significant driver in achieving these targets will be a new level of collaboration, internally as well as externally though partnerships. Only with joint efforts, where each and every one of us takes responsibility for our part with a holistic mindset, will we be able to collectively reach these important goals. Together we help build the world we want to live in.”
SBTi is a collaboration between CDP, United Nations Global Compact, World Resources Institute and World Wide Fund for Nature(WWF). It helps companies establish science-based targets to reduce greenhouse gas emissions and transform business operations to fit the future low-carbon economy.