Volvo Cars has announced an expansion of its sustainability strategy, unveiling ambitious goals for 2030 and 2040. The company is also intensifying its focus on biodiversity, aiming to have all its debt linked to its Green Financing Framework or in a sustainability-linked format by 2025.

This commitment follows a significant partnership between Volvo’s local partner, Al-Futtaim Group, and COP28 last year, where the group was named Strategic E-Mobility Partner for the historic global gathering.

Al-Futtaim Group’s involvement at COP28 underscores its leadership across key economic sectors in the UAE and its longstanding dedication to sustainability. Al-Futtaim Automotive, a major division of the Al-Futtaim Group, aims to deliver 50% of new energy vehicles (NEVs) and install 10% of the charging stations in the UAE by 2030.

During COP28, Al-Futtaim Automotive introduced the all-new fully electric Volvo EX30 in the UAE. The company is set to launch the all-electric EX90 in the last quarter of 2024, further expanding its EV model portfolio. These initiatives, coupled with amplifying Volvo’s green objectives in the region, underscore Al-Futtaim Automotive’s commitment to sustainability and the growing demand for EVs in the market.

“Taking actions to combat climate change is non-negotiable, and going fully electric is an important step on our pioneering journey,” said Jim Rowan, CEO of Volvo Cars. “As we strive to reduce emissions and address biodiversity, our updated strategy is designed to make a positive impact.”

Volvo Cars’ new sustainability goals for 2030 include reducing CO2 emissions per car by 75%, decreasing energy usage in operations by 40%, achieving 30% average recycled content across its fleet, reducing water usage by 50%, and ensuring that 99% of all waste is either reused or recycled.

Since unveiling its sustainability strategy in 2019, Volvo Cars has made significant progress towards its climate action targets. For instance, 69% of its operations now run on climate-neutral energy compared to 55% in 2019, and 100% climate-neutral electricity is used across its manufacturing plants globally.

Looking ahead, Volvo Cars aims to achieve net-zero greenhouse gas emissions by 2040. This builds upon its previous ambition of being climate neutral by 2040 and emphasizes the company’s commitment to reducing real emissions before resorting to carbon removals.

Additionally, Volvo Cars aims to become a circular business by 2040, with goals to use 30% average recycled content across its fleet by 2030 and ensure that 99% of all waste is reused or recycled.

Volvo Cars is also dedicated to contributing to a nature-positive future by minimizing its impact on biodiversity. The company is setting long-term goals to be net positive across its value chain and to protect human rights.

Together with like-minded partners, Volvo Cars looks forward to unveiling new social and environmental initiatives in the coming years, aimed at protecting people and the planet.

Volvo Cars’ initiatives represent a significant step towards a sustainable future, demonstrating the company’s commitment to environmental stewardship and social responsibility.