Volvo Cars has been awarded the highest rating for its sustainability performance for the fourth year in a row from EcoVadis, a leading provider of corporate sustainability assessments. This confirms Volvo's position as one of the most sustainably oriented companies in the automotive industry. According to EcoVadis, Volvo Cars' sustainability performance deserves an Advanced rating for its “structured and proactive approach”, based on the agency's methodology. The resulting Platinum Medal listing places Volvo Cars in the top 1 percent of all 75.000 companies rated by EcoVadis.
The Platinum Medal recognition proves once again that sustainability is as important to Volvo Cars as safety and a top priority in all of the company's activities. Separately, Volvo Cars also received a bronze rating in the annual Corporate Sustainability Assessment from rating provider Standard & Poor's (S&P), known for its rigorous sustainability assessments. With the bronze rating, Volvo Cars is in the top 10% of the car companies rated in the areas of the environment, society and business.
Volvo Cars was particularly commended for its achievements in the environmental category and recognized for its efforts to tackle greenhouse gas emissions, energy and water consumption and waste disposal. The company was also included in the prestigious S&P Sustainability Yearbook 2022, which includes only the best-performing companies in each industry. The company aims to further improve its rating in S&P's assessment in the coming years.
In addition, renowned global environmental organization CDP has awarded Volvo Cars the title of 'Supplier Engagement Leader' in recognition of the company's efforts to implement climate action throughout the supply chain, a core part of its climate plan. The title follows Volvo Cars being awarded an A rating at the end of last year for its overall environmental ambitions and climate action.
“Sustainability is just as important to us as safety. We are taking measures across the board to ensure that we become a more sustainable company, including by reducing our carbon footprint. It is encouraging that EcoVadis, S&P and CDP with their rigorous reviews confirm that we are on the right track."
Volvo Cars has a comprehensive climate plan that addresses the CO2 emissions of all its operations and products, with the ambition to become a carbon neutral company by 2040. As a first concrete step towards the 2040 vision, the company aims to reduce its CO2 footprint per car over its life cycle by 2018 percent between 2025 and 40. The climate plan goes beyond tackling tailpipe emissions through electrification; the company will also address carbon emissions in its production network, wider operations and supply chain. Volvo Cars will also make better use of valuable materials and reduce its carbon impact by embracing the circular economy.
From 2025, the company aims to reduce its annual CO2 emissions by 2,5 million tons and ensure that 25 percent of the materials in its new cars are recycled or biologically sourced. Volvo Cars expects to generate cost savings of SEK 1 billion per year by adopting circular economic principles such as remanufacturing, recycling and reuse. The methodology used by EcoVadis, S&P and CDP in their assessments is based on international sustainability standards and is reviewed by a scientific community of sustainability and supply chain experts.
In particular, EcoVadis looks at how companies implement sustainability in their supply chain. Investors and companies in a variety of industries, especially large fleet buyers, are increasingly relying on the ratings published by EcoVadis, S&P, CDP and others in their purchasing and investment decisions, according to the report. Volvo cars.
Also read: Volvo Cars reports sales of 47.561 cars in January
