For the fourth consecutive year, Volvo Cars has received the highest rating for its sustainability performance from EcoVadis, the leading provider of corporate sustainability ratings, reaffirming its position among the most sustainable companies in the automotive industry.
According to EcoVadis and its approach, the sustainability performance of Volvo Cars deserves a High rating for its “careful and designed approach”. The Platinum-based award places Volvo Cars in the top 1% of the 75,000 companies assessed by EcoVadis.
The award of the Platinum Medal is further proof that sustainability is as important as safety to Volvo Cars and is a top priority in all its operations.
In addition, Volvo Cars received a bronze award in the annual Business Sustainability Assessment conducted by the rating agency Standard & Poor’s (S&P), known for the rigor of its environmental assessments. This bronze medal places the manufacturer in the top 10% of car companies evaluated in terms of environmental, social and corporate management.
Volvo Cars was particularly praised for its performance in the environmental category, and awarded for its efforts in greenhouse gas emissions, water and energy use and waste disposal.
The company is also listed in S&P’s “Sustainability Yearbook 2022” which only lists the best performing companies in each sector. The manufacturer has set itself the goal of improving its score on the S&P assessment in the coming years.
And that’s not all: CDP, the renowned international non-profit environmental organization, has awarded Volvo Cars the title of “Supplier Engagement Leader” for the company’s efforts to favor the climate in its value chain, as a major initiative of the organization. Weather plan. The recognition comes as Volvo Cars already received an A grade from CDP last year for its overall environmental ambitions and climate action.
Volvo Cars has a comprehensive Climate Plan that addresses carbon emissions in all its operations and products, with the aim of becoming a climate-neutral company by 2040. To reduce the carbon footprint over the life of each vehicle by 40% between 2018 and 2025 it is the first tangible step towards achieving the company’s 2040 vision.
The Climate Initiative goes beyond reducing greenhouse gas emissions through electrification; the company will also address carbon emissions in its manufacturing network, other operations and supply chain. Volvo Cars will also use more responsible materials and reduce its carbon footprint by adopting a circular economy.
From 2025, the manufacturer plans to reduce its annual carbon emissions by 2.5 million tonnes and ensure that 25% of the materials used in its new cars are renewable and bio-based. Volvo Cars expects to save 1 billion SEK per year (approx. 95 million euros) by applying circular economy principles such as refurbishing, recycling and reusing.
The methodology used by EcoVadis, S&P and CDP in their assessments is based on international sustainability standards, and has been validated by the scientific community of sustainability and supply chain experts.
EcoVadis specifically examines how companies implement sustainability measures in their supply chain. Investors and companies in various sectors, and especially large ship buyers, increasingly rely on ratings published by EcoVadis, S&P, CDP and others for their purchase and investment decisions.