Volvo aims to cut emissions per car by 75% by 2030

Volvo has announced that it is now aiming to reduce its CO₂ emissions per car by 75% by 2030 compared to the 2018 baseline.

The announcement comes just ahead of the COP28 climate summit in Dubai. Volvo states that this goal comes in addition to its previously announced goals to become climate neutral by 2040, as well as to reduce CO₂ emissions per car by 40% between 2018 and 2025.

Volvo's switch to renewable fuel for its ocean freight is said to save up to 55,000 tonnes of carbon dioxide emissions over a year

In order to meet this new goal, Volvo has additionally announced that it is now a member of the World Economic Forum's First Movers Coalition, and will be putting its purchasing power behind emerging clean technologies that will support the shift to near-zero emission aluminium.

It will also be acting in the steel industry, by collaborating with Swedish steel producer SSAB to explore near-zero emission, high-quality steel for the automotive industry. Volvo has additionally secured access to near-zero emission primary and recycled sheet steel from SSAB, which it plans utilise by 2026.

Volvo states that electric cars already comprised 16% of its overall sales in the first nine months of 2023. The firm only revealed is all-electric EX309 crossover early in 2023. It also announced that it would be phasing out diesel-powered vehicles from its lineup come 2024 and has stopped research and development investments into new combustion engines.

69% of the firm's own operations were powered by climate neutral energy in 2022, and it has also managed to power its plants with 100% climate neutral energy. The firm also became the first global car maker to announce the switch from fossil fuel to biofuel for 86% of its intercontinental ocean freight.