Volvo Group, a global company operating in the challenging sector of truck, bus, and construction and marine equipment manufacturing, aims to decarbonize its operations and achieve net zero emissions by 2040. Karin Svensson, the chief sustainability officer of the company, leads this effort. In an interview, Svensson discusses the electrification of transport, the complexities of decarbonization, her favorite sustainable products, and the challenges of meeting net-zero goals.
When asked about her location during the Paris accord in December 2015, Svensson mentions being in group strategy, setting the new strategy for the Volvo Group. This period made her realize the necessity, from a business perspective, of aligning with the goals of the Paris agreement.
Svensson reveals her favorite sustainable product, apart from those produced by her company, which is the solar panels installed on her roof. These panels have increased her family’s awareness of electricity usage and efficiency. She also mentions her love for driving an electric car.
Identifying her most carbon-heavy habit, excluding air travel, Svensson admits to enjoying boating during the summer. Although it is currently challenging to find an electric boat, she believes that once electric boats are more widely available, her family will switch to this more sustainable option.
Svensson highlights the significant sustainability developments in the past year, with electrification gaining momentum. Although the number of electric trucks sold is still relatively small, there has been a substantial increase, and customers are increasingly interested in environmentally friendly options. Volvo Group has been producing a full range of electric trucks for a few years.
Looking ahead, Svensson emphasizes the growing importance of the “S” in Environmental, Social, and Governance (ESG) topics. She discusses the need for transparency throughout the supply chain, including suppliers and Volvo Group’s own workforce. Additionally, she mentions the importance of promoting traffic safety through their products.
When asked about Volvo Group’s role in building a sustainable future, Svensson emphasizes the need to minimize negative effects and maximize positive impacts. The main focus is decarbonization, with science-based targets set for net zero emissions by 2040. By 2030, the company aims for 35% of their sales to be electric vehicles globally. Achieving this goal requires collaboration with various stakeholders and the development of new materials like fossil-free steels and green batteries.
Regarding the role of hydrogen in transport, Svensson explains Volvo Group’s three-pronged approach to decarbonization: battery-electric vehicles, fuel-cell electric vehicles, and internal combustion engines using alternative fuels. She mentions that Volvo Group is currently testing fuel-cell electric trucks and expects to have a viable offering by the second half of the decade.
Svensson highlights the complexities and dependencies Volvo Group faces in achieving its sustainability goals. These include the need for incentives to promote the adoption of electric vehicles, the lack of public charging infrastructure, and the scarcity of renewable energy in certain areas. Additionally, supply chain transparency, availability of essential materials, and legislative harmonization present challenges.
The interview concludes with a snapshot of Volvo Group’s climate goals for 2030, which include a 35% share of electric vehicles and machines in sales, emissions reductions across operations, and increased female representation in the workforce. The company’s 2022 performance is also provided, showcasing its employee count, net income, and carbon footprint.
For further information, contact Rochelle Toplensky at [email protected].
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