EcoVadis, a leading provider of corporate sustainability assessments, gave Volvo a platinum medal accreditation, demonstrating that sustainability is a top priority for Volvo across its supply chain.
This puts the Swedish automaker in the top 1% among all 75,000 companies assessed by EcoVadis.
Volvo’s advanced ranking was awarded for “its structured and proactive approach,” said EcoVadis.
Separately, S&P awarded Volvo a Bronze rating in its annual Corporate Sustainability Assessments. This places Volvo in the top 10% of assessed automotive companies for environmental, social, and corporate governance.
S&P particularly praised Volvo for its efforts in tackling greenhouse gas emissions, waste disposal and energy and water consumption.
To add to Volvo’s two accolades, international non-profit organisation CDP awarded Volvo the title of ‘Supplier Engagement Leader’ for its work on cutting emissions down its supply chain.
“Sustainability is as important as safety to us,” said Anders Kärrberg, head of global sustainability at Volvo Cars.
“We are taking action across the board to ensure we become a more sustainable business, including through reduction of our carbon footprint. It is encouraging that EcoVadis, S&P and CDP, through their rigid assessments, confirm that we are on the right track.”
Volvo is aiming to be climate-neutral by 2040. To achieve this, the company is embracing the circular economy, is making better use of valuable materials and plans to reduce its overall lifecycle carbon footprint per car by 40% between 2018 and 2025.
Past 2025, Volvo’s ambition is to reduce annual carbon emissions by 2.5 million tonnes, while also ensuring that 25% of all car materials are recycled and bio-based.