This pledge comes on the heels of a landmark partnership between Volvo local partner Al-Futtaim
Volvo Cars is expanding its sustainability strategy, setting new ambitious goals for 2030 and 2040. The company is also boosting its focus on biodiversity, and by 2025, the company aims to have 100 per cent of its debt linked to its Green Financing Framework or in a sustainability-linked format.
This pledge comes on the heels of a landmark partnership between Volvo local partner, Al-Futtaim Group and COP28 last year, where the group was named Strategic E-Mobility Partner for the historic global gathering, according to a press communique.
Al-Futtaim Group’s participation at COP28 is a resounding testament to its dynamic leadership across core economic sectors in the UAE and the group’s long-standing commitment to sustainability. Al-Futtaim Automotive, one of the major divisions of the Al-Futtaim Group, has an ambition to deliver 50% new energy vehicles (NEVs) and install 10% of the charging stations in the UAE by 2030.
All-new fully electric
During COP28, Al-Futtaim Automotive launched the all-new fully electric Volvo EX30 in the UAE. The company is also slated to launch the all-electric EX90 towards the last quarter of 2024 to further enhance its EV model portfolio. These measurable actions as well as amplifying Volvo’s green goals in the region reinforces Al-Futtaim Automotive’s commitment to sustainability and the market’s unwavering demand for the fast-growing EV segment.
“As we move to further reduce emissions throughout our value chain, we have a responsibility to do more and address our biodiversity footprint as well as help improve people’s lives. Our updated strategy has been designed to help us do just that,” stressed Jim Rowan, CEO, Volvo Cars.
Net zero greenhouse gas emissions by 2040
Volvo Cars’ aim now is to reach net zero greenhouse gas emissions by 2040. This expands upon our previous ambitions of being climate neutral by 2040 and clarifies the company’s intention to use carbon removals only to mitigate any unavoidable emissions.
The company’s first priority remains to reduce real emissions before turning to carbon removals and encourages its suppliers to do the same.
This will be underpinned by an ambition to achieve 100 per cent green debt or sustainability-linked financing of assets by 2025 – in recognition of the fact that finance plays a critical role in advancing sustainable development.
