GHG Emissions, Industrial, Sourcing Renewables - May 31, 2023
Volvo Group Secures Long-Term Renewable Energy for Operations
To meet the growing demand for clean energy, Volvo Group signed a long-term agreement to purchase 50% of the renewable electricity produced at a wind park in Sweden, which equates to ~230GWh/year, over a 10-year period starting in the last quarter of 2025.
The company partnered with Vattenfall, the largest producer of renewable electricity in Sweden. The partnership signifies Volvo Group’s commitment to achieving a net-zero GHG value chain by 2040 and fulfilling the Paris Climate Agreement’s goals.
The wind park is expected to feature 21 wind turbines, with construction to start in the summer of 2023 and be ready for commission by the autumn of 2025 when the agreement begins.
Volvo Group is accelerating its efforts to offer customers sustainable transport and infrastructure solutions with electric products and biofuels as key drivers of GHG emissions reduction. The company is also aiming to reduce the GHG footprint from its own operations and across the entire value chain together with its partners.
This involves replacing fossil fuel sources with renewable sources such as wind, solar, and hydropower to facilitate society’s transition to renewable electricity. By using diverse renewable sources, this agreement supports Volvo Group’s continued transition to net zero with added capabilities.
“This partnership marks an additional step in continuously reducing the environmental impact from our own industrial activities. The agreement signals our commitment to prioritize low-carbon investments, source renewable energy, and take climate action across everything we do,” said Martin Lundstedt, President and CEO of Volvo Group, in a statement.
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