7.

STORY OF VOLVO

Volvo: Driving Progress, Defining Tomorrow

Since 1927, Volvo Cars has been a brand committed to enhancing lives by simplifying, enriching,
and securing the journey for everyone. More than just an automotive giant, Volvo is a symbol of
care for the world and its people. The brand's mission is clear: to simplify life through personal,
sustainable, and safe mobility. From rethinking sustainability in operations to envisioning a less
complicated life through new ownership models, Volvo sets the standard in the automotive
industry.

With a mission to make car ownership hassle-free, prioritize sustainability, and ensure safety for all,
Volvo sets ambitious mid-decade goals. By selling 1.2 million electric cars annually, achieving an 8-
10% EBIT margin, and reducing CO2 emissions by 40%, Volvo paves the way for a future where
innovation meets responsibility. As part of a global family, Volvo collaborates with affiliates,
Polestar and LYNK & CO, envisioning a world where software development, online sales, and
sustainability initiatives redefine the automotive landscape.

Volvo's commitment to shaping the future extends beyond cars to include software development,
online sales, and sustainability-driven initiatives. The brand's story is not just a journey through
time but a testament to its unwavering commitment to advancing mobility for a better tomorrow.
Volvo - More Than Cars, a Commitment to Tomorrow.

9. Volvo's Sustainability Strategy:

Economic Sustainability:

 Transitioning to a circular business by 2040.

 Aiming to save 1 billion by 2025 through circular initiatives.
 Embracing a circular economy, designing products for durability and recycling.
 Significant CO₂ savings through remanufacturing in 2022.

Social Sustainability:

 Commitment to fostering an ethical culture.

 Prioritizing employee well-being, equality, and human rights.
 Creating a diverse and inclusive workplace.
 Rigorous reporting channels for ethical violations.

Environmental Sustainability:

 Circular economy goals for waste reduction and recycled content.

 High recycling rates, particularly in metal waste stream.
 Commitment to achieving net-zero greenhouse gas emissions by 2040.
 Sustainable financing supporting clean transportation and R&D for zero-emission vehicles.

RESOURCE MANAGEMENT TOTAL SCORE: 3.8

EXPLANATION

Economic Sustainability:

Volvo is committed to transitioning towards a circular business model by 2040, with a focus on minimizing
primary resource use, eliminating waste and pollution, and increasing circular revenue. By 2025, they aim to
save 1 billion through circular initiatives, demonstrating a clear economic benefit. The company emphasizes
a shift from a linear to a circular economy, designing products for durability, reuse, and recycling. They also
engage in remanufacturing, saving costs and reducing environmental impact. In 2022 alone, over 4,800
tonnes of CO₂ were saved through remanufacturing.

Social Sustainability:

Volvo places a strong emphasis on fostering an ethical culture within the company. They are committed to
promoting employee well-being, securing equality, protecting human rights, and ensuring a diverse and
inclusive workplace. The company actively works towards a culture where everyone feels a sense of
belonging. Moreover, Volvo sets ambitious goals for employee health and safety, aiming to reduce the
injury rate and safeguard human rights throughout the entire value chain. They have established reporting
channels, such as the Tell Us line, to encourage employees to report any suspected violations of ethical
standards.

Environmental Sustainability:

Volvo's environmental sustainability goals are aligned with the circular economy concept. They aim to
become a circular business by 2040, with specific targets such as 99% of waste being reused or recycled, a
50% reduction in average per-car water use, and 35% recycled content in new car models. The company
actively engages in recycling, particularly with the metal waste stream from car production, which
amounted to 188,000 tonnes in 2022 and was entirely recycled. They are committed to achieving net-zero
greenhouse gas emissions by 2040, contributing significantly to climate action. Sustainable financing is also
a part of their strategy, with a focus on supporting a low-carbon economy through green financing and
sustainable investment.

In summary, Volvo's sustainability strategy integrates economic, social, and environmental considerations.
Their circular business model, commitment to employee well-being and human rights, and dedication to
reducing environmental impact through recycling and sustainable financing demonstrate a holistic
approach to sustainability across various dimensions.

10. Key Takeaways

1. Circular Economy Focus:

 Transitioning to a circular business.
 Designing products for durability, reuse, and recycling.
 Active engagement in remanufacturing, significantly reducing raw material and
energy consumption.

2. Holistic Sustainability Integration:

 Businesses integrate economic, social, and environmental dimensions seamlessly.
  Emphasis on employee well-being, fostering an ethical culture, and sustainable financing.

 Prioritizing a holistic sustainability framework for enduring success and positive global
impact.

13. About us

Ivanna Barakovetska

barakovetska@yahoo.com

+48794713853

14. Source:

Volvo Cars. (n.d.). Our Story. Retrieved from https://www.volvocars.com/intl/v/our-story