Volvo Cars is first car maker to join SteelZero initiative in support of fossil-free steel ambitions
Underlining its position as a leader in climate action, Volvo Cars has become the first car maker to sign up to the SteelZero initiative, which aims to increase demand for fossil-free steel and accelerate a transition to carbon neutrality in the global steel industry. By signing up to SteelZero, Volvo Cars commits itself to stringent CO2-based steel sourcing requirements by 2030 (see Notes to Editors). By 2050, all the steel it sources should be net-zero steel, which is in line with the company’s ambition to be climate neutral by 2040. Steel production is a major source of CO2 emissions for the automotive industry, averaging 33 per cent of all production-related emissions for a new Volvo car in 2021. Globally, steel production is responsible for around 7 per cent of all greenhouse gas emissions. SteelZero was launched by the Climate Group in partnership with ResponsibleSteel, a steel industry-wide standard and certification body which Volvo Cars has also joined. Through ResponsibleSteel, Volvo Cars gains access to reliable, third-party verified and audited information about its steel supply chain and relevant sustainability credentials, helping to ensure it is responsibly sourced.
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