Volvo becomes the first car manufacturer to join the SteelZero initiative

Volvo Cars is the first car manufacturer to join the SteelZero initiative. The aim of this initiative is to increase demand for fossil-free steel and accelerate the transition to carbon neutrality in the global steel industry. With the signing of SteelZero, Volvo commits to meet strict requirements for carbon-based steel procurement by 2030 (see notes at the end of this message). By 2050, all steel sourced by Volvo is to be net-zero steel. This is in line with the company's goal of achieving carbon neutrality by 2040. Steel production is one of the main sources of CO2 emissions in the automotive industry. In 2021, it accounted for an average of 33 percent of all production-related emissions from a new Volvo vehicle. Steel production is responsible for around seven percent of all greenhouse gas emissions worldwide. SteelZero was created by the Climate Group in collaboration with ResponsibleSteel, a steel industry standardization and certification body that Volvo Cars will also join. ResponsibleSteel gives Volvo access to reliable, third-party verified and audited information about its steel supply chain and sustainability credentials that help ensure responsible sourcing