Volvo is the first automaker to join the SteelZero initiative

Volvo Cars is the first automaker to join the SteelZero initiative. The aim of this initiative is to increase demand for fossil-free steel and accelerate the transition to CO2 neutrality in the global steel industry. By signing SteelZero, Volvo commits to meeting stringent requirements for CO2-based steel sourcing by 2030 (see notes at the end of this news story). By 2050, all steel sourced by Volvo is to be net-zero steel. This is in line with the company's goal to achieve climate 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 emissions associated with manufacturing a new Volvo vehicle. Globally, steel production is responsible for around seven percent of total greenhouse gas emissions. SteelZero was launched by the Climate Group in collaboration with ResponsibleSteel, a steel industry standardization and certification body that Volvo Cars will also join. Through ResponsibleSteel, Volvo will have access to reliable, third-party verified and audited information about its steel supply chain and sustainability credentials that will help ensure responsible sourcing.