Volvo Cars has won three separate awards in recognition of the manufacturer’s commitment to sustainability.
For the fourth year in a row, the Swedish carmaker has received the highest rating for its sustainability performance from EcoVadis, a leading provider of corporate sustainability assessments.
According to EcoVadis, Volvo Cars’ sustainability performance deserves an Advanced ranking for its “structured and proactive approach”, based on the agency’s methodology. The resulting Platinum Medal rating places Volvo Cars in the top one per cent among all 75,000 companies assessed by EcoVadis.
Separately, Volvo Cars also received a Bronze rating in the annual Corporate Sustainability Assessment by ratings provider Standard & Poor’s (S&P), known for its stringent sustainability assessments. The Bronze rating places it among the top 10 per cent of assessed automotive companies for environmental, social and corporate governance.
Volvo Cars was particularly commended for its performance in the environmental category, and recognised for its efforts to tackle greenhouse gas emissions, energy and water consumption, and waste disposal.
It was also included in S&P’s 2022 Sustainability Yearbook, which features only the highest performers in each industry. It aims to further improve its rating in S&P’s assessment over the coming years.
Additionally, global environmental non-profit organisation CDP has granted Volvo Cars the title of ‘Supplier Engagement Leader’, in recognition of its work to cascade climate action down its entire supply chain, a core part of its climate plan. It follows its awarding of an A-score to Volvo Cars late last year for its overall environmental ambition and climate action.
Anders Kärrberg, head of global sustainability at Volvo Cars, said: “Sustainability is as important as safety to us. We are taking action across the board to ensure we become a more sustainable business, including through reduction of our carbon footprint. It is encouraging that EcoVadis, S&P and CDP, through their rigid assessments, confirm that we are on the right track.”
The methodology used by EcoVadis, S&P and CDP in their assessments is based on international sustainability standards and reviewed by a scientific community of sustainability and supply chain experts.
In particular, EcoVadis looks at how companies implement sustainability across their supply chain. Investors and companies in a variety of industries, and in particular large fleet buyers, increasingly use the ratings published by EcoVadis, S&P, CDP and others for their purchasing and investment decisions.