AB Volvo signs long-term agreement with Sweden’s largest producer of renewable energy
As part of Volvo Group’s commitment to reach a net-zero greenhouse gas emissions value chain by 2040, it has announced it has signed an agreement with Swedish renewable energy company Vattenfall.
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The Volvo Group is committed to buying 50% of Vattenfall’s renewable electricity over ten years, starting in Q4 2025.
Volvo says is replacing its remaining fossil energy sources with renewable sources like wind, solar and hydropower.
Martin Lundstedt, President and CEO of Volvo Group said: “This partnership marks an additional step in continuously reducing the environmental impact from our own industrial activities. The agreement signals our commitment to prioritize low-carbon investments, source renewable energy, and take climate action across everything we do.”
Vattenfall’s CEO and President Anna Borg said: “Today’s agreement is an example of how Volvo Group has chosen to be at the forefront of its electrification and climate work. We are pleased to be able to support them on their journey.”
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By GlobalData“By expanding fossil-free energy sources, collaborating to electrify processes that are currently based on fossil fuels, using our fossil-free electricity and developing charging infrastructure, we can contribute to the phasing out of fossil fuels in the entire transport sector.”
Vattenfall, which is state-owned, operates mainly in Sweden, Netherlands, Germany, Denmark and the UK.
