Fossil-Free Steel: Volvo Cars Leads the Way by Joining SteelZero Initiative
With a long-term commitment to secure 100% fossil-free steel by 2050, Volvo Cars becomes the first carmaker to join the SteelZero plan.
If nothing changes, nothing will. Volvo Cars understands this basic sentiment by announcing its commitment to carbon neutrality. It has become the first automaker to officially sign on to the strict CO2-based steel sourcing requirements of the SteelZero initiative.
What Is SteelZero?
Launched by Climate Group in partnership with ResponsibleSteel, SteelZero aims to increase demand for fossil-free steel and boost a transition to carbon neutrality in the global steel industry.
By signing up with SteelZero, Volvo Cars vows to follow the strict regulations of the initiative. Volvo Cars commits itself to stringent CO2-based steel sourcing requirements by 2030
Here’s an excerpt from the official statement:
As well as a long-term commitment to procure 100 per cent fossil-free steel by 2050, SteelZero signatories also commit to 50 per cent of their steel procurement by 2030, meeting at least one of the following criteria:
• Steel produced by a steelmaking site where the site’s corporate owner has defined and made public both a long-term emissions reduction pathway and a medium-term, quantitative science-based greenhouse gas emissions target for the corporation (a target approved by the Science Based Targets initiative or equivalent would meet this interim requirement in full)
• ResponsibleSteel-certified steel, or equivalent
• Low embodied carbon steel, with a defined specific emissions intensity that takes into account the proportion of end of life scrap
Good News for the Environment
“A sustainable approach to steelmaking is not just good news for the environment; it’s also good business. It limits our exposure to future climate risks and regulations,” said Kerstin Enochsson, chief procurement officer at Volvo Cars.
“We are pleased to join the SteelZero initiative and support its ambitions to transform the steel industry. By signaling our demand for responsibly-sourced low- and zero-carbon steel, we aim to help drive an increased supply to our sector.”
By joining SteelZero, Volvo Cars aims for climate-neutral manufacturing by 2025, to become a fully electric carmaker by 2030, with attempts to be totally climate-neutral by 2040. This is all in line with the company’s comprehensive climate action plan.
“Volvo Cars joining SteelZero marks an important step-change in the global demand signal for low-emission and net-zero steel and a pivotal moment for the automotive industry,” said Jen Carson, head of industry at Climate Group.
“This sector plays a central role in driving the net-zero transition of steel. In addition, it is supporting the creation of a decarbonized steel market internationally that can enable the sector to meet its net-zero targets and deliver a product that is alignable with the climate agenda.”
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