Top ratings for our sustainability efforts
The latest sustainability ratings from CDP and CSA show we’re well on track with our sustainability ambitions.
Volvo Cars Sustainability team celebrates making it into CDP 2022 Climate Change A List
It’s good to be recognised for the things we do in the name of sustainability, but ESG (Environmental, Social and Governance & Economics) ratings are more than just numbers and letters; they give us useful input on how we should drive and improve our sustainability work.
The renowned global non-profit CDP runs an environmental disclosure system for companies, cities, states and regions aiming to help them manage their environmental impacts. It’s said to be the largest environmental database in the world, and the scale on which companies are rated stretches from D- to A, with A being the best. We’re happy to share two ratings we received from CDP.
Firstly, we have the CDP Climate rating. Out of more than 15,000 companies, we’re one of 288 companies in the world to make it onto the CDP 2022 Climate Change A List. Being on this covetable list means we’re leading the way in environmental transparency and performance on climate change. And we’ve now been on that A list for two years in a row.
“We have every reason to celebrate our successful ratings, and to become an even more sustainable company producing even more sustainable products, we must also constantly improve,” says Ulrika Linneroth, our lead for sustainability ratings. “Ratings help us find the gaps so we can close them and meet demands from investors, customers, talents and others.”
Secondly, there’s the CDP Water Security rating where we score a B-. Given that it’s the first time we participate in this category, our performance is better than we had expected. A very good base for improving even further next time!
“We have every reason to celebrate our successful ratings, and to become an even more sustainable company producing even more sustainable products, we must also constantly improve,” says Ulrika Linneroth, our lead for sustainability ratings. “Ratings help us find the gaps so we can close them and meet demands from investors, customers, talents and others.”
Besides the CDP ratings, another important rating is the CSA: it stands for Corporate Sustainability Assessment and is performed by Standard & Poor’s (S&P), one of the world’s leading corporate rating and assessment agencies.
The CSA is one of the most comprehensive sustainability assessments, covering all of the three ESG pillars. As of 23 February, we achieved the second-highest score out of 72 assessed companies in the automotive industry in the 2022 CSA assessment. That places us among the top 5 per cent of companies in the industry.
“It can’t be overstated how important our sustainability performance is for our company and our business,” says Timo Paulsson, our head of sustainability governance. “It’s promising to see that ESG ratings like the ones from CDP and S&P confirm our picture of where we're at – that we’re very well positioned for the future."
These positive external assessments help confirm we’re on the right track towards realising our sustainability ambitions. However, we’re not complacent about the challenges ahead as we strive to be a recognised leader within our industry.
