What we did at the Annual Meeting of the World Economic Forum 2024
Last week, we had the chance to bring our sustainability ambitions to the world stage at the World Economic Forum Annual Meeting. Here are some highlights.
The World Economic Forum annual meeting took place between 15-19 January 2024.
More than just a meetup for Keynesians and monetarists alike, WEF serves as a meeting place for governments, businesses and NGOs to discuss global issues ranging from generative AI to antibiotic resistance to the future of banking. This year’s event convened under the theme of ‘Rebuilding Trust’ – and importantly how can this be achieved within societies, economies and nations given the significant challenges and shifts the world is facing.
After seven days of discussions, panels and debates, the Meeting in Davos, Switzerland concluded last Friday. Our CEO, Jim Rowan, had a full 3-day programme, packed with meetings with fellow CEOs and political leaders, roundtable sessions and media interviews. There was a strong focus on sharing our new sustainability ambitions, understanding potential supply chain challenges and opportunities, as well as future collaboration.
Here are some of the highlights:
The EV transition panel
Jim joined a panel discussion, titled EV Transition: A Marathon or a Sprint?, with other leaders in the electric vehicle space to discuss how to decarbonise the supply chain of electric vehicles and how fast this could be done.
During the discussion Jim highlighted the need for global cooperation to tackle the next series of climate challenges we face. But to hit sustainability targets, it will take more than just a few companies or a couple of governments to drive the change. Jim also made clear that there needs to be a collective will to take the long term view for the good of people and planet.
With no tailpipe emissions, electric vehicles have an opportunity to reduce the total CO2 emitted by individuals. But while these vehicles don’t run on petrol or diesel, the mining and production of materials still emit CO2 and other harmful gases. Further transportation along global supply chains, and manufacturing the cars tacks on a further, and so far unavoidable, impact.
During the discussion Jim highlighted the need for global cooperation to tackle the next series of climate challenges we face. But to hit sustainability targets, it will take more than just a few companies or a couple of governments to drive the change. Jim also made clear that there needs to be a collective will to take the long term view for the good of people and planet.
More than just talking the talk, we’ve renewed our overall sustainability strategy. By 2030, we aim to reduce our CO2 emissions per car by 75 per cent, and to reduce energy usage in our operations per average car by 40 per cent (compared to 2018 levels in both cases).
We’re aiming to reach 30 per cent average recycled content across our fleet, with new car models having at least 35 per cent recycled content. We are also aiming to reduce water use in our own operations by 50 per cent average per car (also compared to 2018 levels).
And last but not least, we aim to either reuse or recycle at least 99 per cent of all waste from our operations.
Our updated sustainability strategy comes hot off the heels of previous steps we’ve taken toward reducing our climate footprint. Within the past year, we’ve announced that we are aiming to be 100 per cent climate neutral in our manufacturing operations and have also discontinued the sale of new diesel Volvos.
All of this is just a starting point though. The next step in our sustainability journey focuses on reducing our biodiversity impact, including on our oceans.
Volvo Cars CEO, Jim Rowan, at the panel discussion titled EV Transition: A Marathon or a Sprint.
The Ocean Race roundtable
The ocean is one of our greatest allies in the fight against climate change as it absorbs around 20 per cent of global CO2 emissions. It’s no secret that protecting this vital resource benefits the planet and the people living on it in more ways than as just a carbon sink – in fact we’ve voiced our support for a Universal Declaration of Ocean Rights to make our waters easier to protect and regulate.
Alongside notable representatives such as Prince Albert of Monaco and the United States Climate Envoy (and former presidential candidate) John Kerry, Jim again represented Volvo Cars at a roundtable discussion. Together, the group engaged in a chat centred around the collaboration needed in order to take concrete steps to protect marine life and the waters they inhabit.
Based in the port city of Gothenburg, we have always had a close relationship to the sea – and our updated sustainability strategy comes with commitments protecting biodiversity in to begin our journey toward a nature positive impact.
Going forward though, to meet the sustainability challenges facing the world, it will take a coalition of companies, governments and academia to join forces and focus on solving these problems together. The Annual Meeting is a great place to start building these coalitions across these vital stakeholder groups, but it’s only the first step toward making our world a little better.
