With
this, Volvo Cars becomes the first car maker to sign up for the SteelZero
initiative, which aims to increase demand for fossil-free steel and accelerate
a transition to carbon neutrality in the global steel industry.
New
Delhi: Swedish carmaker Volvo Cars on Tuesday signed an agreement with SteelZero
committing itself to stringent CO2-based steel sourcing requirements by 2030. By 2050, all the steel it sources
should be net-zero steel, which is in line with the company’s ambition to be climate
neutral by 2040.
With this, the former becomes the first car maker
to sign up for the SteelZero initiative, which aims to increase demand for fossil-free steel and accelerate a transition to carbon neutrality in the
global steel industry.
Volvo Cars strives to be climate neutral by 2040 as
part of its comprehensive climate action plan and aims to become a fully
electric car maker by 2030 and plans to roll out a whole new family of pure electric
cars in coming years.