Volvo

Construction Machinery & Heavy Trucks

VOLV-B.ST

SEK 286 1.6

Share price

$ 56 bn

Market Cap

$ 70 bn

Enterprise Value

Carbon footprint

GHG emissions per $ 1 mln investment

0.14x the weighted average for S&P 500

FY2022

Primary Climate Goal

Proj. YOY change in GHG emissions (Scope 1 + 2)

Weaker than the -9.3% weighted average for S&P 500

FY2023

Volvo aims to reduce Scope 1 + 2 by 50% by 2030 from a base year 2019

1.5°C

Secondary Climate Goal

Proj. YOY change in GHG emissions (all Scopes)

Stronger than the -1.4% weighted average for S&P 500

FY2023

Volvo aims to achieve net zero for all Scopes by 2040

This target has not been verified as science based according to SBTi

GHG emissions and Carbon intensity

Volvo reported Total CO2e Emissions - Market-Based Scope 1 + Scope 2 for the twelve months ending 31 December 2022 at 324 Kt (-43 /-11.7% y-o-y). Also positively, carbon intensity dropped to 6.9 t (-1.5 /-17.9% y-o-y).

Volvo's Scope 3 emissions increased marginally to 287,000 Kt (+1,000/+0.3% y-o-y). There has been no consistent trend in recent years.

The company is committed to reducing Scope 1 + 2 by 50% by 2030 from a base year 2019, which translates into the estimated reduction of -17 Kt per annum over the period of FY2023 - FY2030. This science-based target is aligned with Paris Agreement to limit global warming to 1.5°C above pre-industrial levels.

Also, the company commits to achieving net zero for all Scopes by 2040, which translates into the estimated reduction of -15,962 Kt per annum over the period of FY2023 - FY2040. This target, however, has not been recognised as science-based (and as aligned with Paris Agreement) by the SBTi.

Date	Total CO2e emissions (market-based Scope 1 & 2) (Kt)	Scope 1	Scope 2	Scope 3	Revenue (USDm)	Carbon intensity (tons of CO2e) / (USDm)
2022Q4	324	243	81	287,000	47,080	6.9
2021Q4	367	252	115	286,000	43,489	8.4
2020Q4	375	250	125	323,000	38,312	9.8
2019Q4	369	245	124	323,000	46,309	8
2018Q4	420	223	198		45,224	9.3
2017Q4	397	207	192		38,966	10
2016Q4	407	211	196		35,417	12
2015Q4	412	220	192		37,651	11
2014Q4	449	231	218		41,067	11