(MENAFN- The Peninsula)
The Peninsula
Doha: Volvo Cars have aimed for annual savings of SEK1bn and reductions of 2.5 million tonnes in carbon emissions from 2025 using circular business principles.
Supporting the company's long-term goal of becoming a circular business by 2040, Volvo Cars will create closed material loops for emission-heavy materials such as steel and aluminium and remanufacture, repair, reuse and refurbish parts.
'Volvo Cars has one of the most ambitious climate plans in the car industry, and if we are to reach our goals, we need to embrace the circular economy. This requires us to rethink everything we do and how we do it. We put a strong focus on integrating sustainability into the way we think and work as a company. We are making it as important as safety has always been to us, said Anders Kärrberg, head of global sustainability at Volvo Cars.
To become a circular business by 2040, Volvo Cars is convinced that every part of its cars should be designed, developed, and manufactured to be used and reused by the company or its suppliers.
By focusing on resource efficiency and retaining the value created in materials and components for as long as possible during the lifecycle, the company wants to optimize the use of materials, components, and cars and eliminate waste in the process. This will lead to financial savings and new revenue streams as well as significantly lower our environmental impact.
Already, Volvo Cars remanufacture parts such as gearboxes and engines to make better use of material and reduce emissions. In 2020, around 40,000 parts were remanufactured, saving nearly 3,000 tonnes of CO2 emissions. By 2025, Volvo Cars aim to more than double its remanufacturing business.
To ensure that valuable material can be kept in circulation, the company recycled 95 percent of its production waste last year. This included 176,000 tonnes of steel, avoiding the generation of nearly 640,000 tonnes of CO2.
In 2020, Volvo Cars became a member of the Ellen MacArthur Foundation, the world's leading circular economy network.
'We welcome Volvo Cars' commitment to design, develop and manufacture their products to be used and reused. It is very encouraging to see the link being made between circular solutions, business strategy, and a reduction in carbon emissions. The circular economy offers companies a framework for viable long-term growth that also benefits society and the environment, said Joe Murphy, network lead at the Ellen MacArthur Foundation.
New business models such as giving electric vehicle batteries a second life are essential from a circular business perspective.
Volvo cars are distributed in Qatar by Doha Marketing Services Company (DOMASCO), a leading multi-brand company in Qatar and a member of the Al Futtaim group. It has a diversified portfolio of passenger cars, motorbikes, commercial vehicles, marine and power products, watches, and electronics, representing some of the world's most visible and award-winning brands.
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