Volvo Cars announced in the month of July that its models launched beginning 2019 will be completely electric or hybrid vehicles thereby reducing the impact of the conventional engines on the environment. Initially, the car manufacturer will launch five models between 2019 and 2021 that will consist of three Volvo models and two from the Swedish carmaker's high-performance brand, Polestar, which would most likely be fully electric. With this announcement, Volvo Cars became the first established car company to fully embrace electrification and place it at the core of its future business. The electrification announcement set a milestone in the industry, and Volvo Cars’ example has been followed since by other car makers who have made similar announcements. And now, the premium auto brand has been recognised by the United Nations for its ground-breaking electrification strategy in the latest report from the UN’s Global Compact, the world’s largest corporate sustainability initiative.
The report, launched earlier this week at the Global Compact’s annual meeting in New York, focuses on the progress that Global Compact members have made in supporting the delivery of the UN’s Sustainable Development Goals (SDGs). It highlights 10 chief executives that have taken particularly bold and disruptive action, including Volvo Cars’ President and Chief Executive, Hakan Samuelsson.
The Global Compact has also recognised Volvo Cars as a LEAD member, a group of the most committed, engaged and ambitious companies within the Global Compact. A founding member of the Global Compact, Volvo Cars is one of only 44 LEAD companies out of a total of 9,500 members - and one of only two car makers.
In the report, entitled ‘Business Solutions to Sustainable Development’, Hakan Samuelsson lays out the company’s reasoning behind the electrification strategy announced in July of this year. “We’re doing this because we think this is the right future for Volvo Cars, and that it will make us stronger. It’s sound business,” says Samuelsson in the UNGC report.