ESG Today writes that Volvo also joined the First Movers Coalition (FMC), which will help the company purchase green technologies that will allow it to manufacture more sustainable aluminum. FMC is a coalition of companies launched at UN's COP26 that aims to support the development and adoption of green technologies in hard-to-abate sectors.

Jonas Otterheim, Head of Climate Action at Volvo Cars, said that "we have previously used the COP summits to push collective climate action and COP28 will be no different. What we and other like-minded companies are trying to do is develop and scale up transformational technologies to decarbonize sometimes ancient industrial processes."

Volvo's existing climate goals include achieving climate neutrality by 2040 and cutting per vehicle emissions by 40% between 2018 and 2025. So far, company officials claim that a 19% emissions reduction was achieved per manufactured vehicle compared to the year of reference 2018.

Also, by 2030, Volvo Cars is committed to only sell battery-electric vehicles worldwide and through the first three quarters of 2023, BEVs accounted for 16% of the company's sales.