Summary

• Has disclosed life cycle assessments (LCA) for every new EV model since 2019, with disaggregated data on the emissions from the steel, aluminum and batteries used in these vehicles. Notably, the LCA for its EX30 model shows the lowest carbon footprint of any fully electric Volvo car to date, providing further evidence of the company’s leadership on supply chain decarbonization.
• Issued the world’s first EV battery passport in 2024 for its EX90 SUV, ahead of new EU rules but, beyond this important milestone, disclosed comparatively little progress on battery supply chain sustainability.
• Maintains a high degree of transparency on human rights due diligence policies and processes, and has increased its level of disclosure in key areas, such as risk assessment processes, remedy mechanisms, providing more complete statistical data on supplier monitoring activities.
• Modest rate of progress on transition minerals, increasing its level of disclosure in certain areas, particularly around smelters and refiners in its supply chain, but remaining stagnant in other areas such as disclosing more precise information about transition mineral risks and the results of its supply chain mapping efforts, among others.
• Little progress on Indigenous Peoples’ rights, remaining a poor performer in this area. The company still lacks specific commitments and supplier requirements on Indigenous Peoples rights, including their right to Free, Prior and Informed Consent.
• Achieved a 12 percentage point score increase on workers’ rights, due to greater disclosure on consultations with workers and their representatives. Particularly noteworthy is the fact that the company consults supply chain workers on workers’ rights risks, a best practice in this field and one of only two companies to do so.
• Despite its own commitment to paying a living wage, the company has yet to require suppliers to pay a living wage.