Foreword The automotive sector is crucial not only in helping to drive economic growth but also in enabling safe, sustainable and connected mobility on a global scale. Today, the sector stands at a pivotal moment as it transitions rapidly from internal combustion engine (ICE) vehicles to electric vehicles (EVs). This transformation is driven by an urgent, society- wide need to reduce greenhouse gas (GHG) emissions and combat climate change. Consistent governmental support is needed to accelerate this transition and EV adoption, including through investment in fast-charging infrastructure. However, climate change is not the only planetary crisis our sector faces. Climate mitigation and adaptation efforts must go hand-in-hand with strategies to protect and restore nature and biodiversity. Understanding the interplay between these issues and implementing solutions that address both areas is essential for managing trade- offs and risks. Our sector’s activities both impact and depend on nature, in particular, due to the key materials we use in our operations. This report clearly defines the priority actions the automotive sector needs to take to contribute to the nature-positive movement, meet the goals of the Kunming-Montreal Global Biodiversity Framework and halt and reverse nature loss by 2030. In the coming years, the sector needs to continue to reduce the impacts of operations and materials, become more circular, transform its product offering and conserve and restore nature. At Volvo Cars, alongside our ambition to become a circular business and reach net-zero GHG emissions by 2040, we are committed to avoiding and reducing our negative impacts on biodiversity throughout our value chain while making positive contributions towards nature recovery. For example, we aim to reach 30% average recycled content across all vehicles produced, reuse or recycle at least 99% of all waste from our operations by 2030 and reduce water withdrawal in our operations by 50% per car by 2030, compared to 2018 levels. Volvo Cars is also proud to be the first global car maker to adopt the Taskforce on Nature-related Financial Disclosure’s (TNFD) Recommendations to enhance transparency about our progress and support nature disclosure. A transition of this scale isn’t straightforward, and collaboration will be essential to success. Therefore, we call on our peers in the automotive sector to join us in these efforts. Only by working together across the industry, the value chain and with customers can we overcome the challenges ahead and build a sustainable, resilient future for our planet. Jim Rowan Chief Executive Officer, Volvo Cars Nature Positive: Role of the Automotive Sector January 2025 Nature Positive: Role of the Automotive Sector 3

Nature Positive Role of the Automotive Sector