VWFS Will Reduce Fossil Fuel Energy Consumption by 75%
Volkswagen Financial Services (VWFS) announced that its new photovoltaic plant will reduce its energy consumption derived from fossil fuels by 75%, as it moves forward with its environmental commitments. In May 2023, VWFS ranked among the Top 3% of companies with the best sustainability risk assessment.
VWFS is the financial arm of the Volkswagen Group. Last May, the company celebrated its 50th anniversary in Mexico. “For 50 years, VWFS has provided mobility solutions to over 2.8 million Mexicans through its innovative financial products. Our goal is to empower Mexican families by granting them access to a wide range of mobility options,” reads a statement in the company’s webpage. Moreover, in 2022 the commercial division of the automotive firm added 250,000 new contracts, solidifying its position in the automotive financial services sector.
David Rands, Director General and CEO, VWFS, highlighted that to grow sustainability results, the company is focusing on implementing environmentally friendly products, operations and technologies, pushing toward net-zero emissions in the long term. The company has already installed a photovoltaic plant of nearly 3000m2. The plant is expected to have a lifespan of at least 30 years and to help mitigate over 14,000m3 of CO2, which, according to the company, would be equivalent to planting approximately 47,813 trees.
The technology chosen for the installation of the plant was a monocrystalline silicon system with half-cells, which enables the reflection of a portion of the light passing through the cell to maximize energy generation. VWFS’ facilities are connected to CFE’s distribution network, which will allow the energy generated through solar panels to be easily managed based on surplus or deficit moments, in accordance with current regulatory provisions.
In addition to the photovoltaic plant, VWFS also aims to achieve CO2 neutrality for all vehicles used for its commercial operations. At a global scale, Sustainalytics, a leading ESG research and analysis firm, reported that VWFS ranked among the Top 3% of companies with the best sustainability risk assessment in May 2023.
Javier Martínez Vallano, Finance Director, VWFS, stressed that sustainability is an essential cornerstone in the company’s strategy toward 2030. Likewise, he highlighted that VWFS is evolving from being solely a sales promoter to a sustainability booster within the Volkswagen Group. “Our stakeholders, including our customers, demand the transition to more sustainable practices. That is why we have become a driving force for change, with goals in both the short and long term,” said Martínez.