Volvo Environment Prize presented by EU:s Environment Commissioner

The Volvo Environment Prize for 2003 was awarded today to the joint
laureates, Professor Madhav Gadgil from India and Dr Muhammad Yunus from
Bangladesh for their individual and collective work in the understanding
and transformation of the relationships between poverty, development and
the environment. The prize was presented by The EU Environment
Commissioner Margot Wallstrom.

At the Prize Ceremony, held in the Flagey complex in Brussels, she
presented the winners of the 14th Volvo Environment Prize with their
citations from the Prize Committee, an original glass sculpture by the
Swedish designer Erika Lagerbielke, a personally designed diploma and
the shared prize sum of SEK 1.5 million.

On being asked to hand over the Volvo Environment Prize, Commissioner
Wallstrom said, "The Volvo Environment Prize is a reward for
environmental excellence, an annual incentive for innovative minds to
find new remedies to the myriad of problems that threaten the wellbeing
of the planet and raises the bar in pursuit of sustainable solutions".

Professor Madhav Gadgil is one of the world's leading ecologists and
conservationists, whose pioneering work has been inspired by the firm
belief that knowledge about the traditions and experiences of
communities is of central importance to scientific research as well as
ecological and social planning.

Dr Muhammad Yunus eschewed a lucrative academic career in the USA where
he studied extensively to return to his native Bangladesh to found the
Grameen Bank which has broken the mould in lending practice to enable
over two million borrowers break out of the poverty trap with small
collateral-free loans, over 90% of which have been honored.

A transcript of speeches, photos and subsequent comments will be posted
on www.environment-prize.com following the ceremony.

October 29, 2003

For further information, please contact 
Lena Gevert, AB Volvo, +46 31 66 69 90