The Volvo Environment Prize is awarded for "Outstanding innovations or scientific discoveries which in broad terms fall within the environmental field". 

The Volvo Environment Prize is awarded by an independent foundation, which was instituted in 1988. Laureates represent all fields of environmental and sustainability studies and initiatives.

The Volvo Environment Prize consists of a diploma, a glass sculpture and a cash award for SEK 1.5 million (approximately EUR 170 000 or USD 230 000)