Hi
If its the very high pitched noise that seems to be loudest between 0:04 and 0:12, then that is when the your mobile microphone is nearest the cam belt and auxiliary belt end of the engine.
Maybe worth reading this thread
https://www.volvoforums.org.uk/showthread.php?t=36416
and using a garden hose to better pinpoint the noise.
I would suspect something to do with the auxiliary belt (alternator, power steering pump bearing, air conditioning pump bearing). You could find out by removing the auxiliary belt and seeing if the noise changes (stops).
And is there a tensioner pulley (and bearing) there as well? I don't remember.
Hope that helps,
Steve