MOL fully commits to shipping decarbonization
MITSUI O.S.K. Lines Ltd. (MOL), one of the largest shipping companies in the world, becomes the first Japanese company that has committed to using zero-emission fuels on its vessels.
This comes after MOL joined the shipping sector of the First Movers held from Jan. 16-20, 2023.Shipping companies participating in this sector have committed to using zeroemission fuels for at least 5 percent of their deep-sea shipping by 2030. The FMC is an initiative launched by the World Economic Forum and US Special Envoy for Climate John Kerry on the occasion of COP26 in November 2021.
It is a platform that large companies commit to purchase technologies and services by 2030 that are critical to achieving zero emissions, and partner governments provide policy support to create a market early and promote the development and adoption of decarbonizing technologies. It has established sectors for shipping, aluminum, aviation, carbon dioxide removal (CDR), cement and concrete, steel, and trucking.
The total carbon dioxide emissions from these sectors account for 30 percent of the world’s total emissions, and without rapid innovation in clean technology, the share is expected to exceed 50 percent by mid-century. In addition to the CDR sector in which MOL is already participating, the company has decided to participate in the shipping sector as it recognizes the importance of taking the necessary actions to further promote climate change action over the next decade through FMC.
Takeshi Hashimoto, MOL president, reiterated the company’s “commitment to decarbonize shipping by proactively introducing clean alternative fuels with our partners to build a more resilient and cleaner supply chain as a leader in the industry.” MOL set the goal of achieving net zero GHG emissions by 2050 in the “MOL Group Environmental Vision 2.1” which was formulated in June 2021 as a roadmap for achieving a sustainable society.
As a pioneering multimodal shipping company, MOL will promote initiatives such as introducing clean alternative fuels and promoting the spread and promotion of negative emissions to achieve net zero emissions.