MOL 1st Japanese company to join First Movers Coalition
Japanese shipping company Mitsui O.S.K. Lines (MOL) has joined the First Movers Coalition (FMC), an initiative established to boost demand for decarbonization technologies at COP26 held in November 2021.
MOL is the first Japanese company to take part in FMC, a platform aimed at helping governments and major global companies cooperate to launch technologies needed to achieve net zero emissions by 2050 and enhance cost competitiveness.
On 23 May, MOL President & CEO Takeshi Hashimoto was invited to serve as a panelist at a session called “Accelerating Shipping Decarbonization and the Global Transition”, organized by the Global Maritime Forum and Yara International, at the Davos meeting.
With partners that form supply chains, President & CEO Hashimoto reiterated MOL’s commitment to proactively adopt clean alternative fuels for decarbonization of ocean shipping.
Through the NextGen CDR Facility, which was announced prior to its participation in FMC, MOL committed to purchasing at least 50,000 tons of verified carbon dioxide removals (CDR) by the end of 2030.
Carbon dioxide removal (CDR) or negative emission refers to removing and storing CO2 from the atmosphere. There are two main categories – nature-based solutions that increase CO2 absorption in nature such as forests and blue carbon; and technology-based solutions that remove CO2 from the atmosphere by using chemical engineering technologies.
Almost a year ago, MOL published its environmental vision as a guide to realizing a sustainable society and is committed to adopting clean alternative fuels, promoting wider adaptation of negative emissions, and achieving net zero GHG emissions, as a pioneer among Japanese ocean shipping companies.