MOL to invest $1.81B in decarbonization in the next 3 years

Japanese shipping giant MOL plans to invest approximately ¥200 billion ($ 1.81 billion) in low carbon/decarbonization fields over three years from 2021 to 2023 fiscal year.

The investment was revealed as part of MOL Group’s Vision
and Outline of Rolling Plan 2021 released on Monday.

The environmental strategy will see the company accelerate iniatitives including moving up the net GHG emission zero schedule by 2050, developing a GHG, introduction of internal carbon pricing as well as promoting alternative fuel, operational efficiency and energy conversation.

The strategy will involve expansion of business portfolio in the field of low environmental impact and low carbon such as LNG, LNG carriers, FSRUs, power ships as well as entrance into offshore wind power businesses.

As part of the strategy, MOL aims to develop services that visualize the environmental impact and reduction effects as well as disclosing its carbon footprint.

Over the recent period, the company has revealed several initiatives aimed at switching from fossil fuels to alternative fuels such as LNG as well as alternative propulsion systems including wind power.

Plans to develop the Wind Challenger started in 2009 as an industry-academia joint research project led by the University of Tokyo. MOL took charge of the plan in 2018 and has been working on the technology since. The first Wind Challenger is scheduled to be released in 2022.

MOL has also decided to invest in Larvik Shipping, a Norwegian ship management company for liquified CO2 carriers.

The investment marks MOL’s entrance into a completely new market of ocean transportation of liquefied CO2.