TOKYO—Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced that on May 25, it participated in the First Movers Coalition (FMC)(Note 1), which was established to boost demand for decarbonization technology at the World Economic Forum Davos Agenda. 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. Through the NextGen CDR Facility (Note 2), which was announced prior to its participation in FMC, MOL is committed to purchasing at least 50,000 tons of verified carbon dioxide removals (CDR) (Note 3) by the end of 2030.
On May 23, MOL President & CEO Hashimoto was invited to serve as a panelist at a session called “Accelerating Shipping Decarbonization and the Global Transition (Note 4)”, 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.
MOL established the MOL Group Environmental Vision 2.1 in June 2021 as a guide to realize 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. The company will ensure a prosperous future from the blue oceans by contributing to sustainable growth of people, society, and the planet, to benefit all life in the next generation.
(Note 1) FMC is an initiative launched in cooperation of the World Economic Forum and the Hon. John F. Kerry, Special Presidential Envoy for Climate at COP26 held in November 2021. It aims to quickly create markets and develop and promote decarbonization technology, backed by major companies pledging to purchase important technologies and services by 2030 to achieve zero emissions.
(Note 2) Please refer to May 23, 2022, press release:
(Note 3) It is called “Carbon Dioxide Removal (CDR) or “negative emission,” referring 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.
(Note 4) It was the only session on the theme of decarbonization of ocean shipping at this year’s Davos meeting. The ocean shipping industry plays an important role in the world economy. Promotion of decarbonization of ocean shipping brings wide benefits to global supply chains. Under the participation of the Hon. John F. Kerry, U.S. Special Presidential Envoy for Climate, the participants discussed how the industry promotes decarbonization, by using synergetic effects of overall value chains and deepening cooperation with cargo owners.
MOL Group will contribute to realize a sustainable society by promoting responses to the sustainability issues, which are identified as social issues that must be addressed with priority through the business. We anticipate this initiative to contribute especially to the realization of ” Safety & Value -Provide added value through safe transportation and our social infrastructure business-”, “Environment -Conservation for Marine and global environment-” and “Innovation -Innovation for development in marine technology-”.