Aiming to achieve net zero emissions, Mitsui O.S.K. Lines, Ltd. yesterday announced the launch of a new program, BLUE ACTION NET-ZERO ALLIANCE. This program contributes to reducing the Scope 3 GHG emissions of actual shippers and NVOCCs (Note 1) that use ocean transport services by continually offering and enhancing low-emission marine transportation services using alternative fuels through co-creation with marine transportation-related stakeholders.
In February 2024, MOL became the first shipping company in the Asia-Pacific region to issue the environmental attributes certificates (EACs) of low-emission voyages using alternative fuels (Note 2) tradable on a platform built in collaboration with the Dutch startup 123Carbon B.V. (Note 3) Since then, MOL has established a system that can ensure operations from implementing low-emission voyages using alternative fuels in the MOL Group-operated fleet, to issuing EACs and allocating them to customers. In addition, the MOL executed transactions with three major NVOCCs for the issued EACs: NIPPON EXPRESS HOLDINGS, INC., C.H. Robinson Worldwide, Inc. and MOL Logistics Co., Ltd. These factors led to the launch of this program.
[How to accelerate the achievement of net-zero marine transportation services through this program]
- The EACs traded with customers under the program contain environmental attributes (including GHG emission reduction data quantified in units of t-CO2e being allocated to the EACs buyers and details of the relevant low-emission voyage) of specific low-emission voyages undertaken by the MOL Group-operated fleet.
- Actual shippers and NVOCCs that have been allocated EACs can reflect their activities for Scope 3 reduction through marine transportation services in their sustainability reports, etc., based on the description in the EACs.
- EACs are traded on a book-and-claim model. This allows for flexible trading depending on customers’ Scope 3 reduction targets and budget, regardless of whether or not there are physical ties between the customers and the low -emission voyages.
- The MOL Group will use the proceeds from the sale of EACs to procure alternative fuels and replace the fossil fuel used for voyages with alternative fuels.
In the “MOL Group Environmental Vision 2.2,” the MOL Group has identified “Build Business Models that Enable Net Zero Emissions” as one of the actions to realize net-zero emissions. The launch of this program is one of the specific examples. In addition, in “BLUE ACTION 2035”, the MOL Group Corporate Management Plan, MOL Group has set visions to address sustainability issues, and it has established the investment plan aligned with the Environmental Strategy to support the establishment of clean marine fuel supply chain in addition to fleet arrangement, and is moving forward with these initiatives. Through this program, MOL will deepen dialogue with stakeholders related to marine transportation and strive to offer low-emission marine transportation services in line with the customers’ requirements, while promoting appropriate environmental investments to realize such services.
Source: Mitsui O.S.K. Lines
