Mitsui O.S.K. Lines, Ltd. and Marubeni Corporation announced today that the two companies have entered into a shareholders agreement to jointly establish a new company, called Marubeni MOL Forests Co., Ltd.,(Note 1) to create, purchase, sell, and retire(Note 2) nature-based carbon removal credits(Note 3).
The new company, Marubeni MOL Forests, will operate under the philosophy: “Open the way to a sustainable future through the power of people and forests.” The company aims to contribute to global environmental preservation and sustainable societal development through the creation, trading, and proxy retirement of nature-based carbon removal credits. As its first project, it plans to establish new forests covering 10,000 hectares in India, aiming to start handling carbon credits from 2028 onwards.
The acceleration of the global movement toward decarbonization in recent years, along with intensified efforts at the corporate and national level, has put the spotlight on nature-based carbon removal credits based on methods that directly remove CO2 from the atmosphere (“carbon removal credits”). The market for carbon removal credits, which utilize carbon sequestration by new afforestation and carbon capture and storage technologies such as carbon dioxide capture and storage (CCS), is expected to further expand in the future as an indispensable tool for achieving the “net zero” goal, which is difficult to achieve by emission reductions alone. In particular, nature-based carbon removal credits not only absorb CO2, but also bring co-benefits, such as biodiversity conservation, soil improvement, and water conservation functions. These approaches make it possible to simultaneously combat climate change and protect the natural environment, contributing to nature revitalization.
MOL and Marubeni will create and supply nature-based carbon removal credits through this project to strengthen initiatives to realize a decarbonized society and contribute to global environmental conservation and the development of a sustainable society.
・ Marubeni’s initiatives toward decarbonization
Marubeni formulated its long-term vision for climate change in March 2021, and in its Mid-term Management Strategy “GC2024”, it has positioned its green strategy as one of its basic policies for enhancing corporate value. The company is focusing on renewable energy, new energy businesses such as hydrogen and ammonia, and sustainable forest management projects in Indonesia and Australia for CO2 sequestration and biodiversity conservation. Furthermore, Marubeni is also generating and trading carbon credits through GHG reduction activities and support in collaboration with businesses in Japan and overseas. Through these initiatives, Marubeni aims to contribute to decarbonization and realize a sustainable society.
・ MOL’s initiatives toward decarbonization
The MOL Group aims to become a social infrastructure company under its BLUE ACTION 2035 management plan and plans to strengthen non-shipping businesses and proactively invest in these fields. In addition, it set the goal of achieving net-zero GHG emissions for the entire MOL Group by 2050 in the “MOL Group Environmental Vision 2.2.” The high-quality nature-based carbon removal credits earned through this project will also contribute to the milestone of “contribute to the removal of a cumulative 2.2 million tons of CO2 by 2030,” as stated in the “MOL Group Environmental Vision 2.2.”
The two companies will strive to create a bright future by harnessing the power of forests and combining their respective strengths.
Source: Mitsui O.S.K. Lines
