Aiming to achieve net zero emissions, Mitsui OSK Lines (MOL) has announced the launch of a new programme, ‘Blue Action Net-Zero Alliance’.
This programme is intended to contribute to reducing the Scope 3 GHG emissions of actual shippers and NVOCCs (non vessel operating common carriers) 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.
MOL says it is the first shipping company in the Asia-Pacific region to issue environmental attributes certificates (EACs) of low-emission voyages using alternative fuels tradable on a platform built in collaboration with the Dutch startup 123Carbon. 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, C.H. Robinson Worldwide and MOL Logistics. These factors led to the launch of this programme.
The EACs traded with customers under the programme 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 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.
Image: MOL Blue Action Net-Zero Alliance (source: MOL Group)
