Mitsui OSK Lines (MOL) has joined the Shipping Sector of the First Movers Coalition (FMC), the first Japanese shipping company to do so.
Ocean shipping companies participating in the sector have committed to use zero-emission fuels for at least 5% of their deep-sea shipping by 2030. The FMC is an initiative launched by the World Economic Forum and US Special Envoy for Climate John Kerry at COP 26 in November 2021. The FMC is a platform that large companies commit to purchase technologies and services by 2030 that are critical to achieving zero emissions, and partner governments provide policy support to create a market early and promote the development and adoption of decarbonizing technologies. It has established sectors for shipping, aluminium, aviation, carbon dioxide removal (CDR), cement and concrete, steel, and trucking. The total carbon dioxide emissions from these sectors account for 30% of the world’s total emissions, and without rapid innovation in clean technology, the share is expected to exceed 50% by mid-century.
MOL was already participating in the CDR sector and has now decided to participate in the Shipping Sector because it recognises the importance of taking the necessary actions to further promote climate change action over the next decade through FMC.
MOL President and CEO Takeshi Hashimoto said the company had a: “Commitment to decarbonise shipping by proactively introducing clean alternative fuels with our partners to build a more resilient and cleaner supply chain as a leader in the industry.”
MOL has set a goal of achieving net zero GHG emissions by 2050 and will promote initiatives such as introducing clean alternative fuels and promoting the spread and promotion of negative emissions to achieve net zero emissions.
