Mitsui O.S.K. Lines (MOL, TYO: 9104) and the Kansai Electric Power Company (KEPCO, TYO: 9503) have signed a Memorandum of Understanding (MoU) to jointly explore a potential carbon removal initiative.
The partnership will focus on feasibility and economic research in Africa, Southeast Asia, and other regions to develop carbon credits through carbon dioxide (CO2) removal, according to a statement by MOL.
MOL has committed to achieving net-zero greenhouse gas emissions by 2050 under its “Environmental Vision 2.2.”
As part of this goal, the company aims to generate carbon removal credits and cut CO2 emissions by 2.2 million tons by 2030.
Relevant: Japan’s Marubeni, MOL Launch Joint Venture For Nature-Based Carbon Credits
The collaboration builds on previous joint efforts between MOL and KEPCO, including the development of liquefied CO2 carriers for carbon capture and storage (CCS).
The companies are also exploring liquefied hydrogen carriers to support future decarbonization initiatives.
Carbon removal credits are generated when CO2 is extracted directly from the atmosphere, using both “nature-based solutions” and “technology-based solutions.”
This approach aligns with global efforts to reduce carbon footprints and drive investment in sustainable energy practices.
MOL recently strengthened its position in the shipping sector by acquiring a 72% stake in Gearbulk Holding AG, a Swiss shipping company, further expanding its capabilities in global logistics and sustainability efforts.
Read more: MOL, Value Maritime To Launch First Carbon Capture System On Japanese Tanker
