Nippon Yusen Kabushiki Kaisha (NYK) and ENEOS have entered into an agreement to collaborate on the decarbonization of marine fuels.
Under the agreement, ENEOS will procure carbon dioxide removal (CDR) credits from 1PointFive’s STRATOS Direct Air Capture plant in Texas, scheduled to commence operations in 2025.
These credits, generated by removing CO2 directly from the atmosphere and storing it underground, will be bundled with marine fuel supplied by ENEOS and sold to NYK for five years beginning in 2028.
Direct Air Capture with Carbon Storage (DACCS) is a crucial negative emissions technology that plays a vital role in achieving net-zero emissions targets, particularly in sectors where emissions reductions through energy conservation and fuel transitions may be limited.
This partnership aligns with NYK’s commitment to achieving net-zero emissions by 2050, as outlined in its “NYK Group Decarbonization Story.”
NYK is actively pursuing a multi-pronged approach to decarbonization, including maximizing energy efficiency and transitioning to alternative fuels such as LNG, ammonia, and methanol.
Relevant: Aerleum Secures $6M To Scale CO2-To-Fuel Technology For Shipping And Aviation
CDR credits will be utilized to offset residual emissions that cannot be eliminated through these mitigation efforts.
Similarly, ENEOS, as outlined in its Third Medium-Term Management Plan & Carbon Neutrality Plan, is committed to reducing its own carbon footprint and contributing to societal decarbonization.
This includes investing in technologies like Carbon Capture and Storage (CCS), forest absorption, and DACCS, while also promoting the transition to cleaner energy sources like hydrogen, biofuels, and renewable energy.
Relevant: Enterprise To Build New CO2 Transportation Network In Texas For 1PointFive
The recent launch of ENEOS’s “carbon offset fuel” further demonstrates its commitment to supporting voluntary decarbonization initiatives.
This collaboration between NYK and ENEOS marks a significant step forward in the decarbonization of the maritime sector.
By integrating Direct Air Capture credits into their fuel supply chain, the companies are demonstrating a proactive approach to addressing the climate challenge and paving the way for a more sustainable future for marine transportation.
