Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) announced the signing of a memorandum of understanding (MOU) to develop a green corridor connecting Portugal to Northern Europe with Madoqua Renewables Holding Lda (Madoqua)(Note) and other global leaders (figure below). Madoqua is a renewable energy developer and will be the project coordinator, focused on driving collaboration across the entire value chain. The MOU reinforces MOL’s leadership in sustainable shipping innovation.
This Green Corridor project aims to establish a shipping route where low-emission shipping solutions are utilized and low carbon fuels are transported.
Global industry leaders from Europe, Asia and North America have come together to support the development of this Green Corridor. The collaboration includes diverse sections of the energy transition value chain, including financial partners, terminal operators, academic and policy institutions, industrial corporates committed to decarbonization, green fuel producers and alternative fuel off-takers.
As a Shipping Logistics Partner, MOL will play a key role in enabling the transportation of green fuels and CO2, while promoting the use of zero-emission ships to decarbonize the maritime transport sector.
In collaboration with other stakeholders, MOL will provide strategic insights into logistical and operational requirements for green fuels, helping shape the future of green corridors. This initiative is part of the "Build business models that enable net zero emissions," one of the actions set forth in our group's Environmental Vision 2.2, and aligns with our goal of achieving net zero greenhouse gas (GHG) emissions by 2050.
Through this partnership, MOL continues to drive innovation, contributing to global efforts toward achieving a greener, more sustainable maritime industry.
