MOL to Join "First Movers Coalition" as the First Japanese Company

Source: www.gulfoilandgas.com 5/30/2022, Location: Asia

Mitsui O.S.K. Lines, Ltd. (MOL) announced that on May 25, it participated in the First Movers Coalition (FMC) (Note 1), which was established to boost demand for decarbonization technology at the World Economic Forum Davos Agenda. MOL is the first Japanese company to take part in FMC, a platform aimed at helping governments and major global companies cooperate to launch technologies needed to achieve "net zero emissions by 2050" and enhance cost competitiveness. Through the NextGen CDR Facility (Note 2), which was announced prior to its participation in FMC, MOL is committed to purchasing at least 50,000 tons of verified carbon dioxide removals (CDR) (Note 3) by the end of 2030.

On May 23, MOL President & CEO Hashimoto was invited to serve as a panelist at a session called "Accelerating Shipping Decarbonization and the Global Transition (Note 4)", organized by the Global Maritime Forum and Yara International, at the Davos meeting. With partners that form supply chains, President & CEO Hashimoto reiterated MOL's commitment to proactively adopt clean alternative fuels for decarbonization of ocean shipping.

MOL established the MOL Group Environmental Vision 2.1 in June 2021 as a guide to realize a sustainable society, and is committed to adopting clean alternative fuels, promoting wider adaptation of negative emissions, and achieving net zero GHG emissions, as a pioneer among Japanese ocean shipping companies. The company will ensure a prosperous future from the blue oceans by contributing to sustainable growth of people, society, and the planet, to benefit all life in the next generation.


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