Japan's MOL joins First Mover Coalition's shipping sector
Japanese shipping major Mitsui O.S.K. Lines (MOL) has joined the shipping sector of the First Movers Coalition (FMC), a global initiative...By Shardul Sharma
Japanese shipping major Mitsui O.S.K. Lines (MOL) has joined the shipping sector of the First Movers Coalition (FMC), a global initiative aimed at decarbonising the heavy industry and long-distance transport sectors.
Ocean shipping companies participating in the sector have committed to using zero-emission fuels for at least 5% of their deep-sea shipping by 2030, MOL said in a statement issued on January 27.
MOL in May 2022 became the first Japanese company to join the FMC, an initiative launched by the World Economic Forum and US Special Envoy for Climate John Kerry on the occasion of COP 26 in November 2021.
The FMC has established sectors for shipping, aluminum, 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.
“In addition to the CDR sector in which MOL is already participating, the company has 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,” it said.
MOL has set the goal of achieving net zero GHG emissions by 2050.