MOL joins GCMD’s decarbonisation campaign

MOL, GCMD partner to advance decarbonisation in maritime industry

Mitsui O.S.K. Lines, Ltd. (MOL) and the Global Centre for Maritime Decarbonisation (GCMD) have agreed to a five-year Impact Partnership to preserve energy technologies for vessel development.

Both parties had signing ceremonies at the GCMD office in Singapore.

As a GCMD Impact Partner, MOL will make various contributions and collaborations through its participation in GCMD’s projects, such as providing access to vessels, operating data, and evaluation reports so that internal learnings can be shared publicly and used for future trials.

The carbon budget concept limits the total amount of greenhouse gas (GHG) emissions that can be generated globally in order to keep global temperature rise to 1.5 degrees Celsius by 2050.

READ: MOL, Chevron sign maritime decarbonisation MoU

In addition to a net-zero aim, intermediate emission reduction targets are required. While the two companies have plans in place to use low or zero emissions boats in the future, critical emission-reduction measures will reportedly be introduced.

Such efforts include using low-carbon and transition fuels that are now accessible, as well as implementing energy-saving technologies onboard vessels.

MOL will bring its experience to bear as it joins GCMD and existing partners to expedite the decarbonisation of international shipping.

READ: Fragmentation: The Enemy of Decarbonising Port Logistics

Professor Lynn Loo, CEO of the Global Centre for Maritime Decarbonisation, said: “We are proud to have MOL, one of the leading shipowners in Japan, come onboard as an Impact Partner.

“We are excited to tap on MOL’s track record in developing technical energy efficiency measures to broaden our perspective as we scope an initiative to help increase industry adoption of measures that can increase fuel efficiency of ships.”

Toshiaki Tanaka, Representative Director, Executive Vice President Executive Officer, and Chief Operating Officer of MOL, stated: “We are very pleased to be a partner of one of the most important global coalitions.

“We will make our biggest effort to contribute and accelerate progress towards the net zero future in maritime industry, together with GCMD and all its partners.”

In June 2023, MOL announced a leasing deal for three new LNG carriers under construction at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd.

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