Mitsui O.S.K. Lines, Ltd. (MOL) and the Kansai Electric Power Company (KEPCO) have signed a Memorandum of Understanding (MoU) to collaborate on a carbon removal credit project.
MOL and KEPCO will conduct feasibility and economic research in Africa, Southeast Asia, and other regions to generate carbon credits by removing CO2 from the atmosphere.
The MOL Group has set the target of achieving net zero GHG emissions by 2050 in the “MOL Group Environmental Vision 2.2.”
The organisation aims to produce carbon removal credits and reduce CO2 emissions by 2.2 million tonnes by 2030.
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MOL and KEPCO collaborated on designing liquified CO2 carriers for carbon capture and storage (CCS) and are currently exploring liquefied hydrogen carriers.
According to MOL, carbon removal credits are based on removing CO2 directly from the atmosphere. The approaches are divided into two categories: “nature-based solutions” and “technology-based solutions.”
Last month, MOL acquired 72 per cent of the shares of its equity method affiliate Gearbulk Holding AG, a Swiss shipping company.
