Mitsui O.S.K. Lines (MOL) has announced it aims to achieve group-wide net-zero GHG emissions by 2050.
As laid out in its latest Sustainability Plan, the group initially defined and identified social issues to prioritise through its businesses as Sustainability Issues in 2019.
MOL said it has since reviewed some of these issues, based on changes in its business environment.
In its Sustainability Plan, the shipping line set targets, key performance indicators (KPIs), and action plans related to each issue with the objective of strengthening initiatives on specific issues and appropriately conducting measurements of effectiveness and improvement activities.
In order to address these issues, MOL has split up the plan into five key sections:
- Human & Community
- Safety & Value
To help achieve net-zero by 2050, MOL has set two additional mid-to-long term targets:
- Deploy net-zero emissions ocean-going vessels in the 2020s
- Reduce GHG emissions intensity by approximately 45 per cent 2035
To meet these targets, the shipping line intends to:
- Adopt clean alternative fuels
- Enhance energy-saving technologies
- Boost operating efficiency
- Build business models to enable net-zero GHG emissions
- Expand low-carbon and decarbonisation projects through use of the MOL Group’s concentrated strength
“When establishing this plan, we reviewed some of our sustainability issues (materiality) based on the evolving business characteristics of our corporate group itself and changes in the external environment such as human right issues that are coming to the forefront. On this basis, we set targets, KPIs, and an action plan interlinked with each issue,” said Takeshi Hashimoto, President of the MOL Group.
“The MOL Group aims to improve corporate value through achievement of the Group Vision, bravely address the challenges presented by various social issues, support the prosperity of people and industries all over the world from the blue ocean, meet the expectations of various stakeholders, and help realise a brighter future for everyone.”
The shift to clean alternative fuels will also contribute to improving air quality levels.
Innovation plays a large part in the group’s plan, specifically citing the adoption and promotion of clean energy and energy-saving technologies.
The hard sail system, jointly developed by Oshima Shipbuilding CO., Ltd., is one such energy-saving technology that is looking to be implemented in the coming months. The product, which was completed in February 2022, converts wind power into propulsive force.