Japanese shipping company Mitsui O.S.K. Lines (MOL) has announced its plan to issue “Sustainability Bonds” for the financing of a series of green projects.
Available on Japan’s domestic market from July 2019, the bonds will help MOL to protect and improve the environment, as well supporting a number of initiatives focused on social issues.
According to the shipper’s “Rolling Plan 2019”, goals of future projects include the development of environment and emission-free businesses into core businesses and to “promote initiatives for (the) United Nations’ Sustainable Development Goals (SDGs)”.
Bryan Comer examines the path towards zero-emission shipping in a recent Port Technology technical paper
MOL has also emphasized that stricter environmental regulations create opportunities for new businesses, allowing it to diversify its portfolio while addressing new challenges in technical innovation.
With the funding provided by the bonds offering, MOL will continue to invest in its Magsaysay Maritime Academy in the Philippines, a facility that trains students and enables them to start working immediately.
Supported by practice facilities and simulators that closely replicate the environment of an actual vessel, MOL can develop highly competent seafarers that meet the highest standards of safe operations.
Another programme that will receive attention is MOL’s “Workplace Reforms Project”, which aims to “change employees' consciousness and approach to work itself” by realizing workplace reforms in combination with new personnel systems and advanced IT tools.
Working in partnership with MOL Coastal Shipping, the project focuses on mooring ropes that connect vessels to piers and other port facilities… #PTIDaily #Ports #Safety #Mooringhttps://t.co/uH49r1gyXI
— Port Technology (PTI) (@PortTechnology) March 12, 2019
In addition to this, funds will be used to develop environmentally friendly solutions such as a ballast water treatment system – which protects marine biodiversity by reducing the transboundary movement of microbes and bacteria contained in ballast water – and a sulphur oxide scrubber.
As many as 142 MOL-owned vessels are currently equipped with ballast water systems, while the sulphur oxide scrubber will help the company to meet the International Maritime Organization’s (IMO) 2020 regulations.
Finally, MOL plans to invest in more vessels fuelled by liquefied natural gas (LNG), which would virtually eliminate sulphur oxide emissions and result in lower emissions of other greenhouse gases (GHGs).