– Toward the Decarbonization of the Ocean Shipping Industry –
MOL announced that it joined the Shipping Sector of the First Movers Coalition (FMC) during the World Economic Forum Annual Meeting which was held from January 16-20, 2023. Ocean shipping companies participating in the sector have committed to use zero-emission fuels for at least 5% of their deep-sea shipping by 2030.
The FMC, in which MOL became the first Japanese company to join in May 2022, is an initiative launched by the World Economic Forum and U.S. Special Envoy for Climate John Kerry on the occasion of COP 26 in November 2021. The FMC is a platform that large companies commit to purchase technologies and services by 2030 that are critical to achieving zero emissions, and partner governments provide policy support to create a market early and promote the development and adoption of decarbonizing technologies. It 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 recognizes the importance of taking the necessary actions to further promote climate change action over the next decade through FMC.
Attending the FMC Leaders Meeting during this year’s World Economic Forum Annual Meeting, MOL President & CEO Hashimoto reiterated the company’s “commitment to decarbonize shipping by proactively introducing clean alternative fuels with our partners to build a more resilient and cleaner supply chain as a leader in the industry.”
MOL set the goal of achieving net zero GHG emissions by 2050 in the “MOL Group Environmental Vision 2.1” which was formulated in June 2021 as a roadmap for achieving a sustainable society. As a pioneering multimodal shipping company, the company will promote initiatives such as introducing clean alternative fuels and promoting the spread and promotion of negative emissions to achieve net zero emissions.