bp and NYK Line join forces to help decarbonise hard-to-abate sectors
bp and NYK Line have signed a memorandum of understanding to collaborate on future fuels and transportation solutions to help industrial sectors, including shipping, decarbonise, according to the company's release.
For shipping, the companies will collaborate and identify opportunities to help transition from current marine fuels to alternatives such as LNG, biofuels, and methanol, and to develop future fuels such as ammonia and hydrogen.
For other hard-to-abate industrial sectors, the two companies will also consider potential marine transportation and other solutions for carbon dioxide, and explore participation in the supply chains for ammonia and hydrogen to be used in heavy industry and power generation, to help those sectors to decarbonise.
Shipping is core to global trading activities. For the world to decarbonise, shipping must decarbonise, and as one of the world’s largest shipping and logistics companies, NYK Line is seeking to lead decarbonisation efforts in the industry through collaboration with bp.
bp is focusing on working with corporates in key industrial sectors that have significant carbon emissions to manage, to help them to decarbonise. The company’s ambition is to be a net zero company by 2050 or sooner, and to help the world to get to net zero.
About bp
bp’s purpose is to reimagine energy for people and our planet. It has set out an ambition to be a net zero company by 2050, or sooner and help the world get to net zero, and a strategy for delivering on that ambition. Partnering with countries, cities and corporations to provide innovative energy, mobility and decarbonization solutions as they shape their paths to net zero is a core part of this strategy. bp is also a major global marine fuel and lubricants supplier.
About NYK Line
NYK Line was founded in 1885 and is one of the world’s leading transportation companies. At the end of March 2021, the NYK Group was operating 826 major ocean vessels, as well as fleets of planes and trucks. The NYK Group is based in Tokyo, employs about 35,000 people worldwide, and has regional headquarters in London, New York / New Jersey, Singapore, and Shanghai. On February 3, 2021, NYK Line released the NYK Group ESG Story, which aims to further integrate ESG into the company’s management strategy. In order to continue to be a corporate group that remains essential to society and industry, the NYK Group aims to be a sustainable solution provider that creates new value while maximizing profits and achieving social and environmental sustainability from a long-term perspective.