Mitsui O.S.K. Lines, Ltd. participated in the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) held in Dubai, UAE from November 30 to December 12, 2023, according to the company's release. MOL exhibited the Next-Generation Wind Powered Vessel WIND CHALLENGER and the ultimate zero-emissions seagoing vessel Wind Hunter at the Japan Pavilion hosted by the Ministry of the Environment, according to the company's release.
In conjunction with COP28, a statement was released on the official website of the World Economic Forum and A.P. Moller Maersk, one of the world's largest container shipping companies, on the decarbonization of the shipping industry.
It is estimated that the cost of converting renewable energy into a form that can be used as fuel on ships, is three to four times higher than conventional fossil fuels. Fuel costs account for about 30-50% of operating costs, and this price difference is a barrier to the decarbonization of the shipping industry.
There is no singular zero-emission fuel alternative that can satisfy the volume of bunker fuel that is used today. The maritime industry is a melting pot of participants with an extreme diversity of attributes, and different solutions need to be nurtured with different partners for the decarbonization of all types of ships. To decarbonize, the industry is dependent on scaling the production of zero-emission (green) fuels like ammonia, methanol, hydrogen and also battery to deploy and power zero-emission vessels. Support from within and outside the industry, including the government, and their policy are important to correct the price difference and promote the stable supply of various clean alternative fuels.
At the "TIME 100 Impact Dinner" hosted by TIME magazine, where international organizations and companies from various countries gathered, President Hashimoto gave a speech on future global warming measures. Hashimoto emphasized that "we need to develop many new technologies" to transition to clean energy.
During this event discussing the importance of Transition Finance, hosted by the Ministry of the Environment and the Glasgow Financial Alliance for Net Zero (GFANZ), President Hashimoto argued that multiple pathways are needed to decarbonize the shipping industry, which underpins various supply chains. He advocated for a phased investment approach, including immediate investment in LNG and methanol, which can be implemented right away, and investment in fuels such as ammonia and hydrogen, which require technological development.