Mitsui O.S.K. Lines, Ltd. (MOL) announced the successful completion of an insetting pilot in partnership with 123Carbon B.V., a climate tech firm. This initiative involved tokenizing greenhouse gas (GHG) emission reductions from the Net Zero Voyage conducted jointly with Methanex Corporation in February 2023. By leveraging blockchain technology, MOL aims to allocate GHG emission reductions from the use of biomethanol as fuel to customers seeking Scope 3 reductions in maritime transport services.
The collaboration with Methanex ensured third-party verification of GHG emission reduction-related documents, confirming their accuracy and MOL's ownership of associated Scope 3 GHG reductions. Digital certificates issued after verification are managed via blockchain, providing transparency and reliability in recording transaction history. Customers receiving allocated tokens can claim GHG emission reductions and access related data on the platform, including vessel names, reduction methods, and emission factors used in calculations.
As part of its commitment to achieving net-zero emissions, MOL listed "Build Business Models that Enable Net Zero Emissions" in its Environmental Vision.
123Carbon, based in the Netherlands, offers an independent, blockchain-based carbon insetting platform for multimodal transport, aligning with globally accepted methodologies for carbon accounting.