Mitsui O.S.K. Lines (MOL) has signed a memorandum of understanding (MOU) with Madoqua Renewables Holding and other global leaders to develop a green corridor connecting Portugal to Northern Europe, according to the company's release.
This project aims to establish a shipping route utilizing low-emission solutions and transporting low-carbon fuels. The collaboration brings together a diverse range of stakeholders, including financial partners, terminal operators, academic institutions, and green fuel producers.
As a shipping logistics partner, MOL will play a crucial role in enabling the transportation of green fuels and CO2 while promoting the use of zero-emission ships. The company will leverage its expertise to provide strategic insights into logistical and operational requirements for green fuels.
This initiative aligns with MOL's Environmental Vision 2.2, which emphasizes the development of business models that enable net-zero emissions. By 2050, MOL aims to achieve net-zero greenhouse gas emissions across its operations.
Madoqua, a Dutch-Portuguese developer of renewable energy projects, is leading the project. The company is developing large-scale green hydrogen projects in Portugal to produce green ammonia and e-methanol, as well as the Madoqua Green Fuels Terminal in the Port of Sines for the storage and handling of alternative fuels.
This collaboration builds upon previous agreements between the German and Portuguese governments and between Madoqua and key ports along the corridor. The development of this green corridor reinforces the commitment of stakeholders to advancing the European Union's climate goals and fostering the growth of the global green fuels industry.