The Kansai Electric Power Company, Incorporated Mitsui O.S.K. Lines, Ltd. (MOL) and The Kansai Electric Power Company (KEPCO) announced the signing of a memorandum of understanding (MoU) to consider collaboration on a carbon removal credit project, according to MOL's release.
Under the MoU, MOL and KEPCO will conduct research in Africa, Southeast Asia, and other regions on the feasibility and economics of project that generates carbon credits by removing CO2 from the atmosphere (carbon removal credit generation project), aiming to contribute to address climate change and realize a sustainable society.
The MOL Group has set the target of achieving net zero GHG emissions by 2050 in the "MOL Group Environmental Vision 2.2." The group is pursuing a business to generate carbon removal credits and achieve the milestone of "contributing to the removal of a cumulative 2.2 million tons of CO2 by 2030."
Based on the Zero Carbon Roadmap, the KEPCO Group is pursuing zero carbon initiatives not only in its own business activities but also in society as a whole. In addition, the group aims to independently conduct its own carbon credit businesses, from generation to sales and trading.
MOL and KEPCO previously formed a business alliance for the design of liquefied CO2 carriers in the CCS field and have been jointly studying the design of liquefied hydrogen carriers.