Mitsui O.S.K. Lines, Ltd. has announced its participation in the NextGen CDR Facility, a collaborative initiative established in 2022 to support the development of a credible and scalable market for carbon dioxide removal (CDR) technologies, according to the company's release.
As part of this initiative, MOL has procured and retired 2,000 tons of technology-based CDR credits from a biochar project in Bolivia, led by Exomad Green.
This action marks MOL as the first Japanese shipping company to retire such credits.
Technology-based CDR credits are designed to remove and store CO₂ over extended periods.
Despite their potential, these credits are in the early stages of development concerning both technology and cost, with only a limited number of companies worldwide engaging in their purchase.
While these credits do not directly offset greenhouse gas emissions within MOL's value chain, they contribute to CO₂ removal at a societal level, aligning with the concept of Beyond Value Chain Mitigation.
Mitsui O.S.K. Lines, Ltd. (MOL) is a leading Japanese shipping company headquartered in Tokyo, MOL operates one of the world's largest merchant fleets.