MOL joins Global CCS Institute

Japanese shipping major Mitsui O.S.K. Lines, Ltd. (MOL) has joined the Australia-based Global CCS Institute (GCCSI), an international think tank on carbon capture and storage (CCS) which is recognized as a means to achieve a low-carbon and decarbonized society.

The announcement comes only a day after MOL’s compatriot Nippon Yusen Kabushiki Kaisha (NYK) also revealed it became a member of the institute.

Specifically, GCCSI’s mission is to accelerate the deployment of CCS, a vital technology in future initiatives to reduce carbon emissions in the atmosphere, moving forward with trend surveys, while working to share knowledge and raise awareness of the technology.

“It is clear that the world requires CCS in very large volumes and in many places around the world to achieve net zero emissions around mid-century. Transporting bulk carbon dioxide for permanent storage will be a key part of the CCS chain and a growing business opportunity,” Brad Page, Global CCS Institute CEO, said.

“We look forward to working with MOL and other member companies specializing in transporting carbon dioxide to ensure that this vital element of the supply chain develops quickly.”

MOL entered the business of transporting liquefied carbon dioxide (CO₂) by sea in March 2021 when it invested in Larvik Shipping AS, which has managed industrial liquefied CO₂ vessels in Europe over 30 years. Through this partnership, MOL will examine ways to expand the scale of liquefied CO₂ vessels and contribute to the further worldwide development of the liquefied CO₂ ocean transport business.