GCMD welcomes MOL as its latest impact partner

The Global Centre for Maritime Decarbonisation (GCMD) and Japanese shipping heavyweight Mitsui O.S.K. Lines, (MOL) have signed a five-year impact partnership agreement to accelerate decarbonisation of the maritime industry.

As an impact partner of GCMD, MOL will use its knowledge developed over its long history and make various contributions and collaborations through its participation in GCMD’s projects. This will include providing access to vessels, operating data and evaluation reports so that internal learnings can be shared publicly and used for future trials.

The Japanese shipping company has been in discussion worldwide on how to accelerate decarbonisation of the shipping industry.

The carbon budget concept imposes a ceiling to the cumulative amount of greenhouse gas (GHG) that can be emitted globally in order to limit global temperature rise to 1.5 degree Celsius by 2050. Intermediate targets to reduce emissions, in addition to a net-zero target, are necessary, according to GCMD.

The partners emphasized that, while plans are in place to adopt low or zero emissions vessels in the future, it is important to deploy measures to reduce emissions now. Such measures include the use of low-carbon and transition fuels that are available today, and deploying energy savings devices onboard vessels.

”We are proud to have MOL, one of the leading shipowners in Japan, come onboard as an Impact Partner. We are excited to tap on MOL’s track record in developing technical energy efficiency measures to broaden our perspective as we scope an initiative to help increase industry adoption of measures that can increase fuel efficiency of ships,” Professor Lynn Loo, CEO of the Global Centre for Maritime Decarbonisation, said.

“We are very pleased to be a partner of one of the most important global coalitions. We will make our biggest effort to contribute and accelerate progress towards the net zero future in maritime industry, together with GCMD and all its partners,” Toshiaki Tanaka, Representative Director, Executive Vice President Executive Officer, and Chief Operating Officer of MOL, commented.

Decarbonisation in the maritime industry is a challenge that needs to be achieved through accelerating collaboration and increasing investment by shipping companies. As part of its net-zero efforts, the firm has recently partnered with energy company Chevron Singapore.

Under the agreement, the partners will conduct joint research on next-generation fuels in various regions around the world and jointly study safety measures and legislation for lower-carbon efforts in the marine energy industry.

Furthermore, they will collaborate on a variety of potential business opportunities that lead to a lower-carbon future.