MOL joins GCMD to accelerate decarbonization in maritime industry

The Global Centre for Maritime Decarbonization (GCMD) and Mitsui O.S.K. Lines, Ltd. (MOL) announced August 8 the signing of a five-year Impact Partnership agreement. On the same day, both parties held a signing ceremony at the GCMD office in Singapore.

Decarbonization in the maritime industry is a challenge that needs to be achieved through accelerating collaboration and increasing investment by shipping companies, their customers, ports, energy suppliers and public sector actors. 

As an Impact Partner of GCMD, MOL will utilize its expertise developed over their long history and make various contributions and collaborations through its participation in GCMD’s projects, including providing access to vessels, operating data and evaluation reports so that internal learnings can be shared publicly and used for future trials.

MOL is one of the world’s leaders in the maritime industry and has been leading worldwide discussions on achieving decarbonization. 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. 

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. MOL will bring its extensive capabilities and experience to bear as it joins GCMD and existing partners to accelerate international shipping’s decarbonization.

Professor Lynn Loo, CEO of the Global Centre for Maritime Decarbonization, said: “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.”

Toshiaki Tanaka, Representative Director, Executive Vice President Executive Officer, and Chief Operating Officer of MOL, 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.”

Photo credit: MOL. (Left) Professor Lynn Loo, CEO of GCMD, (right) Toshiaki Tanaka, Representative Director, Executive Vice President, Chief Operating Officer, MOL.

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