Mitsui O.S.K. Lines, Ltd. (MOL) has reaffirmed its commitment to a sustainable future with significant participation in the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29), held in Baku, Azerbaijan, from November 11 to 22, 2024. Representing MOL, Chief Sustainability Officer (CSuO) Tatsuro Watanabe played a prominent role in discussions, sharing the company’s decarbonization strategies and endorsing global calls to action.
During two key sessions on November 14 and 15, Watanabe outlined the shipping industry’s potential to align with the International Maritime Organization’s (IMO) long-term decarbonization goals. Speaking at a session sponsored by the Industrial Transition Accelerator and Breakthrough Agenda, Watanabe focused on making clean industrial projects financially viable through policies stimulating demand. Using vivid examples, he explained how regulatory frameworks and market incentives can pave the way for investment in clean energy.
On November 15, Watanabe joined experts at an event hosted by Green Power Denmark, addressing the deployment of e-fuels and decarbonizing hard-to-abate sectors. Here, he underscored MOL’s innovative projects in clean fuel technologies, emphasizing that collaboration across industries is crucial to overcoming current challenges. Acknowledging the technical hurdles of e-fuel adoption, he likened the task to building a bridge over uncharted waters—a bold move requiring trust and teamwork.
Watanabe also participated in a session on Carbon Dioxide Removal (CDR), highlighting its critical role for shipping companies striving to achieve net-zero emissions. Presenting MOL’s unique perspective as a Japanese maritime leader, he described ongoing CDR initiatives and the need for global coordination to scale these technologies.
Another highlight was Watanabe’s address at the prestigious TIME 100 Impact Dinner, which convened global leaders to discuss actionable solutions for climate challenges. His speech called for collaborative efforts across diverse sectors, reiterating that no single industry could navigate the climate crisis alone.
MOL’s engagement extended beyond discussions. President and CEO Takeshi Hashimoto endorsed a World Economic Forum-led open letter urging governments to adopt ambitious Nationally Determined Contributions (NDCs), expand climate financing, and eliminate fossil fuel subsidies. This letter, supported by over 100 CEOs, reflects the growing demand for bold governmental action to tackle climate change.
Additionally, MOL joined a coalition of 50 maritime and energy leaders in signing a call to accelerate zero-emission fuel adoption. The initiative, led by the UN and other climate champions, signals a robust push toward decarbonizing global shipping.
MOL remains the sole Japanese shipping company endorsing these initiatives, further solidifying its leadership in the transition to greener maritime operations. By actively participating in high-level dialogues and backing global commitments, MOL is steering the industry toward a sustainable, zero-emission future.
