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MOL Takes the Helm as “Sector Champion” in First Movers Coalition, Advocating for Zero-Emission Fuels

A move towards sustainable shipping practices, Mitsui O.S.K. Lines, Ltd. (MOL) has been appointed as the “Sector Champion” for the shipping sector within the First Movers Coalition (FMC). The announcement came during the “Procure Innovation Dialogues” organized by the World Economic Forum. This designation empowers MOL to spearhead discussions on the adoption of zero-emission fuels, a pivotal step in achieving net-zero greenhouse gas (GHG) emissions by 2050.

The FMC, an initiative jointly launched by the World Economic Forum and Hon. John F. Kerry, Special Presidential Envoy for Climate at COP26 in November 2021, comprises seven challenging-to-decarbonize sectors: Shipping, Aluminum, Aviation, Carbon Dioxide Removal, Concrete, Steel, and Trucking. Notably, 83 major global corporations, as of August 2023, have aligned with FMC’s vision. MOL, having joined in 2022, proudly stands as the first Japanese company to be part of this transformative coalition.

Under the FMC’s commitment, shipping companies are dedicated to propelling at least 5% of deep-sea shipping using zero-emission fuels by 2030. This bold move is made feasible through vessels engineered to utilize these groundbreaking fuels. As the champion company for the shipping sector, MOL will collaborate closely with governments and fellow participating entities to drive the discourse on zero-emission fuels, a critical element in achieving the ambitious net-zero GHG emissions target.

Takeshi Hashimoto, the CEO of MOL, expressed his gratitude for the appointment, emphasizing the urgency of early adoption of zero-emission fuels to realize the 2050 net-zero GHG emissions goal. He affirmed that FMC’s endeavors are instrumental in achieving this milestone. With a wealth of experience in reliably transporting diverse goods and energy across various industries, MOL is poised to play a pivotal role in materializing FMC’s objectives.

Nancy Gillis, Program Head of FMC, lauded MOL’s commitment, noting that their designation as a ‘Sector Champion’ heralds a significant stride towards a decarbonized maritime industry. By taking the lead in discussions on zero-emission fuels, MOL is set to guide peers towards a sustainable future, demonstrating that early action is the catalyst for enduring change.

MOL’s recently unveiled “MOL Group Environmental Vision 2.2” serves as a roadmap towards achieving net-zero GHG emissions by 2050 while fostering the sustainable development of people, society, and the planet. The incorporation of the FMC commitment as an intermediate milestone underscores MOL’s unwavering dedication to driving positive change, not only within its own operations but also throughout the broader shipping industry.

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