MOL President Hashimoto participated in Panel Discussion at World Ocean Summit & Expo Hosted by Economist Impact

March 15, 2024

- Leading the Shipping Industry with a Range of Initiatives to Reduce GHG Emissions about 50% by 2035 and Achieve Net Zero GHG Emissions by 2050 -

Tokyo-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced that it participated in the World Ocean Summit & Expo 2024 hosted by Economist Impact in Lisbon from March 11-13. MOL President & CEO Hashimoto participated in a panel discussion at "Pull Together for Greener Shipping" and discussed ways to achieve shipping industries to reduce greenhouse gas (GHG) emissions. Hashimoto emphasized that MOL is already forging ahead with a variety of initiatives to reduce GHG emissions, including the use of wind energy, LNG-fueled vessels, and more efficient ship operations, to achieve a 50% reduction in GHG emissions by 2035 and net-zero emissions by 2050.

The theme of the two-and-a-half-day event was "Turning the tide to a sustainable ocean economy," and more than 1,000 key global maritime industry leaders, including government officials, national and international policymakers, business executives, scientists, academia, investors, and NGO representatives engaged in lively discussions on the revitalization of a healthy marine environment and the actions required to achieve this goal.

Hashimoto remarked, "With about 800 vessels in operation worldwide, our GHG emissions are significant, so it is not easy to achieve a reduction of about 50% by 2035 and net zero by 2050. To achieve this target, we have already begun initiatives to reduce emissions, including the Wind Challenger, which uses wind energy, the expanded use of LNG as a low-emission fuel, and the improvement of operational efficiency through the use of AI and other means. We believe that a combination of these initiatives can achieve a 40-50% reduction in the near future." He told the participants that as a member of the First Movers Coalition, MOL will lead the industry in GHG reduction.

MOL has established the "MOL Group Environmental Vision 2.2" and is pursuing environmentally friendly initiatives in line with five strategies, including the adoption of clean alternative fuels. For all life in the next generation, MOL sustains people's lives and ensures a prosperous future from the blue oceans.

(Note) A member of The Economist Group, a British multinational media group responsible for consulting, research, and events.

---

MOL Group 5 Sustainability Issues
MOL Group identifies "Sustainability Issues" (Materiality) as our key issues for sustainable growth with society through realization of the Group Vision.
We anticipate this initiative to contribute especially to the realization of "Environment -Conservation for Marine and global environment-".