MOL Establishes EcoMOL Inc. in the Philippines Sailing towards de-carbonized future:
Progressing GHG Emissions Reduction Initiatives by promoting operational efficiency
June 22, 2022
TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President: Takeshi Hashimoto) today announced the establishment of a wholly owned subsidiary called EcoMOL Inc. (EcoMOL; Representative: Keiichiro Yokohashi; Headquarters: Manila, Philippines), which tackles immediate GHG emission reduction by ships' operational efficiency through digital solutions.
MOL has set a target to improve 5 % fuel-efficiency by end of 2024, it is in line with "MOL Group Environmental Vision 2.1(note1)". In the short term plan, improving ship operational efficiency including ship's ESD (energy sailing device) installations is the most effective and realistic solution.
MOL will encourage to take dynamic and innovative actions in daily operation, leveraging a big data analysis and constant actual operation performance review.
EcoMOL Inc. will take a vital role to stimulate above activities by collaborating with various stakeholders and lead ships eco-operation by all means.
Besides, MOL believes it will further increase its group-wide human assets capitalizing on rich Filipino maritime experience and for being known as excellent communicators. Also, it can contribute to the Filipino society through employment opportunities.
The FOCUS (note2) project as the MOL ships digital transformation solution will fully assist the activities providing multiple aspects of ships' data performance based on ships' highest granularity data and translate ships data analysis into operational excellence.
MOL has set medium- to long-term targets of "Reducing GHG emissions intensity in marine transport by approximately 45% by 2035 (versus 2019)" and "achieving net zero GHG emissions by 2050 with concerted effort throughout the group," through five initiatives including "boost operational efficiency" (Fig. 1) in the "MOL Group Environmental Vision 2.1". EcoMOL will play a key role to achieve sustainable net zero GHG emissions and contribute to a low- and decarbonized society.
Corporate Profile of EcoMOL
| Name | EcoMOL Inc. |
|---|---|
| Address | 27th Floor, Tower 2, The Enterprise Center 6766, Ayala Avenue corner Paseo de Roxas, Brgy. San Lorenzo, Makati City, Philippines 1226 |
| Representative | Keiichiro Yokohashi |
| Established | May 2022 |
| Business | Support operations related to boosting operational efficiency and promoting GHG emissions reduction from MOL Group-operated vessels |
| Fiscal year | Ending March 31 |
| Paid-in capital | PHP 10.4 million |
| Shareholders | MOL (100%) |
| Logomark |  |
(Note 1) MOL Group Environmental Vision 2.1
https://mol.disclosure.site/en/themes/101
(Fig. 1)
(Note 2) "FOCUS"
The Fleet Optimal Control Unified System (FOCUS) is a project that gathers and applies ship operation data to ensure safer, more environmentally friendly ocean transport. Please refer to October 15, 2018, press release:
Launching of the "FOCUS" Project - Collaborative Innovation Transcending Business Categories; ICT-based, Data-driven Project Aims at Safer Operation and Cleaner Environment -
[MOL's five Sustainability Issues]
MOL Group will contribute to realize a sustainable society by promoting responses to the sustainability issues, which are identified as social issues that must be addressed with priority through the business.
We anticipate this initiative to contribute especially to the realization of "Environment -Conservation for Marine and global environment-", "Human & Community-Contributing to the growth and development of people and communities-"and "Innovation -Innovation for development in marine technology-".
