MOL Signs 'Making Net-Zero Ammonia Possible' Proposal from Public-Private Partnership for Decarbonization in which a World Economic Forum Participates

September 27, 2022

TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) announced that it signed the Sector Transition Strategy "Making Net-Zero Ammonia Possible (Note 1)," a public-private partnership "Mission Possible Partnership (Note 2)" aimed at promoting decarbonization in industry.

The proposal identifies this decade as a critical period toward the decarbonization of the ammonia industry by 2030, and sets out specific action requirements for stakeholders on what clean energy, industrial plants, and policy reforms, etc. should look like across the entire value chain in order to reach the Paris Agreement targets by 2050 (Note 3).

MOL established "MOL Group Environmental Vision 2.1" in June 2021 as a guide to realize a sustainable society, and set the target to achieve net zero greenhouse gas (GHG) emissions by 2050. It endorsed and signed the proposal because it is consistent with the company's efforts to achieve net zero emissions and with the MOL Group corporate philosophy.

MOL Executive Vice President Executive Officer Toshiaki Tanaka was invited to a September 19 session on the proposal, held during the Sustainable Development Impact Meetings (Note 4) organized by the World Economic Forum. In his speech, Tanaka also mentioned MOL's clean alternative fuels strategy toward decarbonization, among them the potential of ammonia, and confirmed that the company will work more closely with all parties involved to establish safe and clean supply chains.

MOL continues to contribute to the realization of a decarbonized society through concerted group-wide efforts.

(Note 1) For more information on the Sector Transition Strategy "Making Net-Zero Ammonia Possible", please see the following link:
URL: https://missionpossiblepartnership.org/ammonia-sts-press-release/

(Note 2) The Mission Possible Partnership is an alliance of public and private partners working toward net zero emissions in the industrial and mobility sectors by mid-century. It consists of four core partners: the World Economic Forum, the Energy Transitions Commission, RMI and We Mean Business Coalition, with a focus on building partnerships that will realize key initiatives to enable industries to achieve net zero emissions, including aviation, trucking, shipping, aluminum, chemicals, cement/concrete, and steel.

(Note 3) The common global long-term goal is "to keep the global average temperature increase well below 2°C above pre-industrial levels and to pursue efforts to limit it to 1.5°C."

(Note 4) The Sustainable Development Impact Meetings were held in New York City on September 19-23, concurrent with the meeting of the UN General Assembly, with participation by invitation only from World Economic Forum communities. The goal is to make concrete progress on Sustainable Development Goals (SDGs) before the UN Climate Change Conference (COP 27) and the Forum's annual meeting in January 2023
URL: https://www.weforum.org/events/sustainable-development-impact-meetings-2022

[MOL Group 5 Sustainability Issues]
MOL Group will contribute to realizing a sustainable society by promoting responses to sustainability issues, which are identified as social issues that must be addressed as priorities through its business.
We anticipate this initiative to contribute especially to the realization of "Environment-Conservation of the marine and global environment-".