September 19, 2023
TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) announced at the "Procure Innovation Dialogues" held by the World Economic Forum that MOL will represent the shipping sector as a "Sector Champion" in the First Movers Coalition (FMC) to lead the discussion on promoting zero-emission fuels. (Note 1).
FMC consists of seven sectors: Shipping, Aluminum, Aviation, Carbon Dioxide Removal, Concrete, Steel and Trucking. From these hard-to-abate sectors, 83 major global companies (As of August 2023) have joined FMC, and in 2022, MOL became the first Japanese company to join (Note 2). Shipping companies participating in the shipping sector have committed to power at least 5% of deep-sea shipping with zero-emission fuels by 2030, enabled by ships capable of using zero-emission fuels. MOL, as the champion company in the shipping sector, will work with supporting governments and participating companies, leading the discussions on promoting zero-emission fuels which is crucial to achieve net-zero greenhouse gas (GHG) emissions by 2050.
Takeshi Hashimoto, CEO of MOL stated:
"We are truly honored to serve as the sector champion. To achieve net-zero GHG emissions by 2050, an early promotion of zero-emission fuels is essential. We believe what FMC strives towards will play a huge part in making this happen. We hope to bring insights and leadership as a full-line marine shipping company that has stably transported various goods and energy to a wide range of industries, serving a greater role in realizing FMC's goals."
Nancy Gillis, Program Head of FMC stated:
"MOL stepping up to become a 'Sector Champion' for Shipping within the First Movers Coalition marks a pivotal moment in that sector's shift to a decarbonized future. By leading discussions on zero-emission fuels, MOL will help navigate peers towards a sustainable maritime industry. Together, we are accelerating the path to a net-zero horizon, proving that early action sparks needed and lasting change."
MOL has announced the "MOL Group Environmental Vision 2.2" as a new roadmap to achieve net-zero GHG emissions by 2050 and promote sustainable development of people, society, and the planet, and has incorporated the FMC commitment as an intermediate milestone. By leading the discussion on the shipping sector at the FMC, MOL will accelerate its efforts to achieve net zero, not only in itself but also in the shipping industry.
(Note 1) FMC is an initiative launched in cooperation of the World Economic Forum and the Hon. John F. Kerry, Special Presidential Envoy for Climate at COP26 held in November 2021. FMC will marshal the world's leading companies to apply their purchasing power to create guaranteed early markets for advanced technologies needed to decarbonize the world by 2050.
(Note 2) Please refer to MOL press release as well:
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-".