MOL, KEPCO Sign MoU to Collaborate on Carbon Credit Project
MOL and KEPCO Join Forces for Carbon Removal
Mitsui O.S.K. Lines, Ltd. (MOL) and The Kansai Electric Power Company (KEPCO) have signed a memorandum of understanding (MoU) to explore a collaborative carbon removal credit project. This partnership aims to address climate change by generating carbon credits through the removal of CO2 from the atmosphere. The research will focus on regions in Africa, Southeast Asia, and beyond, assessing the feasibility and economics of the initiative.
Commitment to Sustainability and Carbon Credits
MOL has set ambitious goals under its “MOL Group Environmental Vision 2.2.” The company aims to achieve net-zero greenhouse gas (GHG) emissions by 2050. As part of this vision, MOL is committed to generating carbon removal credits, with a target of removing a cumulative 2.2 million tons of CO2 by 2030. This initiative is crucial for the company as it seeks to contribute to a sustainable society.
Similarly, KEPCO is pursuing zero-carbon initiatives not only within its operations but also across society. The company is working on its own carbon credit businesses, overseeing everything from generation to sales and trading. This comprehensive approach aligns with KEPCO’s Zero Carbon Roadmap, which emphasizes the importance of reducing carbon emissions.
Both MOL and KEPCO have a history of collaboration in the carbon capture and storage (CCS) sector. They previously formed a business alliance to design liquefied CO2 carriers and are also studying liquefied hydrogen carrier designs. This ongoing partnership leverages their combined expertise to advance towards a zero-carbon society. As they move forward, both companies are committed to utilizing the knowledge gained from these initiatives to make significant strides in carbon reduction efforts.
