MOL announced that on May 25, it participated in the First Movers Coalition (FMC), which was established to boost demand for decarbonization technology at the World Economic Forum Davos Agenda.
MOL is the first Japanese company to take part in FMC, a platform aimed at helping governments and major global companies cooperate to launch technologies needed to achieve “net zero emissions by 2050” and enhance cost competitiveness.
Through the NextGen CDR Facility, which was announced prior to its participation in FMC, MOL is committed to purchasing at least 50,000 tons of verified carbon dioxide removals (CDR) by the end of 2030.
MOL established the MOL Group Environmental Vision 2.1 in June 2021 as a guide to realize a sustainable society, and is committed to adopting clean alternative fuels, promoting wider adaptation of negative emissions, and achieving net zero GHG emissions, as a pioneer among Japanese ocean shipping companies.
The company will ensure a prosperous future from the blue oceans by contributing to sustainable growth of people, society, and the planet, to benefit all life in the next generation.
said MOL.
During 2021, the World Economic Forum, in partnership with US Special Presidential Envoy for Climate John Kerry, announced the First Movers Coalition.
This is a new platform for companies to make purchasing commitments that create new market demand for low and zero carbon fuels and technologies, in eight sectors with heavy emissions. Seven of these sectors:
- Steel
- Cement
- Aluminum
- Chemicals
- Shipping
- Aviation
- Trucking
…account for more than a third of global carbon emissions, but do not have cost-competitive energy alternatives to fossil fuels.
Among the eight “harder-to-abate” sectors addressed by the First Movers Coalition, an ambitious commitment was established for use of scalable zero-emission fuels in maritime shipping.
