MOL secures tech-based carbon removal credits

This reflects the company’s efforts to fuel decarbonisation in the shipping industry.

Mitsui O.S.K. Lines, Ltd. (MOL) has obtained 2,000 tons of technology-based carbon dioxide removal (CDR) credits, making it the first Japanese shipping company retirement.

Technology-based CDR credits were designed to remove and store carbon over extended periods. These will not directly offset greenhouse gas emissions within the company's value chain, but they have a critical role in removing emissions at an entire society.

MOL said this marks its participation in the NextGen CDR Facility, a collaborative initiative supporting to building a market for credible, scalable carbon removal technologies since 2022.

The credits were obtained from Bolivia's Biochar project led by Exomad Green through NextGen.

Demand for technology-based CDR credits is expected to rise in the future. However, these credits remain in the early stages of development in terms of both technology and cost, with only a handful of companies in the world purchasing them.

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