MOL inks carbon offtake agreement with Climeworks

The deal involves over 13,000 tonnes of carbon removal credits.

Mitsui O.S.K. Lines, Ltd. (MOL) has signed an offtake agreement of 13,400 tonnes of carbon removal credits with Climeworks.

“This agreement, focused on its cutting-edge Direct Air Capture technology, marks a significant step toward our net-zero target by 2050,” MOL said in a statement.

The company said this makes it not only Climeworks’ first partner in the shipping industry, but also its first customer from Japan.

MOL said it also inked a memorandum of understanding for potential investment in Climeworks’ future Direct Air Capture plants.

“They have a global pipeline of projects under development to accelerate its path to million-ton capacity in the 2030s, which we envision participating in,” MOL said.

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