Mitsui O.S.K. Lines (MOL) and Chevron Singapore have signed a memorandum of understanding (MoU) for a strategic alliance aimed at lowering the carbon intensity of the marine energy industry.
In particular, the companies will conduct joint research on next-generation fuels in various regions around the world and jointly study safety measures and legislation for lower-carbon efforts in the marine energy industry.
MOL senior managing executive officer, Nobuo Shiotsu commented, “First, we will study and implement all possible means, including the use of next-generation fuels and the introduction of new decarbonization technologies such as wind power and electricity, in tankers that have been chartered for a long period of time. We would then like to expand these efforts to other parts of our business.”
MOL has positioned its environmental strategy as one of the key strategies in its “BLUE ACTION 2035” management plan. The company has also set the goal of achieving net zero greenhouse gas (GHG) emissions by 2050.