MOL, KEPCO ink MoU for joint carbon credit initiative

Mitsui O.S.K. Lines, Ltd. (MOL) and Kansai Electric Power Company (KEPCO) disclosed their agreement, signing a memorandum of understanding (MoU), to explore collaborative opportunities in a carbon removal credit project.

Under the terms of the MoU, MOL and KEPCO will undertake research across Africa, Southeast Asia, and other regions to evaluate the viability and economic implications of projects aimed at generating carbon credits through atmospheric CO2 removal.

The MOL Group has committed to achieving net-zero greenhouse gas emissions by 2050, as outlined in the “MOL Group Environmental Vision 2.2”.

A key component of this vision includes a business model focused on generating carbon removal credits, with an ambitious objective of facilitating the removal of a cumulative 2.2 million tons of CO2 by 2030.

Aligning with its Zero Carbon Roadmap, the KEPCO Group is advancing zero-carbon strategies not just within its operations but also across broader societal activities. The group is also poised to manage its carbon credit initiatives independently, encompassing everything from generation to sales and trading.

Previously, MOL and KEPCO collaborated on the design of liquefied CO2 carriers within the CCS field and have also partnered on studies related to the design of liquefied hydrogen carriers, as announced on 14 November 2023 and 19 November 2024.

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