Idemitsu Group conducts its 1st carbon-neutral voyage
Updated: Dec 7, 2021
Idemitsu Kosan Co. Ltd. completed its first carbon-neutral voyage in November for the round trip between Japan and the Middle East, with the aim of reducing CO2 emissions associated with fuel consumption.
This carbon-neutral voyage was performed by the Nissho Maru, a very large crude carrier (VLCC) with a deadweight of 300,544 tons owned by Idemitsu Tanker Co. Ltd., a wholly owned subsidiary of Idemitsu. The initiative intends to set a precedent for meeting customer needs for low-carbon and decarbonization solutions for the logistics supply chain.
Idemitsu Group has ensured this voyage is theoretically carbon neutral through offsetting 10,000 tons of CO2 emissions equivalent by carbon credits. The carbon credits covered in this voyage were purchased by Idemitsu International (Asia) Pte. Ltd., the trading arm of Idemitsu Group in Singapore, by investing in environmental projects across the world to reduce emissions. The carbon credits have been issued by third-party internationally recognized standards in voluntary carbon markets such as Verra’s Verified Carbon Standard and the Gold Standard, and verified by reliable third-party agencies. These credits are also eligible for the Carbon Offsetting and Reduction Scheme for International Aviation. CORSIA is an initiative of the International Civil Aviation Organization.
Due to the increasing customer requirements for low-carbon and carbon-neutral goals and solutions, Idemitsu and Idemitsu Tanker will continue to provide shipping services that contribute to carbon neutrality, including offsets by carbon credits. With consideration of the effectiveness of carbon credits, the company will consider creating carbon credits through Idemitsu Group’s carbon-neutral activities and combining carbon credits with various products that it sells in Japan and overseas, with a view to developing and selling new products that meet the needs of customers and society for low environmental impact.
Guided by its corporate vision for 2030, “Your Reliable Partner for a Brighter Future,” Idemitsu says it will continue to implement various initiatives that contribute to the resolution of social issues, including global environmental issues, while maintaining a reliable supply of energy.