MOL, Itochu sign MOU for strategic partnership to promote use of EACs
- Mitsui O.S.K. Lines Ltd.
- 2 hours ago
- 2 min read
Mitsui O.S.K. Lines Ltd. announced Jan. 9 the signing of a memorandum of understanding (MOU) for a strategic partnership with Itochu Corp. to advance decarbonization in the transportation sector through the use of environmental-attribute certificates (EACs).
Through this MOU, both companies will collaborate in marketing, public relations, sales and other areas to promote the adoption of EACs, helping companies using transportation services reduce their scope 3 emissions.
By forming a cross-industry partnership between shipping and aviation, this initiative represents a new model for decarbonization in Japan.
As part of this initiative, both companies, in their capacity as users of maritime and air transport, have engaged in mutual trading of EACs to reduce their respective scope 3 emissions as follows:
MOL purchased “air transport (air travel and freight)” EACs issued by Itochu to reduce greenhouse-gas (GHG) emissions associated with its employee air travel (scope 3, category 6).
Itochu purchased “maritime transport (sea freight)” EACs issued by MOL to reduce GHG emissions associated with its use of maritime transport (scope 3, category 4).
This transaction was executed through the platform provided by 123Carbon in the Netherlands.
Operating under a robust audit framework, the platform centrally manages the issuance, transfer, storage and retirement of EACs.
It ensures traceability and reliability of transactions while maintaining high transparency in accordance with global standards.
Reducing scope 3 emissions, which represent a significant share for many companies, is an unavoidable challenge in advancing climate-change response.
One of the key barriers is the difficulty of ensuring traceability, given the complexity of supply chains.
MOL will leverage its strengths in marine transport through the use of low-carbon marine fuels, while Itochu will draw on its expertise in adopting sustainable aviation fuel (SAF).
Through this collaborative effort in the shipping and aviation sectors, the two companies will establish a framework to support transportation service users in reducing their scope 3 emissions.
Together, the companies said they are committed to advancing decarbonization across the broader transportation supply chain through this partnership.
The MOL Group has identified “build business models that enable net-zero emissions” as one of the actions in its “MOL Group Environmental Vision 2.2.”
Last February, the group launched a carbon insetting and book-and-claim program called the “Blue Action Net-Zero Alliance.”
Collaboration across the entire transportation supply chain is essential to achieving net zero, and the strategic partnership with Itochu represents a concrete example of stakeholder cocreation under this program, MOL Group stated.
