Japan's MOL and Marubeni Launch JV for Nature-Based Carbon Credits

Mitsui O.S.K. Lines, Ltd (MOL), the world’s second-largest shipowner, and Marubeni Corporation have formed a joint venture, Marubeni MOL Forests Co., Ltd, to develop nature-based carbon removal credit projects. The JV, 60% owned by Marubeni and 40% by MOL, will launch its first project in India, creating new forests across 10,000 hectares, with carbon credit handling set to begin in 2028. The company will engage in creating, purchasing, selling, and retiring nature-based carbon removal credits. The retirement process involves cancelling carbon credits on behalf of clients, helping them offset their greenhouse gas (GHG) emissions. Nature-based carbon removal credits derive from ecosystems that directly remove CO2 from the atmosphere, such as afforestation and reforestation. These credits also provide co-benefits like biodiversity conservation, soil improvement, and water preservation, supporting climate change mitigation and ecological revitalisation. The MOL-Marubeni partnership aims to strengthen efforts toward a decarbonized society, leveraging these credits to contribute to global environmental conservation and sustainable development. The initiative aligns with Marubeni’s long-term focus on renewable energy, sustainable forest management in Indonesia and Australia, and carbon credit generation through GHG reduction activities. Similarly, MOL’s "BLUE ACTION 2035" strategy prioritises diversification into non-shipping businesses and targets net-zero GHG emissions across the group by 2050. Through this project, the JV aims to contribute to the removal of a cumulative 2.2 million tons of CO2 by 2030, supporting MOL’s Environmental Vision 2.2. As the demand for carbon removal credits grows globally, this initiative underscores the importance of innovative, nature-based solutions in achieving net-zero goals. (ET)

Related Stories