A newly formed joint venture between Japan’s Mitsui OSK Lines (MOL), the world’s second-largest ship owner by fleet size, and Marubeni Corporation aims to develop new forests covering 10,000 hectares in India, with plans to begin handling carbon credits by 2028. The joint venture, Marubeni MOL Forests Co, which is 60 per cent owned by Marubeni and 40 per cent by MOL, will be involved in the creation, purchase, sale, and retirement of nature-based carbon removal credits, according to a statement from MOL. The term retire refers to the cancellation of carbon credit rights on behalf of customers, thereby offsetting their greenhouse gas (GHG) emissions. Nature-based carbon removal credits are generated through the direct removal of CO2 from the atmosphere using natural ecosystems, such as afforestation and reforestation projects. MOL and Marubeni signed a shareholder agreement to establish the joint venture. The venture is designed to contribute to global environmental preservation and sustainable societal development by creating, trading, and retiring nature-based carbon removal credits, with the first project to be launched in India. The global movement towards decarbonisation has accelerated in recent years, and this has brought increased focus on nature-based carbon removal credits, which rely on methods directly removing CO2 from the atmosphere. MOL stated that the market for these credits, which includes carbon sequestration through new afforestation and technologies like carbon dioxide capture and storage (CCS), is expected to expand as a vital tool in achieving net-zero goals—goals that cannot be accomplished by emission reductions alone. MOL emphasised that nature-based carbon removal credits not only help absorb CO2 but also provide additional benefits, including biodiversity conservation, soil improvement, and water conservation. These efforts contribute to climate change mitigation while protecting the natural environment and fostering nature revitalization. MOL and Marubeni will generate and supply nature-based carbon removal credits through this project to support decarbonisation and global environmental conservation, aligning with the development of a sustainable society. As part of its long-term climate change strategy, Marubeni is also focusing on renewable energy, hydrogen and ammonia businesses, and sustainable forest management projects in Indonesia and Australia for CO2 sequestration and biodiversity conservation. Additionally, Marubeni is engaged in generating and trading carbon credits through GHG reduction activities in collaboration with businesses both in Japan and abroad. Meanwhile, the MOL Group aims to become a social infrastructure company under its ‘BLUE ACTION 2035’ management plan, which seeks to strengthen non-shipping businesses and proactively invest in these fields. The group has also committed to achieving net-zero GHG emissions by 2050. The high-quality nature-based carbon removal credits generated by this project are expected to contribute to the removal of a cumulative 2.2 million tons of CO2 by 2030, as outlined in the MOL Group Environmental Vision 2.2.