MOL is the first Japanese company to join First Movers Coalition's Shipping Sector
Mitsui O.S.K. Lines, Ltd. announced that it joined the Shipping Sector of the First Movers Coalition (FMC) during the World Economic Forum Annual Meeting which was held from January 16-20, 2023. Ocean shipping companies participating in the sector have committed to use zero-emission fuels for at least 5% of their deep-sea shipping by 2030, according to the company's release.
The FMC, in which MOL became the first Japanese company to join in May 2022, is an initiative launched by the World Economic Forum and U.S. Special Envoy for Climate John Kerry on the occasion of COP 26 in November 2021. The FMC is a platform that large companies commit to purchase technologies and services by 2030 that are critical to achieving zero emissions, and partner governments provide policy support to create a market early and promote the development and adoption of decarbonizing technologies. It has established sectors for Shipping, Aluminum, Aviation, Carbon Dioxide Removal (CDR), Cement and Concrete, Steel, and Trucking. The total carbon dioxide emissions from these sectors account for 30% of the world's total emissions, and without rapid innovation in clean technology, the share is expected to exceed 50% by mid-century.
