MOL, 123Carbon partner to tokenise GHG emission reductions

Mitsui O.S.K. Lines, Ltd. (MOL) has announced that it has completed

reductions from the Net Zero Voyage.

This enables MOL to distribute GHG emission reductions from the use of

bio-methanol as a fuel to clients who are considering Scope 3 reductions from

marine transport services, using the Smart Freight Centre’s Market Based

Measures accounting framework.

MOL will reportedly expand on this basis by developing services to assist

its clients in meeting their Scope 3 reduction objectives.

MOL, with the assistance of Methanex, conducted third-party verification of

GHG emission reduction-related documentation to establish their authenticity and

MOL’s ownership of the associated Scope 3 GHG reductions from the use of

bio-methanol as fuel.

The digital certificates provided after verification are handled by

blockchain technology, which records the transaction history.

According to MOL, users who have been given tokens can claim GHG emission

reductions and have access to reduction-related data on the platform (vessel

names, reduction techniques, bunker date of low emission fuel, emission factors

used in reduction calculations, name of third-party verifier, etc.).

These procedures, for which 123Carbon provides tools, enable the

dependability and transparency of GHG emission reductions given to

consumers.

Christoph Wolff, Chief Executive Officer of Smart Freight Centre,

commented: “This initiative is categorised to be carbon insetting, which

promotes decarbonisation within the supply chain.

“The Market Based Measures Accounting Framework provides a standard

framework for companies to rely on when expanding their insetting programs, in

response to growing demand for insetting in the transport sector, including

shipping.

“MOL, which has one of the world’s largest fleet, starting its carbon

insetting initiative is a significant step forward towards achieving the net

zero target in the shipping industry.”

Recently, MOL and JX Nippon Oil & Gas Exploration Corporation (JX)

signed a Memorandum of Understanding (MoU) to develop a Carbon dioxide Capture

and Storage (CCS) value chain between Japan and Australia.