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MOL Joins Carbon Insetting Platform 123Carbon

Cajun Sun
Courtesy MOL / 123Carbon

Published Feb 21, 2024 5:20 PM by The Maritime Executive

 

[By 123Carbon]

123Carbon has announced its collaboration with TOKYO-Mitsui O.S.K Lines, Ltd (MOL) on a carbon insetting pilot project that will allow its customers to reduce their Scope 3 emissions.

MOL is the first shipping company in the APAC region to issue carbon insets on the 123Carbon registry, after completing its robust issuance process, supported by Verifavia, as third-party assurance partner, and AllChiefs as implementation partner. Once verified, 123Carbon was able to issue blockchain-backed digital certificates on behalf of MOL, allowing them to provide complete transparency to freight forwarders and shippers seeking to reduce their scope 3 sea freight emissions.

The project was based on the voyage of a bio-methanol fuelled vessel, which MOL conducted jointly with Methanex. Unlike offsetting, carbon insets represent concrete reductions realised within the supply chain, which can be allocated to freight forwarders and shippers based on a globally developed book and claim methodology. This flexible allocation methodology allows for an acceleration of low carbon initiatives within the shipping industry, as well as the opportunity for fleet operators to share the decarbonisation costs.

Jeroen van Heiningen, 123 Carbon Managing Director, said: “We are pleased to welcome MOL as the latest addition to our platform, and are looking forward to further supporting MOL in realising their carbon insetting ambitions. This milestone event not only enhances the awareness of carbon insetting in the APAC region, but also demonstrates our desire to support all available low carbon technologies. To achieve our global climate goals, we need more low carbon fuels and bio-methanol is one of the very promising solutions for the shipping industry.”

Kazuhiro Takahashi, Executive Officer of Mitsui O.S.K. Lines, commented: “It is with great pleasure that we announce the successful completion of our insetting pilot with 123Carbon, as part of our continuous efforts to decarbonise the services we provide to our customers. The level of assurance and transparency that the platform of 123Carbon brings, strengthens our journey towards a net zero shipping industry.”

Built on a powerful and climate-neutral blockchain, 123Carbon enables organisations to verify, register and manage their low carbon activities in a safe and fully encrypted process through the use of blockchain-backed digital certificates. These certificates can then be allocated to freight forwarders and shippers that are willing to pay the premium to reduce their transport emissions. This announcement follows recent successful partnerships with Chevron, CH Robinson, Titan LNG and Norden.

The products and services herein described in this press release are not endorsed by The Maritime Executive.