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MOL and 123Carbon partner in carbon insetting trial

Photo: MOL MOL vessel Cajun Sun
Mitsui OSK Lines (MOL) has completed a carbon insetting trial with 123Carbon that aims to allow customers to reduce their Scope 3 emissions.

The project 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 is the first shipping company in the Asia - PacificGregion to issue carbon insets on the 123Carbon registry, after completing its issuance process, supported by Verifavia and AllChiefs as implementation partner.

Once verified, 123Carbon issued blockchain-backed digital certificates on behalf of MOL 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.

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.”