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Shipping majors NYK, MOL focuses on sustainability

MOL is mulling to establish a new sustainability division and will roll out a separate division to plan and promote its environment and sustainability strategies

Japanese shipping majors NYK and MOL have planned to focus on sustainability this year as last year was a difficult year for the shipping segment and other sectors as well. Many companies and businesses halted green projects due to the pandemic-related challenges.

However, MOL believes that green project ambitions will spur this year. Both NYK and MOL in 2012 vowed to focus on sustainability that would assist their businesses and the environment. Furthermore, MOL is mulling to establish a new sustainability division and will roll out a separate division to plan and promote its environment and sustainability strategies.

NYK continued to fuse the group’s growth strategy with ESG throughout last year and introduce fresh initiatives to solve social issues to spur sustainable growth. EGS is likely to receive more importance this year.

Junichiro Ikeda, President & CEO of MOL, told the media, “Decarbonization is an unavoidable issue for the ocean shipping industry, which for the time being relies on fossil fuels. While LNG will gain wider acceptance as a relatively low-carbon fuel, we must engage in development and use of alternative fuels that will promote decarbonization, and embody sustainability ahead of the global tide. Discussions are ongoing about MOL’s next management plan, Rolling Plan 2021.”

The Japanese government has already floated JPY 2 trillion fund for supporting R&D in the green domain. Similar developments are underway in other economies also as the world is moving towards a carbon neutral transition.

The pandemic has walloped the shipping industry like any other industry.

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