The Global Centre for Maritime Decarbonisation (GCMD) and Mitsui O.S.K. Lines, Ltd. (MOL) has announced the signing of a five-year Impact Partnership agreement in a bid to further hasten decarbonisation of the maritime industry.

MOL noted that decarbonisation in the maritime industry is a challenge that needs to be achieved through accelerating collaboration and increasing investment by shipping companies, their customers, ports, energy suppliers and public sector actors.

"As an Impact Partner of GCMD, MOL will utilise its expertise developed over its long history and make various contributions and collaborations through its participation in GCMD's projects, including providing access to vessels, operating data and evaluation reports so that internal learnings can be shared publicly and used for future trials," MOL said in a statement.

The carbon budget concept imposes a ceiling to the cumulative amount of greenhouse gas (GHG) that can be emitted globally in order to limit global temperature rise to 1.5 degrees Celsius by 2050.

MOL said, "intermediate targets to reduce emissions, in addition to a net-zero target, are necessary."

"While plans are in place to adopt low or zero-emissions vessels in the future, it is important to deploy measures to reduce emissions now," it added, noting that such measures include the use of low-carbon and transition fuels that are available today and deploying energy savings devices onboard vessels.

MOL noted that it will also bring its extensive capabilities and experience to bear as it joins GCMD and existing partners to accelerate international shipping's decarbonisation.

"We are proud to have MOL, one of the leading shipowners in Japan, come onboard as an Impact Partner. We are excited to tap on MOL's track record in developing technical energy efficiency measures to broaden our perspective as we scope an initiative to help increase industry adoption of measures that can increase the fuel efficiency of ships," said Lynn Loo, CEO of the Global Centre for Maritime Decarbonisation.

Toshiaki Tanaka, representative director, executive vice president executive officer, and chief operating officer of MOL, for his part, said MOL is very pleased to be a partner of one of the most important global coalitions.

"We will make our biggest effort to contribute and accelerate progress towards the net zero future in the maritime industry, together with GCMD and all its partners," Tanaka said.