Mitsui O.S.K. Lines, Ltd. (MOL) has announced that it has completed an insetting trial with 123Carbon B.V. that involves tokenising the GHG emission 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.