Japanese shipping major Mitsui O.S.K. Lines (MOL) has passed another milestone on its decarbonization journey, having become the ‘first’ in the country’s maritime industry to retire technology-based carbon removal credits (CDR).
Three years have passed since the launch of the NextGen CDR facility, a joint initiative between MOL, Boston Consulting Group, the Liechtenstein-based private banking and asset management group LGT, reinsurance company Swiss Re, and Switzerland-based investment banking company UBS focused on supporting the development of a market for credible, scalable carbon removal technologies.