MOL Carbon Desk Our initiatives for Carbon Dioxide Removal
Given the limited remaining carbon budget to achieve 1.5 degree celcius target, we are taking initiatives to support the scaling of Carbon Dioxide Removal (CDR) from now, in addition to reducing the emission from value chain.
According to the Synthesis Report of the Intergovernmental Panel on Climate Change (IPCC) Sixth Assessment Report, Human activities, principally through emissions of greenhouse gases, have unequivocally caused global warming, with global surface temperature reaching 1.1°C above the pre-industrial level in 2011-2020. If the annual CO2 emissions between 2020–2030 stayed at the same level as 2019, the resulting cumulative emissions would almost exhaust the remaining carbon budget for 1.5°C, and deplete more than a third of the remaining carbon budget for 2°C. This is why the 2020s is called the decisive decade and our future depends on actions we take in this decade.
The importance of Carbon Dioxide Removal (CDR)
in achieving the Paris goal
Nature based solutions – Restoring the mangrove ecosystem in Indonesia
|Project Partner||YL Forest Co., Ltd.|
|Project Area||OKI Prefecture in South Sumatra Province, Indonesia|
|Area size||Total 23,500 ha (Afforestation – 9.500 ha & Conservation 14,000 ha)|
|Expected Impact||11 millions tons of CO2 avoided/stored over the project period (30 years)|
To help achieve our ambitious net zero by 2050 goal, Mitsui O.S.K. Lines selected Carbon Direct to develop a multi-decade carbon removal strategy.
We have been working with Carbon Direct to examine our emissions reduction curve against science-based targets and develop an emission-mitigation hierarchy based on our 2021 emissions profile—starting with the reduction of Scope 1 emissions. While transitioning to lower-carbon fuels will help to facilitate more than 90% of emissions reductions by 2050, we still anticipate residual emissions that will need to be removed. Meeting that multi-megatonne demand requires that we help to build the carbon removal market first.