MOL and NYK to work on sustainability in 2021
Sustainability will be a key topic in 2021 for Japanese shipping majors Mitsui O.S.K. Lines (MOL) and Nippon Yusen Kabushiki Kaisha (NYK).
Clearly, 2020 was a challenging year during which the pandemic of COVID-19 took over the planet. Owing to coronavirus-related problems, several companies have slowed down investments in green ventures.
This does not, however, mean that, according to MOL, steps to return to a growth trajectory have been suspended.
Those two companies plan to concentrate more on sustainability targets in 2021, which will benefit both their companies and the community.
“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,” stated Junichiro Ikeda, President & CEO of MOL.
In April, MOL announced the decision to create a dedicated division to prepare and support the environmental and sustainability strategies of the organization.
NYK has continued to fuse the Group's growth plan with ESG during 2020 and to support various initiatives to resolve social problems with a view to achieving sustainable growth.
The word Environmental, Social, and Corporate Governance (ESG) will likely receive more publicity in 2021, as disclosed by NYK.
The creation of a JPY 2 trillion fund to help Green Domain R&D has been officially announced in Japan, and similar movements are already underway elsewhere in the world.
Maritime Business World