Regional Carbon: MOL, Marubeni form JV for nature-based carbon credits

By Romel S. Gurky

Japanese shipping giant Mitsui O.S.K. Lines, Ltd. (MOL) and conglomerate Marubeni Corporation announced on Tuesday the establishment of a new company, Marubeni MOL Forests Co., Ltd., to focus on the creation, trading, and retirement of nature-based carbon removal credits. The venture aims to contribute to global decarbonization efforts and sustainable development.

The new company will initially establish 10,000 hectares of new forests in India, with plans to begin managing carbon credits from 2028. Nature-based carbon removal credits, which utilize ecosystems like afforestation and reforestation to directly absorb CO2 from the atmosphere, are gaining importance in achieving net-zero goals. These credits also provide co-benefits such as biodiversity conservation, soil restoration, and water management, enhancing environmental resilience.

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Marubeni holds a 60% stake in the venture, while MOL owns 40%. Both companies bring complementary strengths to the partnership. Marubeni’s experience in renewable energy, forest management projects in Indonesia and Australia, and carbon credit trading aligns with MOL’s focus on reducing greenhouse gas (GHG) emissions and achieving its target of net-zero emissions by 2050 under its "MOL Group Environmental Vision 2.2."

“This partnership reflects our shared commitment to a sustainable future, leveraging the potential of forests to combat climate change and enhance biodiversity,” said MOL President Takeshi Hashimoto and Marubeni President Masumi Kakinoki in a joint statement.

The partnership builds on both companies’ broader decarbonization goals. MOL aims to remove 2.2 million tons of CO2 by 2030, while Marubeni continues to advance initiatives outlined in its "GC2024" strategy, emphasizing green business growth and collaboration in GHG reduction efforts.

Editing by Alexander Ginting