On April 23nd, 2021, Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) became a Strategic Partner of the Maersk Mc-Kinney Moller Center for Zero Carbon Shipping (MMMCZCS), a not-for-profit international research and development center dedicated to the decarbonization of the shipping industry.
The reduction of greenhouse gas (GHG) emissions is an important priority for the shipping industry, and the International Maritime Organization (IMO) has set a target of halving GHG emissions relative to the 2008 level by 2050. Toward achieving this IMO target, the use of alternative fuels, such as hydrogen, ammonia, methanol, and biofuels, has been attracting attention. However, a number of issues will need to be overcome before these fuels can be used on a practical basis, including technological development, supply capacity, and economic viability. It will also be necessary to verify their practicality across entire supply chains.
Through collaboration with the shipping industry across the supply chain, the MMMCZCS will carry out R&D and develop practical solutions relating to alternative fuels and new technologies related to ship operation. In addition to the seven Founding Partners *1, there are also six Strategic Partners *2, including Mitsui. For the MMMCZCS, Mitsui will plan and operate projects and also provide its knowledge throughout the entire supply chain.
One of the priority areas identified by Mitsui in its Medium-term Management Plan 2023 is "Sustainability Management; Evolution of ESG", while the company's vision for 2050 calls for the achievement of net-zero emissions. Through the MMMCZCS, Mitsui will strengthen ties with the other partners participating in the MMMCZCS and will contribute to the achievement of an eco-friendly society through promotion of the decarbonization of the shipping industry as essential infrastructure for a prosperous society.
*1 American Bureau of Shipping (ABS), A.P. Moller-Maersk, Cargill, MAN Energy Solutions, Mitsubishi Heavy Industries, NYK Line, Siemens (in alphabetical order)
*2 Alfa Laval, Haldor Topsoe, Mitsui, NORDEN, Seaspan Corporation, Total (in alphabetical order)
Profile of the MMMC
| Name | Maersk Mc-Kinney Moller Center for Zero Carbon Shipping (MMMCZCS) |
|---|---|
| Established | October 2020 |
| Purpose | Surveys, R&D, pilot programs relating to the decarbonization of the shipping industry |
| Membership | Seven Founding Partners, six Strategic Partners (as of April 2021) |
Mitsui’s Materiality
“Build brighter futures, everywhere” as our corporate mission, and to gain the trust and expectations of our stakeholders to realize a better tomorrow for earth and for people around the world, we have identified five material issues (“Materiality”) for Mitsui’s sustainable growth. We anticipate this particular project/ business to contribute especially to the realization of “Secure sustainable supply of essential products” and “Enhance quality of life” and “Create an eco-friendly society”
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Secure sustainable supply of essential products
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Enhance quality of life
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Create an eco-friendly society
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Develop talent leading to value creation
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Build an organization with integrity