Mitsui O.S.K. Lines (MOL) has established a carbon inset and book-and-claim programme aimed at supporting wider use of alternative marine fuels across its operations.

Under the mechanism, MOL uses alternative fuels such as biomethanol on its vessels, while a third-party organisation verifies the resulting greenhouse gas (GHG) reductions. These reductions are then turned into digital certificates that can be sold, with the proceeds used to fund the next purchase of alternative fuel.

The programme builds on MOL’s Net Zero Voyage, which was completed in February 2023. Under the relevant guidelines, certificates had to be issued within one year of the voyage. MOL said it therefore worked towards a February 2024 deadline by building a platform with 123Carbon, setting up a framework for certificate trading and starting sales activities.

Dai Miyata of the Corporate Sustainability Division commented: "At first, we had no idea whom we could sell the certificates to. Even so, if we succeeded, we could use those funds to purchase the next low-carbon fuel and keep taking on new challenges. Believing that, we worked hard."

MOL said the original aim was to introduce methanol fuel on its own vessels and create a way for the additional cost to be absorbed across the supply chain. As development progressed, however, the concept was broadened to cover a wider range of alternative fuels.

Aki Chigira, currently Chief Regional Representative of Hong Kong SAR, remarked: "As we advanced the development of the system, we reset the goal to 'creating a mechanism that enables the entire MOL Group to make use of a wide range of alternative fuels.'"

The programme is intended to support not only methanol but also other fuels such as bio-LNG and biodiesel.

MOL explained that, because the book-and-claim concept was still not widely recognised when the system was being developed, the company focused heavily on credibility during the wider rollout. It highlighted three priorities: third-party verification of emissions reductions, transparency through data-rich certificates, and the avoidance of double counting by operating in line with the guidelines of an international non-profit organisation.

According to MOL, the framework has been designed to be both scalable and verifiable, with potential relevance not only for its own operations but also for the wider shipping industry.