Japanese shipowner Mitsui OSK Lines (MOL) has joined forces with fellow trading house Marubeni in the carbon removal credit business.
The duo has established a joint venture company called Marubeni MOL Forests to create, purchase, sell, and retire nature-based carbon removal credits.
The new company will operate under the philosophy: “Open the way to a sustainable future through the power of people and forests,” MOL said in a release.
As its first project, the JV plans to establish new forests covering 10,000 hectares in India and should start handling carbon credits from 2028 onwards.
MOL has been working to bolster its non-shipping businesses by investing in similar fields under its Blue Action 2035 management plan. In a separate announcement on Monday, the company revealed a $25m investment in a forestry fund targeting Latin America, becoming the first industrial company in Asia to take part in the fund.
