Hot on the heels of local rival NYK, Japan’s Mitsui OSK Lines (MOL) has joined the Global CCS Institute, an Australia-based international think-tank established to promote the use of carbon capture and storage (CCS) technologies.

Through its participation in the Global CCS Institute, MOL said it aims to expand both upstream and downstream in carbon capture, utilisation and storage business value chains, and contribute to the achievement of a sustainable, decarbonised society.

“It is clear that the world requires CCS in very large volumes and in many places around the world to achieve net zero emissions around mid-century. Transporting bulk carbon dioxide for permanent storage will be a key part of the CCS chain and a growing business opportunity,” said Global CCS Institute CEO, Brad Page, welcoming MOL.

MOL entered the business of transporting liquefied CO2 by sea in March 2021, when it invested in Larvik Shipping, which has managed industrial liquefied CO2 vessels in Europe for over 30 years.

The company is also involved in the Australian offshore CCS hub project – the deepC Store project, which consists of capturing CO2 from industrial sources in Australia and the Asia-Pacific region, shipping of liquid CO2 to CO2 floating storage and injection (FSI) hub facility offshore Australia, and a CO2 injection well for storage in a subsurface storage complex near the FSI hub facility.

This month, its Japanese compatriot, Nippon Yusen Kaisha (NYK), also joined the Global CCS Institute.