Japanese shipping giant NYK Group announced today its strategic implementation of carbon dioxide removal (CDR) technology as part of its comprehensive plan to reduce Scope 1 emissions.
The initiative, detailed in a newly released position paper, aligns with NYK’s broader decarbonization strategy unveiled in November 2023, which sets an ambitious target of achieving net-zero greenhouse gas emissions by 2050.
While NYK emphasizes that its primary focus remains on maximizing energy efficiency and transitioning to next-generation fuels, the company recognizes CDR as a crucial tool for addressing unavoidable residual emissions.
“Since CDR technology and rules are still in their infancy, global regulations and frameworks are essential to promote its use,” states the position paper.
The company plans to begin procuring CDR credits in fiscal 2025, specifically targeting “removal” credits rather than reduction or avoidance alternatives. This strategic approach aims to retire 100,000 tons of emissions by 2030.
NYK acknowledges particular challenges in securing sufficient CDR credits for hard-to-abate sectors like shipping. The company will utilize CDR specifically for emissions that cannot be eliminated through conventional reduction methods.
The initiative follows the company’s previously released NYK Group Decarbonization Story (NDS) and its subsequent Progress Report 2024, which outline specific initiatives and transition plans toward achieving the 2050 net-zero goal.
For technical implementation, NYK will specifically employ CDR techniques that focus on removing CO2 directly from the atmosphere, with credits representing tradeable environmental values based on the amount of CO2 reduced.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 108,738 members that receive our newsletter.
Have a news tip? Let us know.
A BlackRock-led consortium has reached “in principle” agreements to acquire port assets owned by CK Hutchison Holdings Limited at the Panama Canal. The deal, valued at $22.8 billion, includes port...
The world’s largest and oldest iceberg, A23a, has run aground near South Georgia Island in the sub-Antarctic, according to confirmation from the British Antarctic Survey (BAS). This trillion-tonne ice giant,...
A bipartisan group of senators has introduced legislation aimed at monitoring and countering China’s expanding control over strategic ports worldwide, addressing what lawmakers call a direct threat to American national...
Maritime and offshore news trusted by our 108,738 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
