November 12, 2021
Others
Our group conducts its first carbon-neutral marine transportation. Utilizes carbon credits to offset approximately 10,000 tons of CO2 generated on round-trip voyages from Japan to the Middle East.
Idemitsu Kosan Co.,Ltd. (Headquarters: Chiyoda-ku, Tokyo, President: Shunichi Kifuji, hereinafter referred to as the "Company") is the first company in the group to introduce carbon credits* with the aim of reducing CO2 emissions associated with fuel consumption during marine transportation of crude oil. 1 was used to transport crude oil by sea between Japan and the Middle East.
This initiative, which was undertaken as a precedent example to meet the needs of customers who are working on low-carbon and decarbonization, will be carried out by Idemitsu Tanker Co., Ltd., a wholly owned subsidiary of Idemitsu Tanker Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo, President: Tadashi Terauchi, hereinafter "Idemitsu By utilizing the environmental value of carbon credits *2 for the round-trip maritime transport of the large crude oil tanker (Very Large Crude Oil Carrier) Nissho Maru (dead weight: 300,544 MT) between Japan and the Middle East, owned by a large crude oil tanker (VLCC) (VLCC) We achieved an offset of approximately 10,000 tons of CO2 emissions, which is equivalent to each batch.
Nissho Maru, the group's first Very Large Crude Oil Carrier to carry out carbon-neutral marine transportation
The carbon credits used this time are VCM (Voluntary Carbon Markets), which has certified the CO2 emission reduction effects of projects around the world by a highly reliable third-party verification organization *3. Idemitsu Asia (President: Takashi Sakata), our trading base in Singapore, independently purchased this credit in the market.
*1 A value that represents the amount of emission reduction/absorption generated through projects that reduce or absorb greenhouse gas emissions.
*2 Calculated from the CO2 emission standard table by fuel set by IMO (International Maritime Organization).
*3 The carbon credits covered by this maritime transport have been certified by the global organizations Verra and Gold Standard, and are part of the Carbon Offset and Reduction Scheme for International Aviation (ICAO) implemented by the International Civil Aviation Organization (ICAO). CORSIA) is also recognized.
Idemitsu Tanker and Idemitsu Tanker will continue to provide marine transportation services that contribute to carbon neutrality using various methods, including offsetting using carbon credits. In addition, after carefully examining the effectiveness of carbon credits, our group will create credits based on carbon neutrality-related initiatives and combine carbon credits with various products that we sell domestically and overseas to support our customers and society. We will consider developing and selling new products that meet the needs of reducing environmental impact.
[CO2 offset using carbon credits]
As international momentum for climate change countermeasures grows, we are promoting the use of carbon credits, which support companies' efforts to become carbon neutral by trading the effects of reducing GHG (greenhouse gas) emissions as "environmental value." Discussions are becoming more active. Among these, VCM, which is an emissions trading framework managed by the private sector and NGOs, is attracting attention.In this mechanism, credits generated from various projects such as renewable energy, energy conservation, and forestry are transferred to companies, etc. It can be used as a means of reducing CO2 emissions. The market is expected to expand as companies around the world begin to utilize carbon credits, and they are expected to play a major role in the future.
Our Vision for 2030 is to be a "Your Reliable Partner for a Brighter Future," and we will continue to engage in a variety of initiatives, including providing a stable supply of energy and contributing to solving social issues, including the global environment.
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Idemitsu Kosan Co.,Ltd. Public Relations Department Public Relations Division