Idemitsu Kosan Co.,Ltd. (Head Office: Chiyoda-ku, Tokyo; President & CEO: Shunichi Kito; hereinafter “Idemitsu”), has completed its first carbon-neutral voyage for the round trip between Japan and the Middle East, with the aim of reducing CO2 emissions associated with fuel consumption.
This carbon-neutral voyage was performed by the Nissho Maru, a very large crude carrier (VLCC) with a deadweight of 300,544 tons owned by Idemitsu Tanker Co.,Ltd. (Head Office: Chiyoda-ku, Tokyo; President: Tadashi Terauchi; hereinafter “Idemitsu Tanker”), a wholly owned subsidiary of Idemitsu. Idemitsu Tanker is engaging closely with customers and stakeholders in reducing its carbon footprint, and this initiative aims to set a precedent for meeting customer needs for low-carbon and decarbonization solutions of logistics supply chain.
Idemitsu Group has ensured this voyage is theoretically carbon-neutral voyage through offsetting 10,000 tons of CO2 emissions equivalent by carbon credits.
Given extensive global experience in trading petroleum and related products, the carbon credits covered in this voyage were purchased by Idemitsu International (Asia) Pte. Ltd. (Managing Director: Takashi Sakata), the trading arm of Idemitsu Group in Singapore, by investing in environmental projects across the world to reduce emissions. The carbon credits have been issued by third-party internationally-recognized standards in voluntary carbon markets such as Verra's Verified Carbon Standard (VCS) and the Gold Standard, and verified by reliable third party agencies. These credits are also CORSIA-eligible. CORSIA is an initiative of ICAO, the International Civil Aviation Organization.
Due to the increasing customer requirements for low carbon and carbon neutral goals and solutions, Idemitsu and Idemitsu Tanker will continue to provide shipping services that contribute to carbon neutrality, including offsets by carbon credits. With consideration of the effectiveness of carbon credits, we will consider creating carbon credits through Idemitsu Group’s carbon-neutral activities and combining carbon credits with various products that we sell in Japan and overseas, with a view to developing and selling new products that meet the needs of customers and society for low environmental impact.
Guided by our corporate vision for 2030, “Your Reliable Partner for a Brighter Future,” we will continue to implement various initiatives that contribute to the resolution of social issues, including global environmental issues, while maintaining a reliable supply of energy.