BAKU, Azerbaijan, January 9. Japan’s ITOCHU Corp said it has signed a strategic partnership memorandum with shipping company Mitsui O.S.K. Lines (MOL) to promote the use of environmental attribute certificates as a tool to cut carbon emissions in the transportation sector, Trend reports via ITOCU.
Under the agreement, the two companies will jointly work on marketing, public relations and sales initiatives aimed at encouraging companies that use transport services to reduce their Scope 3 greenhouse gas emissions, ITOCHU said in a statement.
The partnership brings together the aviation and maritime sectors, creating what the companies described as a new cross-industry model for decarbonisation in Japan, at a time when cutting Scope 3 emissions – those generated across supply chains – has become an increasingly urgent challenge for companies globally.
ITOCHU has been promoting the use of sustainable aviation fuel (SAF), while MOL has focused on expanding low-carbon marine fuels. By combining their efforts, the companies aim to establish a framework that helps logistics users lower emissions across the entire transportation supply chain.
As part of the initiative, the two companies carried out a reciprocal transaction of environmental attribute certificates. ITOCHU purchased certificates generated by MOL to offset emissions linked to marine transport services, while MOL bought aviation-related certificates generated by ITOCHU to reduce emissions from employee air travel.
The transaction was conducted via a platform operated by 123Carbon, a Netherlands-based environmental technology company, which manages the issuance, transfer and retirement of certificates under an audited system designed to ensure traceability and transparency in line with global standards.
ITOCHU said the initiative aligns with its management policy focused on shifting profit opportunities downstream and advancing contributions to the United Nations Sustainable Development Goals.