Japan’s NYK Line invests in Australian Integrated Carbon. Photo credit NYK / AIC
Japan‘S NYK line agreed to invest in Australian Company for CO2 certificates Australian integrated carbon (AIC) as part of efforts to decarbonise the shipping industry.
AIC sells carbon credits acquired through jungle restoration projects.
NYK will jointly invest in AIC with Mitsubishi Corporation through their holding company Integrated carbon in Japan (JIC) in return for a 40% Participation in AIC.
“Since ships have a long life cycle of approx 20 years, some ships are expected to be under more than 50,000 Ships worldwide will be forced to use fossil fuels during the transition to zero-emission fuels, “said NYK.
“For ships that have not yet imported zero-emission fuel in the future, it is expected that their greenhouse gas emissions will be reduced to net zero by using the CO2 compensation method.
AIC said Mitsubishi Corporation identified the vast landscapes of Australia as having “significant potential for generating high quality CO2 certificates (ACCUs)”.
“With the support of Mitsubishi Corporation, AIC’s immediate plan is to develop projects that run up to 100 million Batteries, “it added.
One ACCU corresponds to one tonne of carbon dioxide equivalent (tCO2-e) that is saved or avoided by a project.