Mitsui O.S.K. Lines, Ltd. (MOL) has announced that it has teamed up with YL Forest Co., Ltd. (YLF) and intends to participate in a blue carbon project to restore and protect mangroves in South Sumatra Indonesia. MOL will be involved in the on-site operation of the project and provide financial support.
Since 2013, YLF has implemented measures to protect 14,000ha of mangroves remaining in South Sumatra under the International Society for Mangrove Ecosystems (ISME) technical supervision. The new project aims to avoid the emission of about 5 million tons of carbon dioxide (CO2) through forest conservation activities and to remove/store another 6 million tons of CO2 through the afforestation of mangroves on about 9,500ha of bare land in the next three decades. The registration process by Verra, an organization that manages and certifies the voluntary carbon credits, is underway to register the project in the first half of 2022.
Mangroves remove and store carbon and are called the “cradle of life” for their role in protecting biodiversity. Furthermore, mangroves are also very important to adapt to climate change by protecting people living in coastal areas from high waves.
Through this project, MOL and YLF will jointly engage in mangrove restoration and conservation activities and adopt “the Silvofishery” to improve residents’ livelihoods through sustainable fishery and forest management, aiming to create a society where people live in harmony with nature.
MOL had learned about the importance of mangroves from partners, including ISME, through the project related to the restoration of the natural environment in Mauritius and decided to proactively engage in climate actions, marine environmental conservation, biodiversity protection, and other initiatives that will help transform the company into a nature positive company. As a result, MOL set a target to achieve net-zero emissions targeting all scope 1, 2, and 3 by 2050 in the “MOL Group Environmental Vision 2.1” established in June 2021.
The MOL Group will develop both nature-and-technology-based negative emissions, including the mangrove project, through co-creation with diverse stakeholders as it strives toward net-zero emissions. This way will ensure a prosperous future from the blue ocean by contributing to the sustainable growth of people, society, and the planet for all life living in the next generation.
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