NYK Participates in Marine Biofuels Data Collection and Analysis Project
NYK and Astomos Energy Corporation participated in a marine biofuel demonstration project launched by the Global Center for Maritime Decarbonization (GCMD), a non-profit organization aimed at promoting the decarbonization of the maritime industry, according to the company’s statement. .
Biofuels can be used without remodeling the ship’s existing engines and infrastructure. Additionally, although biofuels generate CO2 when burned, they are considered carbon neutral because they are made from plants and used cooking oil. Thus, biofuels are expected to be one of the most promising next-generation fuels for decarbonization.
GCMD is a non-profit organization (NPO) established in August 2021, founded by the Maritime and Port Authority of Singapore (MPA) and 6 industry partners. It initiated this project to establish an assurance framework to ensure the integrity of the supply chain for current and future green marine fuels, bringing real benefits to end users and the climate.
Eighteen companies and organizations, including NYK and Astomos, are participating in this project, and demonstration trials will be conducted with an investment scale of approximately US$18 million. One of the objectives is to establish transparency in the biofuel supply chain through the use of tracking technologies, so this project is characterized by the participation of shipping companies as consumers. Specifically, shipping companies will conduct a trial operation using biofuels and provide data on their biofuel use to GCMD. By facilitating and creating an optimized supply chain for green fuels, this pilot project will help shape national and international biofuel standards for the marine industry and reduce barriers to their wider adoption to reduce GHG emissions. from a life cycle perspective.
On February 3, 2021, NYK released the “NYK Group ESG Story”, which aims to further integrate ESG into the company’s management strategy and promote activities that contribute to the achievement of the SDGs through Commercial activities. On March 24, 2022, NYK published the “NYK Group ESG Story 2022” update, which outlines initiatives for integrating ESG into the Group’s management strategies presented in the “NYK Group ESG Story” and provides a partial explanation of the Group’s sustainable growth strategy. in a long-term perspective.
Additionally, NYK has defined “Sail GREEN” as the company’s ESG mark which emphasizes NYK’s efforts to reduce GHG emissions through freight transportation and contribute to environmentally responsible supply chains. customers, regardless of the mode of transport (e.g. by sea or land, via terminals, etc.).