123Carbon teams with MOL for carbon insetting project

In Japan, 123Carbon announced its collaboration with TOKYO-Mitsui O.S.K Lines, Ltd (MOL) on a carbon insetting pilot project that will allow its customers to reduce their Scope 3 emissions.

MOL is the first shipping company in the APAC region to issue carbon insets on the 123Carbon registry, after completing its robust issuance process, supported by Verifavia, as third-party assurance partner, and AllChiefs as implementation partner. Once verified, 123Carbon was able to issue blockchain-backed digital certificates on behalf of MOL, allowing them to provide complete transparency to freight forwarders and shippers seeking to reduce their scope 3 sea freight emissions. The project was based on the voyage of a bio-methanol fuelled vessel, which MOL conducted jointly with Methanex.

Unlike offsetting, carbon insets represent concrete reductions realised within the supply chain, which can be allocated to freight forwarders and shippers based on a globally developed book and claim methodology. This flexible allocation methodology allows for an acceleration of low carbon initiatives within the shipping industry, as well as the opportunity for fleet operators to share the decarbonisation costs.