First movers must not risk outpacing the industry - MOL CEO

The first movers “must avoid getting too far ahead of others”, Takeshi Hashimoto, chief executive of Mitsui O.S.K. Lines (MOL) said in his New Year statement.

PHOTO: Mitsui O.S.K Lines-operated vessel, Tetsun Maru. MOL

In his latest remarks, Hashimoto stressed the importance of becoming "movers and shakers" within the industry and called for collective action with “like-minded partners” to address climate change.

This position marks a step back from his comments in January 2024, when he championed a more proactive approach to industry leadership.

“With so many alternative fuel candidates, it is understandable to want to wait and see until a solution is identified,” he said last year. “However, if we all continue to wait and see, we will not make any progress. As first movers, we want to move forward with the ambition once a basic policy is established based on empirical data, we will set the trend ourselves.”

He also expressed concerns about waning enthusiasm for climate action since the Glasgow Accord of 2021. At the COP 26 meeting held in Glasgow in 2021, member nations agreed to phase out fossil fuel subsidies and accelerate action towards achieving the goals of the Paris Agreement.

Widespread adoption of zero- and low-emission fuels such as hydrogen, biofuels and other green alternatives remains challenging, he observed, suggesting that fossil fuels could still dominate the fuel mix in the near-term.

He confirmed plans to launch the MOL’s wind-powered hydrogen carrier later this year and emphasised the shipping firm’s commitment to improving operational efficiency to reduce greenhouse gas (GHG) emissions, describing these measures as “proven and feasible” when used in conjunction with alternative fuels.

By Konica Bhatt

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