MOL scales up carbon removal technologies

Japan’s Mitsui OSK Lines (MOL) is among five founding buyers of credits from a facility established by a Swiss carbon project developer, South Pole. It is aimed at scaling up carbon removal technologies for MOL.

South Pole’s NextGen facility has committed to buying 1m carbon dioxide removals (CDRs) from projects generated from a range of technologies by 2025, with verified CDRs to be delivered by 2030. NextGen has curated a pipeline of projects using five removal approaches: biomass carbon removal and storage (BiCRS), direct air capture and storage (DACS), enhanced weathering, high-temperature biochar, and product mineralization that require capital for deployment.

In addition to MOL, founding buyers in NextGen will include Boston Consulting Group, private banking firm LGT, insurance firm Swiss Re and banking giant UBS.