MOL to develop green corridor connecting Portugal to Northern Europe

Through the partnership, Mitsui O.S.K. Lines, Ltd. (MOL) plan to develop a green corridor connecting Portugal to Northern Europe, as shared by Hydrogen Europe

MOL CEO Takeshi Hashimoto has announced the signing of a memorandum of understanding (MOU) with Madoqua Renewables Holding (Madoqua) and other global leaders.

The collaboration includes diverse sections of the energy transition value chain, including financial partners, terminal operators, academic and policy institutions, industrial corporations committed to decarbonisation, green fuel producers, and alternative fuel off-takers.

Madoqua, a renewable energy developer and will be the project coordinator, focused on driving collaboration across the entire value chain. As previously reported, the MOU reinforces the EU’s stance on leadership in sustainable shipping innovation.

Green Corridor Initiative

The Green Corridor project aims to establish a shipping route that uses low-emission shipping solutions and transports low-carbon fuels.

Global industry leaders from Europe, Asia, and North America have come together to support the development of this Green Corridor.

The project further aligns with initiatives set by the EU such as H2med, which aims to interconnect the hydrogen networks of the Iberian Peninsula to North West Europe, enabling Europe to be supplied with affordable green hydrogen by 2030.

H2med forms part of the larger EU target of establishing a carbon-neutral roadmap by 2050.

As a shipping logistics partner, MOL will play a key role in enabling the transportation of green fuels and CO2, while promoting the use of zero-emission ships to decarbonise the maritime transport sector.

This initiative forms a further part of the “Build business models that enable net zero emissions,” one of the actions outlined in our group’s Environmental Vision 2.2, and aligns with EU goals of achieving net zero greenhouse gas (GHG) emissions by 2050.