Japanese shipping company Nippon Yusen Kabushiki Kaisha (NYK) has purchased carbon dioxide removal (CDR) credits from carbon capture, utilisation, and sequestration (CCUS) company 1PointFive.
The CDR credits will be produced from STRATOS, 1PointFive’s large-scale direct air capture facility in Texas, which is set to come online later this year.
STRATOS is designed to capture up to 500,000 tonnes of carbon dioxide annually, making it the world’s largest DAC facility, according to 1PointFive.
Akira Kono, Representative Director, Executive Vice-President of NYK, highlighted the company’s decarbonisation efforts, noting its use of fuel-efficient vessels, and its adoption of low-carbon fuels like biofuels, and improving operational efficiency.
“Addressing the residual emissions that cannot be eliminated through operational or technological improvements alone requires CDR,” he said.
According to NYK, the international shipping industry emits around one billion tonnes of CO2 annually. It believes that if around 10% of this remains as residual emissions after operational emission reductions, then the industry would need to remove 100 million tonnes via CDR each year.
1PointFive has signed similar CDR agreements in the past with Microsoft, Amazon, JPMorgan Chase and, most recently, California-based cybersecurity company Palo Alto Networks.
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