NYK Line, together with compatriot Mitsubishi Corp, has invested in primeval forest restoration company Australian Integrated Carbon (AI Carbon).
The investment, which NYK will use to offset emissions from its ships, has been made through joint venture company Japan Integrated Carbon.
NYK did not disclose the size of the investment but Mitsubishi Corp earlier purchased a 40% stake in AI Carbon, which was announced in July. The investment was made to help AI Carbon break into the international markets.
AI Carbon generates carbon credits by working with farmers on the regeneration of Australia’s native forests.
The regeneration uses the latest land-management practices including sustainable grazing.
The amount of CO2 stored in the regenerated forests is officially certified as Australian Carbon Credit Units by the Australian government.
AI Carbon is targeting the capture of 100m tonnes of CO2 emissions through its ongoing projects.
Australia’s government-backed carbon auction market is estimated to have reached 16m tonnes of CO2 in 2020.
NYK said it will use the carbon credits to offset the CO2 emissions caused by its vessels that are using heavy fuel oil, during its ongoing transition to low and zero-carbon fuels.
It also wants to gain knowledge of the carbon credit business and help AI Carbon expand into the US market.
NYK said the deal would would give it "experience and know-how of the carbon credit creation business". It said the move would "support the net zero-isation of greenhouse gas emissions of ships all over the world".
