Asia is already on both sides of this market

There is one more reason this market is hard to file under "a European story".

The issuing side

On 15 February 2024 the Japanese shipping line Mitsui O.S.K. Lines (MOL) issued carbon insets on the 123Carbon registry. The announcement described MOL as the first shipping company in the Asia-Pacific region to issue carbon insets on the 123Carbon registry.

The subject was a bio-methanol fuelled vessel, and third-party assurance was provided by Verifavia. Allocation follows what the announcement calls an internationally developed book-and-claim methodology.

The buying side

As covered in report 2, Samsung Biologics is among the 14 published buying companies in the aviation certificate buyers' alliance.

Put together

A Korean company on the buying side, a Japanese shipping line on the issuing side. Asia is not an audience for this market; it is a participant.

One thing to state plainly. MOL's announcement does not give the number of certificates issued, the tonnes reduced, the route, or the buyer. Values that were not published have not been filled in from secondary coverage.

※ This article cites published material. The companies and bodies named have no contractual relationship with us.

This article expands one section of LCS EAC special report 3, Who Vouches for It. The full report works from published material by 123Carbon and DP World and from SBTi's Corporate Net-Zero Standard V2.0 as primary sources, and does not fill in values that were never published.