India’s Tata Steel has signed a Memorandum of Understanding (MoU) with Mitsui OSK Lines (MOL), a global marine transport group, to develop and deploy environment friendly shipping solutions, a company official said on Wednesday, August 25.
The move is aimed towards Tata Steel’s objective of larger sustainability and efforts to reduce greenhouse emission across its supply chain, the official said.
“The objective of the agreement is to reduce greenhouse gas (GHG) emissions in the ocean transportation of raw materials for production of steel. In the initial stage, the partnership will explore the environmental benefits and commercial and operational feasibility of various technologies,” Peeyush Gupta, Vice President, Supply Chain, Tata Steel said.
"We have recently established MOL Group Environmental Vision 2.1, wherein we have announced that MOL Group will make a concerted effort throughout the Group, to achieve net zero GHG emissions by 2050,” Toshiaki Tanaka, senior managing officer MOL said.
“There would be a long, long pathway to achieve the Vision 2.1, and we believe that working collaboratively with a good partner is important. The partnership with Tata Steel, a leading global steel company, encourages MOL to challenge goals for the Vision 2.1. We are very much happy to have this opportunity,” he said.