NYK Buys Direct Air Capture Credits
Nippon Yusen Kabushiki Kaisha (NYK) has purchased carbon dioxide removal credits that will be enabled by 1PointFive’s Direct Air Capture (DAC) technology.
This marks NYK’s second purchase of credits from 1PointFive intended to address NYK’s residual operational emissions.
According to NYK, the international shipping industry emits roughly one billion tons of CO2 annually, and if about 10% remains as residual emissions after operational emission reductions, then the industry would need to remove 100 million tons via carbon dioxide removal each year to address those residual emissions.
“Together with 1PointFive, we aim to contribute not only to the decarbonization of international shipping, but to decarbonization worldwide,” said Akira Kono, Representative Director, Executive Vice-President Executive Officer of NYK. “NYK is proactively driving decarbonization in the international shipping industry through a multifaceted approach that includes introducing fuel-efficient vessels, adopting low-carbon fuels such as biofuels and improving each vessel’s energy and operational efficiency. Addressing the residual emissions that cannot be eliminated through operational or technological improvements alone requires carbon dioxide removal.”
The carbon dioxide removal credits for NYK will be produced from STRATOS, 1PointFive’s first DAC facility in Texas that is on track to start-up this year.
As a subsidiary of Occidental, 1PointFive is leveraging more than 50 years of carbon management expertise and major projects experience to deliver commercial-scale DAC.
