On January 30, NYK dry bulk carrier Frontier Sky conducted a trial use of biofuel in Europe after the biofuel was bunkered at the port of Rotterdam, Netherlands. This trial was performed in collaboration with global mining company BHP and leading sustainable biofuel company GoodFuels.
Biofuel is a fuel that is derived from renewable sources – in this case the biofuel is made from waste oils such as used cooking oil. Biofuels are considered to be carbon-neutral because the carbon dioxide that is absorbed by the source of the biomass is equal to the carbon dioxide that is released when the fuel is burned, thus helping the fuel to gain more attention around the world. In addition, because the emission of sulphur oxides (SOx) from biofuel is significantly lower compared to conventional fossil fuel, using biofuels helps meet regulations entering into force in 2020 capping sulphur content in marine fuels.
For the arrangement of the bunkering of the biofuel at Rotterdam, blockchain technology was used as a trial. This technology enhances the traceability of marine fuel and provides a clear chain of custody for better quality assurance in the bunker fuel supply chain.
NYK’s medium-term management plan includes the group’s intent to integrate environmental, social, and governance (ESG) initiatives into management strategy by establishing new medium- to long-term environmental targets.* To achieve these goals, NYK continues to team up with partners and promote the use of environment-friendly marine fuels such as biofuel and LNG fuel.
* Medium- to long-term environmental targets
NYK’s reduction targets for GHG emissions are 30% per ton-kilometer by 2030 compared with a 2015 base year, and 50% per ton-kilometer by 2050 compared with the same base year. These targets have been recognized as science-based by the international Science Based Targets (SBT) initiative. Regarding its environmental initiatives and disclosure, NYK has been highlighted as a global leader on corporate climate action by environmental impact non-profit organization CDP, achieving a place on the Climate Change A List.