Page 15 - AsiaElec Week 14 2021

AsiaElec NEWS IN BRIEF AsiaElec

DECARBONISATION advantage of the shift away from carbon by centre in Asia.
investing in wind power, including offshore A VPPA is a contract structure in which a
Mitsui OSK to invest $1.8bn wind, along with LNG. buyer agrees to purchase a project’s renewable
energy for a pre-agreed price. The energy can
Mitsui O.S.K. is the first major Japanese
in decarbonisation over 3 marine shipper to aim for net zero emissions be produced from a renewable energy project
by 2050, though A.P. Moller-Maersk, the
that is located away from the premises of the
years world’s largest container shipping company, buyer, but co-located on the same grid.
announced such a target in 2018.
The agreement signed with Facebook
Japanese maritime shipping company Mitsui Mitsui O.S.K. projects pretax profit for is Sunseap’s second VPPA with the tech
O.S.K. Lines is to invest 200bn yen ($1.8bn) the fiscal year ended March 31 more than company since October 2020—Sunseap
in fields related to cutting carbon dioxide doubling to 120bn yen, outstripping its and Facebook also have an agreement for
emissions over the three years through fiscal previous forecast of 95bn yen. The jump owes renewable energy exported from solar systems
2023, Nikkei reported. mainly to an unexpectedly strong showing by installed on more than 1,200 rooftops.
The latest version of the annually revised affiliate Ocean Network Express, the container Lawrence Wu, co-founder and President of
three-year plan sets a goal of achieving net shipping joint venture that Mitsui O.S.K. Sunseap Group said: “We are very pleased to
zero emissions by 2050 -- a significant step up formed with Nippon Yusen and Kawasaki be working with Facebook for a second VPPA.
from the target of “within this century” in the Kisen. This partnership is another significant step for
fiscal 2020 edition -- reflecting a global pivot Sunseap towards helping corporations meet
away from fossil fuels that has spread to this their sustainability goals.
carbon-heavy industry. “We are grateful for the leadership shown
As part of this strategy, Mitsui O.S.K. SOL AR by companies like Facebook in seriously
will introduce ships powered by liquefied embracing sustainability, whether through
natural gas, with a focus on large vessels such Facebook to buy solar reducing waste or minimising and offsetting
as car carriers and crude oil tankers. While their carbon emissions.”
the company did not provide details on how power from Sunseap Urvi Parekh, Head of renewable energy
much of its fleet will be fueled by LNG, it is at Facebook said: “We are thankful for this
expected to gradually switch over about 30% Singapore offshore floating partnership with Sunseap that is helping us
to 40% of its ships over the next 10 years. bring new solar energy to the Singapore grid
“LNG looks almost certain to be the project in support of our operations in the area. This
leading next-generation fuel of the 2020s” is our first floating solar project, so we’re
amid the decarbonisation trend, company Sunseap Group has signed a multi-year virtual particularly excited to support an innovative
President Takeshi Hashimoto said in a virtual power purchase agreement (VPPA) with technology that will help bring more
news conference. Facebook for solar energy from the Republic’s renewable energy projects online.”
But LNG-powered vessels reduce largest offshore floating solar farm in the SUNSEAP
greenhouse gas emissions by only about 30% Straits of Johor.
compared with conventional ships that use The energy from the 5MWp offshore
heavy fuel oil, meaning that other steps will be floating photovoltaic system will be exported INVESTMENT
necessary to achieve net zero emissions. to the national grid. All renewable energy
“We will also need to switch to new credits (RECs) from project will be transferred Green Climate Fund
alternative fuels such as hydrogen and to Facebook under the VPPA and will support
ammonia,” Hashimoto said. the tech company’s operations in Singapore, approves FMO’s $137mn
The three-year plan also calls for taking including Facebook’s first custom-built data

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