MOL Signs Japan's 1st Sustainability-linked Lease Agreement
Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) announced that as part of the MOL Group's environmental strategy, its group company MOL Chemical Tankers Pte. Ltd. (MOLCT; President: Akira Sasa: Headquarters: Singapore) signed Japan's first sustainability-linked lease agreement with Tokyo Century Corporation (President: Koichi Baba; Head Office: Chiyoda-ku, Tokyo) for the chemical tanker BONITA ANA.
The MOL Group's environmental strategy "MOL Group Environmental Vision 2.2" and MOL Sustainable Finance Framework were judged by the enabler, Tokyo Century, as contributing to initiatives to address sustainability issues, and led to the conclusion of this lease agreement. The agreement sets sustainability performance targets that are consistent with the group's environmental strategy, and lease payments are reduced in accordance with the achievement of these targets.
As an enabler, Tokyo Century has established Japan's first "Sustainability Linked Finance and Transition Linked Finance Framework" intending to offer support under a Japanese Operating Lease with Call Option (JOLCO). This is the first project to utilize the framework.
The MOL Group has positioned environmental strategy as a key element of its group management plan "BLUE ACTION 2035," and has identified "marine and global environmental conservation" as one of its Sustainability Issues (Materiality).
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MOL is committed to solving environmental issues through co-creation with stakeholders with the aim of achieving net zero greenhouse gas (GHG) emissions by 2050. It will also continue sustainable financing by utilizing this framework in its fundraising.
Source: MOL
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