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A newly established joint venture between Mitsui O.S.K. Lines (MOL), Japan’s second-largest ship owner, and Marubeni Corporation, is set to develop forest projects across 10,000 hectares in India, with plans to manage carbon credits from 2028. The joint venture, named Marubeni MOL Forests Co, Ltd, will be 60% owned by Marubeni and 40% by MOL. The company will focus on creating, purchasing, selling, and retiring nature-based carbon removal credits, as stated in an official announcement by MOL. The process of retiring carbon credits involves cancelling credits to offset carbon emissions. These nature-based credits are linked to methods that remove CO2 directly from the atmosphere using natural ecosystems, including afforestation and reforestation. MOL and Marubeni signed a shareholder’s agreement to form the joint venture on Monday, aiming to contribute to global environmental preservation and sustainable development. The project will kick off with operations in India. The joint venture is part of the growing global focus on decarbonisation, as carbon removal credits are seen as a key tool in achieving net-zero goals. “The market for carbon removal credits, which involve both new afforestation and carbon capture technologies, is set to expand,� MOL noted. These credits will not only absorb CO2 but will also promote biodiversity conservation, soil enhancement, and water preservation, offering a dual benefit of combating climate change while protecting ecosystems. MOL and Marubeni aim to generate and trade these credits to support the development of a decarbonised society. Marubeni’s long-term climate strategy includes renewable energy projects, carbon credit trading, and sustainable forest management across multiple regions.