NYK invests in lowering emissions

Japanese shipping company NYK Line has pledged to invest millions of dollars in cutting its overall emissions even as it plans a substantial fleet expansion. According to the company’s corporate social responsibility (CSR) report for 2008, it wants to cut emissions by at least 10% of its 2006 levels by 2013. The NYK Group currently operates a fleet of over 700 vessels, and purchased some six million tonnes of bunker fuel in 2007. It has ambitions to expand the fleet to 1,000 vessels, which would likely increase overall bunker consumption and emissions.

But NYK has said it is willing to invest 70 billion yen ($648.2 million) over six years on developing innovative green technology. It has also signaled that it is ready to change its business model to adapt to environmental demands. The company introduced a company-wide ?Save Bunker 07 Campaign? from October 2005 to March 2007 and the ?Save Bunker Plus Campaign? from April 2007 to March 2008. It said both of these campaigns were “focused on paring down soaring fuel expenses and reducing CO2 emissions.”

In January this year, Koji Miyahara, President of the NYK Group, said the company would look at speed reductions to cut bunker consumption and CO2 emissions. Further raising the company?s environmental profile, it announced the ?NYK Cool Earth Project? in March this year, to begin on 1 April and run through March 2010. It said the project, to be overseen directly by president Miyahara, would mobilise the strength of the entire NYK Group to address five tasks.

The tasks centre around encouraging technology innovation to reduce CO2 and other gas emissions, and reduction of fuel use through reforms such as “ship navigation at reduced speeds.” NYK Line also said it aimed to “properly respond to policy discussions” in domestic and international circles.