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Shipper Mitsui OSK to invest $1.8bn in decarbonization over 3 years

LNG-fueled tankers feature in plan to reach net zero emissions by 2050

Mitsui O.S.K. Lines plans to invest in LNG-fueled ships to reduce its carbon footprint. (Photo courtesy of Mitsui O.S.K. Lines)

TOKYO -- Japanese maritime shipping company Mitsui O.S.K. Lines will invest 200 billion yen ($1.8 billion) in fields related to cutting carbon dioxide emissions over the three years through fiscal 2023, according to a business plan released Monday.

The latest version of the annually revised three-year plan sets a goal of achieving net zero emissions by 2050 -- a significant step up from the target of "within this century" in the fiscal 2020 edition -- reflecting a global pivot away from fossil fuels that has spread to this carbon-heavy industry.

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