On September 29, NYK participated in the Third International Conference on Fuel Ammonia, which was part of the Tokyo GX Week* of international conferences related to energy and the environment. From NYK, the only shipping company to participate in the conference, Executive Officer Tsutomu Yokoyama gave a presentation that focused on the international shipping industry's efforts to achieve zero GHG emissions and NYK’s progress in developing an ammonia-fueled vessel.

The International Conference on Fuel Ammonia, organized by Japan’s Ministry of Economy, Trade and Industry (METI) and the Clean Fuel Ammonia Association (CFAA), aims to strengthen the foundation for international public-private partnerships to build a stable and flexible market and supply chain for fuel ammonia, which would be effective in combating global warming. The third conference was attended by more than twenty governments, international organizations, research institutes, and private companies.

Title: Utilization of clean ammonia fuel to achieve zero emissions in the shipping industry
Topics:

• Targets formulated in July 2023 by the International Maritime Organization's (IMO) Marine Environment Protection Committee (MEPC) to reach net-zero GHG emissions from international shipping by or around 2050.

・ The advantages of ammonia compared to hydrogen, methanol, and batteries in options for zero-emission ships.
・ The status of a ship equipped with a domestically produced ammonia-fueled engine, which is being developed by a consortium led by NYK as part of the Japanese government's Green Innovation Fund project.**

NYK has launched its new "NYK GREEN EARTH" brand to emphasize NYK's ESG efforts to create new value initiatives for low carbon and decarbonization through green businesses such as business related to offshore wind power generation. The NYK Group will encourage new value creation as a sustainable solution provider in order to strongly promote ESG management.

On March 10, 2023, the NYK Group released its medium-term management plan “Sail Green, Drive Transformations 2026 — A Passion for Planetary Wellbeing. ” The NYK Group is promoting growth strategies with ESG at the core, based on the Group’s mission statement of “Bringing value to life” and a new corporate vision for 2030, which reads, “we go beyond the scope of a comprehensive global logistics enterprise to co-create value required for the future by advancing our core business and growing new ones.”

* Tokyo GX Week
An event sponsored by Japan’s Ministry of Economy, Trade and Industry (METI) to support international conferences intensively related to carbon neutrality with the aim of the realization of GX, or Green Transformation.
https://www.meti.go.jp/english/policy/energy_environment/global_warming/roadmap/tokyo_gx_week/

** Green Innovation Fund project
A 2 trillion-yen fund established in NEDO to significantly accelerate current efforts such as structural transformation of the energy and industrial sector and innovation through bold investment toward carbon neutrality by 2050. The fund provides continuous support from R&D and demonstration to social implementation for up to 10 years for companies that share ambitious and concrete goals with the public and private sectors and tackle them as management issues. NEDO mainly provides support in 14 priority areas for which action plans are being formulated in the green growth strategy.