NYK management took part in discussions at various events during the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change ("COP28") held in Dubai, UAE, from November 30 to December 13. The NYK representatives disseminated information on climate change initiatives by the company and the international shipping industry.



To provide information on climate change initiatives, governments and industry groups hosted COP28 side events, as well as various panel discussions that often had participants engaging in lively discussions. NYK Executive Officer Masahiro Takahashi took stage as a panelist on November 6 and spoke about the NYK Group’s decarbonization initiatives and the current status and issues regarding ship-recycling.



A summary of NYK’s COP28 participation can be found below.

Masahiro Takahashi, NYK Executive Officer in charge of NYK’s Technical HQ Management Group; assists the officer in charge of NYK’s Decarbonization Group

- December 5: “Fueling the Green Transition”
- Organizer: Maersk Mc-Kinney Moller Center for Zero Carbon Shipping
- Summary: The meeting took the form of a dialogue with CIP (Copenhagen Infrastructure Fund, a company that invests in green fuel production) about the alternative fuels needed to achieve net-zero international shipping. They exchanged opinions on investments in alternative fuel production and the challenges of alternative fuels from the user's perspective, reaffirming the importance of taking the initiative.

- December 5: “The vital role of shipping in reducing global GHG emissions and contributing to the circular economy”
- Organizer: BIMCO
- Summary: Takahashi explained NYK's green scrapping efforts dating back to 2008, prior to the ratification of the Hong Kong Convention, and the efforts of the Japanese government, the Japan Shipowners' Association, and the Japanese classification society ClassNK to improve yards in India and Bangladesh, which led to the ratification by both countries and the Convention's entry into force. He also explained the recent scrapping activities in Bangladesh and pointed out that safe and environmentally friendly scrapping is possible in beaching yards as long as the requirements of the Hong Kong Convention are met.

- December 6: “Green Shipping Corridor”
- Organizer: Maersk Mc-Kinney Moller Center for Zero Carbon Shipping
- Summary: In the Green Shipping Corridor Project (GC), co-creation by stakeholders involved in the supply chain, including fuel producers, shippers, shipping companies, and port authorities, is important. Takahashi introduced the Chilean GC, in which NYK Bulk & Projects and the Maersk Institute are participating, and explained that alternative fuel production in Chile, where renewable energy is abundant, and the presence of shippers such as CODELCO have enhanced the feasibility of the project.

- December 8: “Time for action: Japanese Companies' Efforts to Achieve a ‘Net Zero’ Society”
- Organizer: Nikkei Inc.
- Summary: Takahashi used the NYK Group’s Decarbonization Story to give an overview of the Group’s decarbonization initiatives, including new GHG reduction targets published in November. Takahashi discussed the challenges and other issues facing companies moving from the determination to the implementation phase with Yukari Takamura, professor at the Institute for Future Initiatives at the University of Tokyo; Kiyoshi Ando, editorial writer at Nikkei Inc.; and Yasuhiko Ushikubo, senior executive officer and group chief sustainability officer at Mizuho Financial Group, Inc.

Carl-Johan Hagman, NYK Group Europe President and CEO
Jun Kato, Manager of Decarbonization Promotion Team, Decarbonization Group, ESG Strategy Headquarters

- December 9,10: Time for action: “Shaping the future of shipping summit”
- Organizer: International Chamber of Shipping
- Topics: High-level dialogue among maritime stakeholders on the current status, challenges, and direction of efforts in international shipping toward a net-zero society
- URL: https://www.ics-shipping.org/events/cop28/event-programme/
- Summary: Hagman explained Japan's hydrogen strategy and NYK’s approach to assessing the opportunities and the role of shipping in the energy transition. Hagman pointed out the importance of a gradual and fair transition to a decarbonized society based on different energy mixes in different countries and regions.

In a panel discussion titled "Accelerating and Scaling Global Energy Transition (December 10)," Kato used Japan's decarbonization efforts as an example of the impact and challenges of building new supply chains through the energy transition in shipping. He also pointed out the importance of pursuing a wide range of options in the approach to decarbonization, given the diversity of ship types in the industry, including liner and tramp vessels, each of which has completely different characteristics.

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.”