ORIX Corporation (“ORIX”) announced that it will conduct a sea trial using biofuel for ship operations in the ORIX-owned vessel currently chartered by Dampskibsselskabet NORDEN A/S. This is the first time for ORIX to use biofuels in the owned vessel.
Advanced biofuels made from used cooking oils significantly reduce GHG emissions compared to fossil fuels. This is due to the feedstock coming from plants that has absorbed atmospheric CO2 while growing. Marine biofuels can be used in existing vessels without significant modifications to the engines and other equipment, these are considered to use as a way to reduce CO2 emissions during the operation of existing vessels. The sea trial will use a fuel composed of a mix of conventional heavy fuel oil and biofuels made from waste cooking oils. The trial will verify the safe operation of machineries onboard and evaluate the quantity of CO2 emissions reduction through the usage of biofuel. Using this blended fuel is expected to reduce CO2 emissions by approximately 15-20%*1 in this trial.
ORIX Group has set greenhouse gas (GHG) emissions reduction targets as part of its ESG-related “Materials Issues” and “Key Goals”*2 and promoted sustainability activities. These initiatives include in its ship business, where the Group has conducted a feasibility study of energy-saving ship operations utilizing wind power*3 and placed order methanol-fueled ships*4.
Going forward, ORIX Group will continue to draw on its experience and expertise to promote initiatives that lead to sustainability, such as the decarbonization of marine transportation.
