Tokyo-headquartered shipping and logistics company Nippon Yusen Kaisha (NYK) has received the Ministry of Environment Award in the Japan Green Innovation Department at the Japan Green Bond Awards sponsored by Japan’s Ministry of the Environment, which is promoting green bond to address environmental issues.
A ceremony was held on March 1 and attended by Katsuya Nakano, general manager of NYK’s Finance Group, said a release from the global transportation company.
The Japan Green Bond Awards recognize outstanding initiatives in the issuance of green bonds, and publicize the efforts so as to encourage green bond issuance and investment in Japan.
NYK was acclaimed for becoming the world’s first company to issue labelled green bonds in the global shipping business sector, it said.
"NYK will continue its efforts to keep a wide range of stakeholders involved in the company’s proactive approach to environmental investment, contribute to revitalizing the domestic green bond market, and realize a sustainable society," said the release.
In accordance with its medium-term management plan “Staying Ahead 2022 with Digitalization and Green,” the company issued green bonds in May 2018 to contribute to the sustainable development of society and enrichment of the company's corporate value.
To address environmental regulations that will be strengthened from 2020, the green bonds will be used to construct vessels powered by liquefied natural gas (LNG), develop eco-friendly fuel, equip ships with SOx scrubber systems (a system that uses seawater and chemicals to remove sulfur from ship exhaust gases), etc.