In 2017, we took delivery of the world's first LNG bunkering vessel, Green Zeebrugge, as a preparatory step to deal with environmental issues. We have been involved in an LNG bunkering business in Northern Europe based in the port of Zeebrugge (Belgium), and we are contributing to the development of the value chain for next-generation fuel vessels by deploying them in the fleet of our subsidiary UECC. In the future, we will also supply zero-emission fuels to help achieve a decarbonized society.

In September 2020, we took delivery of Japan's first LNG bunkering vessel, Kaguya, operated by Central LNG Marine Fuel Japan Corporation (CLMF), which was jointly established by Kawasaki Kisen Kaisha Ltd. ("K" Line), JERA Co. Inc., Toyota Tsusho Corporation, and Nippon Yusen Kabushiki Kaisha (NYK Line), and has started a ship-to-ship LNG-fuel-supply business in Japan's Chubu region.
As the first LNG fuel supply vessel to operate in Japan, Kaguya will make efforts to provide a stable supply of LNG fuel to the market.

Japan's New Energy and Industrial Technology Development Organization (NEDO) has approved NYK Line's participation in a demonstration project for the commercialization of vessels equipped with a domestically produced ammonia-fueled engine as part of the Green Innovation Fund project.^*
The demonstration project aims to use ammonia as fuel to significantly reduce greenhouse gas (GHG) emissions during voyages and thus introduce an ammonia-fueled vessel for the good of society earlier than 2030.
NYK will eventually work toward the goal of achieving zero emissions from ships in the future.

• *Green Innovation Fund project
  A 2 trillion yen fund created 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 provides support mainly in 14 priority areas for which action plans are being formulated in the green growth strategy.

In cooperation with Van Oord Offshore Wind BV in the Netherlands, NYK is making efforts to own and operate a jack-up vessel in Japan for use in the installation of offshore wind turbines and foundations, while meeting Japanese local requirements such as vessel-flag restrictions.

In cooperation with Northern Offshore Group AB (NOG) in Sweden, NYK is making efforts to own and operate crew transfer vessels (CTVs) for the offshore wind business in Japan, with the aim of building a domestic CTV based on NOG's original vessel design. In addition, NYK will establish a nationwide CTV service network for the future development of the offshore wind business in Japan. As part of the collaboration with NOG, NYK purchased a new CTV named "Energizer" in 2022. The CTV is currently being operated in Europe by NOG subsidiary Northern Offshore Services AS, with which NYK is currently promoting personnel exchanges.

In cooperation with OYO Corporation and Netherlands-based Fugro, NYK is making efforts to provide comprehensive geotechnical services for offshore wind farms in Japan.
This partnership combines the strengths of NYK with those of OYO, which is Japan's largest geotechnical survey company, and Fugro, which has a proven track record in geotechnical surveys for offshore wind farms around the world.

Japan Marine Science Inc. (JMS), an NYK Group company, provides comprehensive maritime consulting services. For the offshore wind business, JMS offers site environment assessments, feasibility-study support for wind-turbine scale and specifications, use of a maritime simulator to examine vessel safety during and after the installation of wind turbines, diving inspections during wind turbine operation, training via simulator for workboat crews, and marine monitoring systems.

Having a history of more than 100 years, NYK Bulk & Projects Carriers Ltd. (NBP) is Japan's leading ocean carrier of project and heavy-lift cargo.
NBP has a track record in overseas offshore wind projects for the transport of nacelles (generators) via a heavy lifter and jackets (foundations) by Deck Carriers.
From September 2021, heavy lifters with 800mt lifting capacity have been added to the NBP fleet, and the company will actively participate in offshore wind projects in Japan.

In June 2021, NYK made the decision to invest in Tsubame BHB Co. Ltd., a venture company originating at Tokyo Institute of Technology.
Tsubame BHB is working on the practical application of an on-site ammonia synthesis system invented by Professor Emeritus Hideo Hosono that uses a special catalyst technology to produce a required amount of ammonia at a required location.
With this investment, NYK will support the commercialization of Tsubame BHB's innovative technology and contribute to the reduction of environmental impact.

We have invested in Australian Integrated Carbon (AIC), an Australian company that sells carbon credits obtained through primeval forest restoration projects, through Japan Integrated Carbon (JIC), a holding company established jointly with Mitsubishi Corporation.
Through this investment, we seek to gain ESG management expertise through the acquisition of experience and know-how in the carbon credit creation business to support net zero GHG emissions from ships all over the world.

We have signed a memorandum of understanding with bp, a major global marine fuel and lubricants supplier, to collaborate on future fuels and transportation solutions to help industrial sectors, including shipping, decarbonize. The companies will collaborate and identify opportunities to help transition from current marine fuels to alternatives such as LNG, biofuels, and methanol, and to develop future fuels such as ammonia and hydrogen. We will also consider potential marine transportation and other solutions to reduce CO₂, and explore participation in the supply chains for ammonia and hydrogen to be used in heavy industry and power generation to help those sectors to decarbonize.

We established a joint venture company, Knutsen NYK Carbon Carriers AS (KNCC), with the Knutsen Group of Norway in December 2021, aiming for the commercial development of a liquefied CO₂ marine transportation and storage business worldwide using the Knutsen developed technology PCO2®, which allows transport of liquified CO₂ at ambient temperatures. This company will also build and operate low/mid pressure vessels based on other technologies. The establishment of this joint venture will be an important foothold for participation in the CCUS value chain.