The Japanese Shipowners' Association (JSA) has come out in full support of its government's policy to target net-zero carbon shipping by 2050.
Its members are lining up a $10bn annual investment over the next three decades in zero-emission ships to decarbonise the industry.
As reported earlier, the Japanese government has said it is putting forward a proposal to the International Maritime Organization to target the decarbonisation of global shipping by 2050.
In a policy document, the JSA said its members are ready to work towards the target ahead of an IMO mandate.
"Japan has issued its 2050 carbon-neutral declaration," the JSA said.
"Against this challenge, the Japanese shipping industry is taking on the challenge of 2050 net-zero greenhouse gas emissions ahead of the IMO's revision."
The JSA said its members are looking at three main alternative fuels: carbon-recycled methane, hydrogen and ammonia.
To meet the 2050 target, the group said the Japanese industry would need to build 100 new ships every year, at a cost of $10bn annually.
The JSA said the zero-emission challenge needs to be taken on by both Japan's coastal and ocean-going fleet. The JSA said collaboration with other industries will be "indispensable" in order to achieve the goal.
"The shipping sector has long been actively engaged in a wide variety of actions to contribute to the preservation of the global environment, particularly the marine environment," JSA chairman Junichiro Ikeda said.
"Today, as a current and future leader in the global shipping field, the Japanese shipping industry has committed itself to the challenge of 2050 net-zero greenhouse gas."